Global ePrescribing Market to Gain Major Monetary Gains During Forecast Period

Global Industry Dynamics:

Drivers: Increased adoption of EHR solutions

Growing government support for the adoption of EHR solutions and the need to curtail the escalating healthcare costs are the major factors driving the demand for such solutions. In addition, the COVID-19 outbreak worldwide has led to a larger patient volume in hospitals and the need to better manage patient data. This is expected to further drive the demand for these solutions. 

Restraint: High cose of deployment

Despite their benefits, end users remain hesitant to adopt e-prescribing solutions mainly due to the high costs involved. The costs are not limited to the one-time purchase of a system, but also include recurrent expenses such as those incurred by implementation services, maintenance and support services, integration of e-prescribing with EHR/EMR, and, in some instances, training and education. This restricts smaller hospitals and office-based physicians from investing in e-prescribing solutions, especially in the emerging APAC and Latin American markets. 

Opportunities: Increased adoption of integrated telehealth solutions due to COVID-19

Even before the onset of the global pandemic, players in the EHR market had started integrating the telehealth feature with their existing solutions, due to advantages offered by telehealth consultations such as increased patient engagement in remote monitoring and reduction in overhead costs. However, the adoption of this feature increased significantly during the COVID-19 crisis.  

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Expected Growth in Revenue Generation:

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%

Market Size Estimation:

The total market size for the ePrescribing market was arrived at after data triangulation from two different approaches, as mentioned below. 

Approach 1: Parent Market Analysis:

In this report, the global market size for the Revenues of individual companies providing EHR solutions with the integrated e-prescribing module was gathered from public sources and databases. Shares of the EHR market provided by leading players were gathered from secondary sources to the extent available.  Individual shares or revenue estimates were validated through expert interviews 

Approach 2: Demand Side Analysis:

In the case of demand-side analysis, the total number of physicians utilizing the e-prescribing module was studied using secondary and primary research. All the responses were collated to derive a probabilistic estimate of the market size based on the annual and implementation costs per physician per year. 

Geographical Growth Prospects:

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.

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Global Industry Leaders:

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.