Healthcare & Pharmaceutical

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

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Report ID: 4611 | Published On: Jan 30, 2023

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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. Purchasing 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.


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 program 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 Definition

Electronic prescribing or e-prescribing is a framework that instead of using handwritten or calling in prescriptions, allows medical practitioners and physicians to send prescriptions to a participating pharmacy electronically. It serves as an electronic reference handbook at the most basic level. E-prescribing systems act as stand-alone prescription writers, as they can create and refill prescriptions for individual patients. The system manages medications and views patient history, warns prescribers about potential allergic reactions and informs physicians about generic alternatives before connecting to a pharmacy or other drug dispensing site, and finally integrates with an electronic medical record (EMR) system.

Therefore, e-prescribing is considered to be the best replacement for the traditional system of paper prescriptions. The trend of e-prescribing is also spurred by the ongoing innovation in the field of electronic health record (EHR) technology. It is highly being adopted by healthcare providers to enhance patient care and the flow of medical treatment. To use e-prescription, a person uses electronic devices such as laptops, desktop computers, tablets, and others. In the process of e-prescription, the respective person enters all the relevant medical information and sends it directly to the pharmacies. Hence, healthcare providers can eliminate the use of paper copies of the prescription.

An electronic prescription drug platform combines a huge network of pharmacies to offer its patients to choose from the pharmacies’ list. The major benefits of e-prescription are a reduction in paper records & contraindications, convenience, and others. It also eliminates errors in the prescription and provides enhanced substance monitoring.


Global E-Prescribing Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

~20%

Base Year Market Size (2022)

~ USD 2 Billion

Forecast Year Market Size (2033)

~ USD 10 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 the Middle East and Africa)


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

The global e-prescribing market is estimated to garner a revenue of ~ USD 10 billion by the end of 2033 by growing at a CAGR of ~20% over the forecast period, i.e., 2023 – 2033. Further, the market generated ~USD 2 billion in revenue in the year 2022. The growth of the market can be 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. The development of the health infrastructure is expected to increase the healthy manpower, which also triggers the higher production of services and goods to enrich the nation’s economy.  

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Global e-prescribing market trends, such as the escalation in the benefits of e-prescription such as improved patient safety, and fewer medication errors caused by lost, illegible, or misplaced written prescriptions, the use of these solutions are bolstering the healthcare industry. For instance, the healthcare industry in 2020 reached approximately USD 2500 billion in the United States. Furthermore, a notable rise in human errors in the healthcare sector and a comprehensive and easy-to-use system required to meet the rising challenges are also projected to hike the growth of the market over the forecast period. For instance, it was observed globally that in every 10 hospitals, 1 of the patients is subject to an error in their medications.


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Global E-Prescribing Market: Growth Drivers and Challenges

Growth Drivers

Growing Prevalence of Drug Abuse – It is observed that e-prescriptions can reduce drug abuse among healthcare providers and common citizens. It limits the diversion of drugs and can expose the healthcare providers involved in the drug prescription for non-medical use. Hence, governments of nations are being more active to accelerate the adoption of electronic prescriptions. Therefore, such benefits and rising government initiatives are projected to hike market growth over the forecast period.

Statistics show that over 60% of American adults use prescribed 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.

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

  •  Escalation in the Adoption of an 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 globally adopted EHR in the last few years.

  • Rising Cases of 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.

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


Market Segmentation

The global e-prescribing market is segmented and analyzed for demand and supply by end-user into hospitals, pharmacies, and clinics. Out of these sub-segments, the hospital’s segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the increased revenue generated by the hospitals on the back of the rising patient pool. Hospitals provide patient satisfaction since, all sorts of trained medical professionals, laboratories, and medical equipment are available in a single place. It was noticed that globally, around 65% of people desired to pay more for quality physician consultations. Additionally, hospitals attract the highest volume of prescriptions and patients and hence are one of the biggest applications of e-prescribing systems. For instance, the number of hospitals in the U.S. grew from 6900 in 2019 to over 7300 in 2022.

The global e-prescribing market is also segmented and analyzed for demand and supply by prescription into prescription, and non-prescription drugs. Amongst these two segments, the prescription drugs segment is expected to garner a significant share. Prescription drugs are drugs that are legally prescribed for distribution. Moreover, prescribed medicines are used to treat several illnesses, and on the other hand, these medicines can also be misused by people. To eliminate the abuse of prescription drugs, e-prescription becomes quite essential. For instance, the abused prescribed drugs by the annual abusers’ rate are opioids (~9 million), painkillers (~9 million), stimulants (~ 5), sedatives (~6), and others. Additionally, more than 15 million individuals misuse some sort of prescription every year around the globe.

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

           By Delivery

  • Web-based
  • On-premise

 

           By Prescription

  • Prescription Drugs
  • Non-Prescription Drugs

          By End-User

  • Hospitals
  • Pharmacies
  • Clinics


Global E-Prescribing Market Regional Synopsis

The North American e-prescribing market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the increasing utilization of prescribed medication in the region. The United States reported prescription spending of over USD 1,200 per person in 2019, compared to Canada's USD 869 per person. Such a higher utilization of prescribed medication is attributed to the escalating prevalence of chronic diseases and several neurological disorders. People are observed to prefer prescribed medicines over over-the-counter medicines to prevent any type of medical side effect. For instance, approximately 45% of Americans were anticipated to be using a prescription drug. Additionally, a large number of people in the region were reported to be misusing the prescribed drugs, which accelerated the demand for e-prescriptions in the region, backed by the growing educational advancement to remove such issues from society. For instance, nearly 40% of the tranquilizers, sedatives, and painkiller abusers reside in the USA, while more than 50 million Americans are further estimated to misuse prescription drugs once in their lifetime.

E-Prescribing-Market-Scope

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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 Solutions, Inc.
    • EPIC Systems, Inc.
    • NextGen Healthcare, Inc.
    • athenahealth, Inc.
    • MCKESSON CORPORATION
    • Henry Schein One, LLC
    • DrFirst.com, Inc.
    • Medical Information Technology, Inc.

     


Key Questions Answered in the Report

1) What are the major factors driving the growth of the e-prescribing market?

Ans: Medication errors caused by poorly communicated prescriptions are the major factors driving the market growth.

2) What would be the CAGR of e-prescribing market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~20% over the forecast period, i.e., 2023 – 2033.

3) What are the challenges affecting the e-prescribing market growth?

Ans: Low research and development investment in technology in underdeveloped countries are estimated to be the growth-hindering factors for market expansion.

4) Which region will provide more business opportunities for growth of e-prescribing market in future?

Ans: The market in the North America region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

5) Who are the major players dominating the e-prescribing market?

Ans: The major players in the market are DrChrono Inc., Allscripts Healthcare Solutions, Inc., EPIC Systems, Inc., NextGen Healthcare, Inc., athenahealth, Inc., MCKESSON CORPORATION, Henry Schein One, LLC, DrFirst.com, Inc., and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the e-prescribing market?

Ans: The market is segmented by delivery, prescription, end-user, and by region.

8) The hospital segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

Ans: The hospitals segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

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