Global Growth Boosters:
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. However, the high cost of deploying e-prescribing solutions, reluctance among healthcare professionals to adopt these solutions, and concerns regarding security and workflow are expected to restrain the growth of this market to a certain extent during the forecast period.
Revenue Growth Expectations:
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%.
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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).
Growth Strategies Adopted by Major Players:
Major players in this market pursued the strategies of agreements, collaborations, and partnerships as their growth strategies.
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.
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.
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.
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Expected Geographical Growth:
North America will continue to dominate the ePrescribing market in 2025
In 2019, the large share of this North American region can be attributed to the stringent legislative and accreditation requirements regarding healthcare, high adoption of HCIT technologies, regulatory requirements regarding patient safety, and the presence of a large number of e-prescribing solution providers in the region.