E-Prescribing Market size is poised to cross USD 10 billion by the end of 2033, witnessing around 20% CAGR during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of e-prescribing was USD 2 billion. 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.
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.
Growth Drivers
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.
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~20% |
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Base Year Market Size (2022) |
~ USD 2 Billion |
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Forecast Year Market Size (2033) |
~ USD 10 Billion |
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Regional Scope |
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End-user (Hospitals, Pharmacies, Clinics)
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.
Prescription (Prescription Drugs, Non-Prescription Drugs)
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 market includes the following segments:
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By Delivery |
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By Prescription |
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By End-User |
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North American Market Forecast
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 demand for chronic disease management as of the rising ratio of several chronic diseases, coupled with the surging rate of 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.
Oracle Corporation
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.
Author Credits: Radhika Gupta, Shivam Bhutani
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