Dublin, Dec. 16, 2024 (GLOBE NEWSWIRE) — The “ePrescribing Market – Focused Insights 2024-2029” report has been added to ResearchAndMarkets.com’s offering.
The global e-prescribing market is expected to grow at a CAGR of 21.87% from 2023 to 2029.
North America dominates and holds the largest share of the global e-prescribing market. Both the US and Canada have established mandates to encourage the use of EHR. The North American e-prescribing market is projected to grow at a strong pace, with the U.S. leading due to the emphasis on improving patient safety and minimizing prescription errors. The implementation of integrated EHR systems that include e-prescribing capabilities is a key factor, in reducing manual errors and ensuring better access to patient medication histories.
In the US, incentive programs were created to boost EHR usage, while Canada mandated to have a baseline EHR record available for all healthcare professionals. Such initiatives increased the growth of EHR in both countries and also raised the adoption of e-prescribing by several healthcare providers.
RECENT VENDORS ACTIVITIES
- In 2024, VieCure, a cancer care company, announced that it is integrating e-prescribing and medication management solutions from health technology pioneer DrFirst into its clinical decision support system.
KEY TAKEAWAYS
- By Type: The standard e-prescribing segment holds the largest market share. The growth of the segment is driven by the need for efficiency, patient safety, and regulatory compliance.
- By Delivery Mode: The web & cloud-based segment shows the highest growth of 22.33%, driven by scalability, accessibility, and integration capabilities.
- By Modality: The integrated segment accounts for the largest market share due to its ability to streamline clinical workflows and enhance patient safety.
- By Medications: The cardiovascular segment holds the largest market share of over 19%. The segmental growth is primarily due to e-prescribing in cardiovascular care has improved the accuracy and speed of medication dispensing.
- By End-Users: The healthcare facilities segment shows the highest growth, as it significantly improved workflow, patient safety, and operational efficiency.
- Growth Factor: The global e-prescribing market is set to grow due to the adoption of cloud-based digital record-keeping and the expansion of e-prescribing into public hospitals and other health settings.
MARKET OPPORTUNITIES & DRIVERS
The Expansion of E-prescribing Into Public Hospitals and Other Health Settings
The expansion of ePrescribing into public hospitals is transforming healthcare by enhancing medication management, accuracy, and operational efficiency. Traditionally slower to adopt new technologies due to size and complexity, public hospitals are now increasingly embracing ePrescribing, largely driven by government regulations aimed at improving healthcare outcomes, reducing medication errors, and cutting costs. In the U.S., laws like MACRA encourage adoption, while countries in the EU, such as the UK and Sweden, have established national programs mandating digital prescriptions in public hospitals.
This regulatory support promotes standardization, enhances patient safety, and streamlines care for large patient populations. ePrescribing also improves medication management by making prescriptions legible and accurate and by providing comprehensive medication histories, which helps avoid adverse drug interactions and over-prescription – a critical feature in high-volume public hospital settings.
The Adoption of Cloud-based Digital Record Keeping
The adoption of cloud-based digital record-keeping is transforming how organizations manage, store, and access information. As more businesses transition to digital systems, cloud technology has emerged as a vital tool for securely housing vast amounts of data. In healthcare, for example, the shift from paper-based records to cloud-based systems is enabling efficient storage of electronic health records (EHRs), enhancing accessibility for healthcare providers, and improving patient care by allowing for real-time data sharing across different locations. Cloud-based digital record-keeping allows organizations to access data from any location with an internet connection, streamlining operations for remote teams.
In industries like healthcare, education, and finance, this flexibility is vital for maintaining seamless service delivery. Healthcare professionals, for instance, can instantly retrieve patient records, leading to more informed decision-making and reduced chances of medical errors. Cloud solutions also eliminate the need for extensive physical storage, significantly reducing costs associated with maintaining on-site servers or filing systems. One of the key advantages of cloud-based record-keeping is the robust security measures integrated into these systems. Cloud service providers often invest in cutting-edge security protocols, including encryption, multi-factor authentication, and regular security updates, to protect sensitive data.
This is particularly important for industries handling confidential information, such as healthcare providers adhering to HIPAA regulations or financial institutions managing client data. Compliance with industry standards becomes more streamlined with cloud technology, as service providers ensure that their systems are up to date with the latest regulatory requirements.
Rising Focus on Reducing The Abuse of Controlled Substances
Amid the opioid crisis, reducing controlled substance abuse has become a priority in healthcare. E-prescribing systems, particularly those with Electronic Prescriptions for Controlled Substances (EPCS) capabilities, are essential for improving prescription monitoring and safety. Integrating Prescription Drug Monitoring Programs (PDMPs) into e-prescribing allows providers to review a patient’s medication history, identifying misuse patterns like “doctor shopping” and ensuring more informed, secure prescribing. Additionally, clinical decision support tools within e-prescribing systems alert prescribers to risks like drug interactions or high doses, promoting safer prescribing practices and minimizing misuse of controlled substances.
INDUSTRY RESTRAINTS
Lack of Interoperability Between Various Systems
Interoperability in healthcare, the seamless exchange and interpretation of data across systems, faces significant challenges despite technological progress. A major barrier is the lack of standardized data formats and protocols, which complicates access to comprehensive patient information. Limited policies supporting interoperability, along with vendor resistance to data sharing due to competitive concerns, further restrict seamless information flow. Additionally, integrating legacy systems with modern technologies is difficult and costly, slowing adoption and limiting the benefits of a connected healthcare ecosystem. Initiatives like the 21st Century Cures Act aim to address these issues, but significant hurdles remain for coordinated care.
COMPETITIVE LANDSCAPE
The global e-prescribing market report consists of exclusive data on 28 vendors. The market is witnessing rapid growth, driven by international and regional players offering solutions with advanced features like clinical decision support and electronic prior authorization. The market is expected to expand further as new vendors collaborate with established software providers. While the large players dominate, several mid-sized and emerging vendors such as DrFirst, Qualifacts, and Practice Fusion are gaining market traction, especially in niche areas like stand-alone solutions for small practices or private clinics.
These companies often cater to healthcare providers who do not need comprehensive EHR systems but want efficient e-prescribing functionalities. Their flexibility and lower costs make them attractive to smaller healthcare organizations. The competitive landscape of the global e-prescribing market is characterized by strong competition among established and emerging players, a growing preference for integrated and cloud-based solutions, and a focus on meeting regulatory requirements across regions.
Key Vendors
- Surescripts
- DrFirst
- Practice Fusion
- RXNT
- CoverMyMeds
- Greenway Health
- Qualifacts
Other Prominent Vendors
- AdvancedMD
- Aegis Healthcare
- Canada Health Infoway
- Change Healthcare
- Chetu
- Daw Systems
- DoseSpot
- DrChrono
- Henry Schein
- MDToolbox
- Sisgain
- Streamline Healthcare Solutions
- CLEO Systems
- ModuleMD
- MediPro
- OmniMD
- iA (Innovation Associates)
- Foundation Systems
- Netsmart
- Outcomes
- RxMaster
Key Attributes
| Report Attribute | Details |
| No. of Pages | 163 |
| Forecast Period | 2023-2029 |
| Estimated Market Value (USD) in 2023 | $1.7 Billion |
| Forecasted Market Value (USD) by 2029 | $5.57 Billion |
| Compound Annual Growth Rate | 21.8% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/exdknl
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