Expected Global Revenue Growth:
The global ePrescribing market size is projected to reach USD 3.3 billion by 2025 from USD 1.2 billion in 2020, at a CAGR of 23.3%.
Major Growth Boosting Factors:
Factors such as the increasing adoption of EHR solutions, government initiatives and incentive programs, rising focus on reducing the abuse of controlled substances, increasing focus on reducing medical errors, and the need to curtail the escalating healthcare costs are driving the growth of the e-prescribing market. Additionally, the onset of the COVID-19 pandemic has accelerated the use of telemedicine modules and telehealth consultations. This is further driving the adoption of e-prescribing solutions.
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Key Players:
Some of the other prominent players operating in the ePresciribing market are Prominent players in the global e-prescribing market are NextGen Healthcare (US), athenahealth, Inc. (US), RelayHealth, LLC (US), Henry Schein, Inc. (US), GE Healthcare (US), Computer Programs and Systems Inc. (US), DrFirst, Inc. (US), Surescripts-RxHub, LLC (US), and Medical Information Technology, Inc. (US). Major players in this market pursued the strategies of agreements, collaborations, and partnerships as their growth strategies. In 2019, Cerner Corporation (US), EPIC Systems Corporation (US), and Allscripts (US) dominated the global ePrescribing industry.
Cerner Corpration (US) is a leading provider of e-prescribing solutions to hospitals, pharmacies, and officebased physicians. Cerner mainly focuses on inorganic growth strategies such as collaborations, agreements, and partnerships. In line with this strategy, Cerner collaborated with Mayo Clinic and OxfordClinic in London to help them leverage their Millennium EHR platform in the UK.
It also signed agreements with other countries in Europe, such as Sweden, to help them leverage its healthcare IT solutions. The company also focuses on expanding its business globally in order to strengthen its position in the eprescribing market, particularly in the high-growth Asia Pacific and Latin American regions. Currently, Europe and North America account for about 90% of the company’s e-prescribing business.
Epic Systems Corporation (US) accounted for the second-largest share of ePrescribing market in 2019. The company specializes in interoperable solutions and mainly focuses on the needs of mediumsized and large hospitals and integrated healthcare organizations. The company has adopted various inorganic strategies such as collaborations and partnerships, which has helped it to enhance its product offerings. Additionally, the company’s integrated telehealth portals have helped hospitals, especially during the COVID-19 pandemic, where telehealth consultations have risen to close to 50% of the total visits. As telemedicine is closely followed with medical prescriptions via e-prescribing solutions, the company is expected to witness increased use of the functionality during the pandemic.
Allscripts Healthcare Solutions, Inc.(US) 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 2019, the company invested USD 254.5 million—about 14% of its total revenue—on R&D.
In November 2018, Allscripts announced Veradigm as the new brand for its life science division and now provides e-prescription modules to healthcare providers under the Veradigm brand. Another factor contributing to the major share of the company is its agreement with CoverMyMeds for the Allscripts electronic prior authorization (ePA) software to enable prescription providers to quickly authorize prescriptions electronically. CoverMyMeds is the largest ePA platform in the US and includes a network of 60,000 pharmacies and 700,000 providers in the country.
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APAC will grow at the fastest rate during the forecast period.
The ePresciribng market, by region, is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Currently, a number of healthcare organizations in the Asia Pacific region are actively moving towards digitization with a focus on streamlining their entire workflow and ensuring patient safety. Japan, Australia, Taiwan, South Korea, India, and China are the major countries in this region that are actively adopting e-prescribing solutions.
In addition, government initiatives for the adoption of EMR solutions, the large volume of COVID-19 patients, the growth of the geriatric population, the rising prevalence of chronic diseases, increasing healthcare expenditure, and the growing purchasing power of consumers are also impacting the growth of this region in the coming years.
