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HEALTHCARE & PHARMACEUTICAL

E-Prescribing Market Analysis by Delivery (Web-based, On-premise); by Prescription (Prescription Drugs and Non-Prescription Drugs) and by End-User (Hospitals, Pharmacies, Clinics) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Oracle Corporation - Oracle Corporation and Cerner Corporation jointly announced an agreement on December 20, 2021, under which Oracle would buy Cerner for $95.00 per share, or around $28.3 billion in equity value, through an all-cash tender offer.

  • DrChrono Inc. - The sixth annual MedTech Breakthrough Awards programme named DrChrono Inc., an EverHealth solution and crucial platform for contemporary medical practices, as the winner of the "EHR Innovation" category.

Global E-Prescribing Market Size, Forecast, and Trend Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~19%

Base Year Market Size (2022)

~ USD 1 Billion

Forecast Year Market Size (2033)

~ USD 9 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)

 

The global e-prescribing market is estimated to garner a revenue of ~USD 9 billion by the end of 2033 by growing at a CAGR of ~19% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 1 billion in the year 2022. This rapid expansion is attributed to the expanding medical infrastructure, as nations are spending a lot of money on healthcare to ensure the well-being of their citizens, especially after the coronavirus pandemic. According to the National Health Profile (NHP), in 2021, the number of hospitals in India increased from 25778 in 2019 to 41245 in 2021.

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Owing to the advantages of e- prescribing, such as improved patient safety, and fewer medication errors caused by lost, illegible, or misplaced written prescriptions, the use of these solutions is bolstering in the healthcare industry. A comprehensive and easy-to-use system is required to meet the rising challenges, as according to research 1 in 10 hospital patients are subject to an error in their medications.

Global E-Prescribing Market: Growth Drivers and Challenges

Growth Drivers

  • Increase in the Incidence of Chronic Diseases - as a result of which, medical institutions are under pressure to efficiently administer and treat the increased prevalence of these conditions. According to the CDC, 12 out of every 20 people in the US have a chronic illness. The prevalence of these conditions is projected to directly aid the expansion of the e-prescribing market in the forecasted period.

  • Growth in the Investment of E-Pharmacies Sectorwith increasing customer adoption, and a rise in investor interest in e-Pharmacies, the sector in 2020 alone garnered about USD[GAS1]  700 million in investments.

  • Medication Errors Caused by Poorly Communicated Prescriptionson average, over 98000 reported cases of possible medication errors are reported to the FDA in the United States.

  • Wider Adoption of Electronic Health Record (EHR) System - it is a patient-centered, real-time record-keeping system that securely and promptly makes information accessible to authorized users. 89.9% of office-based physicians and 86% of non-Federal general acute care hospitals have adopted EHR in the last few years.

  • Rise in the Cases of Drug Abusestatistics show that over 60% of American adults use prescription medicines, while 3 in 20 teenagers have used a drug without a prescription. Drug abuse has been reported to cost the United States more than $750 billion annually in costs associated with crime, compromised productivity, and healthcare.

Challenges

  • Low Research and Development Investment in Technology in Underdeveloped Countries – resulting in a limited supply of skilled labor caused by low enrolment rates in higher education. Inadequate or unstable policy and regulatory environments capable of promoting progress play a key role in the poor state of science, technology, and innovation in the medical infrastructure of underdeveloped countries.

  • Lack of Network Penetration in Rural Areas

  • High Initial Cost of Installation

The global e-prescribing market is segmented and analyzed for demand and supply by end-user into hospitals, pharmacies, and clinics. Out of these segments, the hospital segment is expected to garner the highest market share in 2033. This is based on the fact that hospitals attract the highest volume of prescriptions and patients, and hence are one of the biggest employers of e-prescribing systems. For instance, the number of hospitals in the U.S. grew from 6900 in 2019 to over 7300 in 2022.

Global E-Prescribing Market Regional Synopsis

The North America e-prescribing market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. This is based on the fact that prescription medication use is highest in the US, with the growing popularity of e-prescription. The United States reported prescription spending of over USD 1,200 per person in 2019, compared to Canada's USD 869 per person.

E-Prescribing-Market-Scope

Market Segmentation

Our in-depth analysis of the global e-prescribing market includes the following segments:

       By Delivery

  • On-premise
  • Cloud-based

      By Prescription

  • Prescription Drugs
  • Non-Prescription Drugs

      By End-User

  • Hospitals
  • Clinics
  • Pharmacies

Top Featured Companies Dominating the Global E-Prescribing Market

  • Oracle Corporation

    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • DrChrono Inc.
  • Allscripts Healthcare, LLC
  • Epic Systems Corporation
  • NextGen Healthcare, Inc
  • athenahealth, Inc.
  • McKesson Corporation
  • Henry Schein One, LLC
  • DrFirst.com, Inc.
  • Medical Information Technology, Inc.

 

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