MarketsandMarkets forecasts the e-prescribing market to grow from USD 546.5 million in 2016 to USD 1,403.2 million by 2021, at a Compound Annual Growth Rate (CAGR) of 20.8% during the forecast period. The major factors that are expected to be driving the e-prescribing market are the growing volume of patient data; advancements in technological expertise; rising government initiatives & the introduction of incentive programs for the adoption of e-prescribing; and the need for efficiency in healthcare processes.
The objective of the report is to define, describe, and forecast the e-prescribing market size based on product, delivery mode, usability, end user, and region.
The global e-prescribing market is consolidated in nature with the top five market players accounting for more than 60% of the market.
Epic Systems Corporation (U.S.), Cerner Corporation (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Quality Systems, Inc. (U.S.), athenahealth, Inc. (U.S.), Medical Information Technology, Inc. (U.S.), and RelayHealth Corporation (U.S.) lead the global e-prescribing market. Some of the other leading players in this market include Henry Schein, Inc. (U.S.), Computer Programs and Systems Inc. (U.S.), DrFirst, Inc. (U.S.), Surescripts-RxHub, LLC (U.S.), Change Healthcare Holdings, Inc. (U.S.), Practice Fusion, Inc. (U.S.), GE Healthcare (U.S.), and eClinicalworks (U.S.).
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Epic Systems Corporation is a leading provider of e-prescribing solutions, specializes in interoperable solutions, and mainly focuses on the needs of mid-sized to large hospitals and integrated healthcare organizations. The company is notable for having secured more contracts with hospitals in 2014 than any of its competitors in this market.
It also—along with athenahealth—did not lose any existing customers in that year. Its customers include U.S.-based hospital chains such as Johns Hopkins Health System, Duke University Health System, UNC Health Care, University of Utah Health Care, and Vanderbilt Health System.
Cerner Corporation is one of the major players in the global e-prescribing market. Cerner mainly focuses on acquisitions as its key business strategy. In line with this strategy, in February 2015, Cerner acquired Siemens Health Services (Germany) and its assets, client relationships, and associates. Furthermore, in December 2014, the company acquired InterMedHx, LLC (U.S.) a provider of health technology solutions in the areas of preventive care, patient administration, and medication history.
This acquisition strengthened Cerner‘s e-prescribing and other healthcare IT business. Cerner Corporation also focuses on expanding its business globally to strengthen its position in the e-prescribing market, particularly in high-growth regions such as Asia-Pacific and Latin America. Currently, the geographic segments of Europe and North America account for about 90% of the company‘s e-prescribing business.
While Cerner is able to compete for major contracts within the U.S., it has also seen significant growth in the U.K., the Middle East, and Australia. Furthermore, the company has a strong product portfolio for e-prescribing, including e-prescribing solutions, ambulatory EHR, networking services, and standalone solutions.
Allscripts Healthcare Solutions Inc. is one of the major players in the e-prescribing and electronic health record market. It is a research-based HCIT company that provides innovative clinical software and services that deliver significant benefits to patients and healthcare professionals. The company focuses on R&D activities to enhance its service offerings. In 2015, the company invested USD 234.1 million—about 17% of its total revenue—on R&D activities.
The company expanded considerably in April 2016 post its merger with Netsmart Technologies, Inc. (U.S.). Another factor contributing to the major share of the company is its agreement with CoverMyMeds for the Allscripts eAuth software, to enable prescription providers to quickly authorize prescriptions electronically. CoverMyMeds is the largest electronic prior authorization (ePA) platform in the U.S., providing connectivity that impacts as much as 72% of all prescriptions circulated electronically in the country
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The key strategies adopted by major players in the global e-prescribing market are agreements, partnerships & collaborations; mergers & acquisitions; product launches; and geographic expansions. In this competitive market, global players aim to maintain their market position through continuous investments in R&D with a focus on developing innovative solutions or enhancing their existing solutions.
