Global e-Prescribing Market: Overview
E-prescribing refers to the procedure that involves electronic generation and sharing of a prescription order, so that medical practitioners such as physicians and gynecologists can transmit an electronic copy of a patient’s prescription to a pharmacy directly and immediately from the point of care. Also known as electronic prescribing, e-prescribing software is capable of sending multiple medications within a single order, ensuring high ease of use. Right from streamlining previous authorization submissions to the sharing of e-coupons with pharmacies with orders, e-prescription services primarily assist in providing medications to patients within minimum time, with maximum efficiency.
Global e-Prescribing Market: Growth Factors
The high degree of flexibility and convenience offered by e-prescribing solutions is one of the foremost growth drivers of the global e-prescribing market. The governments across the globe are focusing on curbing the abuse of opioid medications, making them available only to those who legitimately require them. The stringent regulations implemented across e-prescribing services can prevent the abuse of controlled substances. Apart from eluding the risks of duplicate prescriptions and inappropriate dosing, e-prescriptions can also advise medical practitioners about patient’s specific conditions such as medication allergies, pregnancy, and breast-feeding.
Moreover, in the area of medication errors, errors in prescription is the primary cause of concern as they are the most frequent errors and can significantly affect the patient’s health in the long run, even though they might not prove fatal to his life. E-prescribing can significantly curtail the frequency of these errors, improving professionalism and safety. Numerous clinics, hospitals, pharmacies, and individual medical practitioners have been embracing the ongoing trends of telemedicine and online consultation is becoming popular. The market will consistently proceed uphill, propelled by all the aforementioned benefits offered by advanced e-prescribing software.
Global e-Prescribing Market: Segmentation
The global e-prescribing market can be segmented according to type of service, delivery mode, end-user, and region. Network services, support & maintenance services, standalone solutions, implementation services, integrated solutions, and training & education services are the major segments by type of service. The training & education services are expected to garner considerable share in the market for e-prescribing. Clinics, hospitals, pharmacies, and individual medical practitioners are some major end-user segments of the global e-prescribing market.
On premise e-prescribing solutions and web & cloud-based e-prescribing solutions are the two major categories by delivery mode. Of these two, the web & cloud-based e-prescribing solutions segment is likely to soar through the forthcoming years. When healthcare data is saved on cloud, it can be accessed miles away from the server on multiple locations simultaneously, ensuring no loss of data occurs. Moreover, the large amount of capital and ongoing costs required for on-premise solutions can be avoided as the only equipment required for cloud-based e-prescribing software is computers and internet. Web & cloud-based e-prescribing solutions cut out regular maintenance, staffing, administrative, and upgrading costs, simultaneously ensuring seamless integration. These are the various benefits strengthening the growth of web & cloud-based e-prescribing solutions segment.
Global e-Prescribing Market: Regional Analysis
While the North America e-prescribing market held the highest share in the global e-prescribing market in the past, in the current scenario, the Asia Pacific e-prescribing market has been emerging as the fastest growing segment. The governments of several emerging economies have been reconsidering their legal frameworks in consideration of the inclusion of e-prescribing services into their legal ambit.
For instance, the government of India has been attempting to define e-prescription in order to prevent the circulation of fake, repeated, tampered, or modified e-prescriptions and to implement stringent policies under the draft of e-pharmacy regulations. This has led to the acknowledgement of e-prescribing as an area of utmost significance as demonstrated by its success in the developed economies, and the consequent drafting of rules by the Indian government, through its Central Drugs Standard Control Organization (CDSCO). Along the same lines, in March 2020, the Indian government also published its Telemedicine Practice Guidelines.
Australia, China, South Korea, Taiwan, India, and Japan are expected to bring in significant shares in the global e-prescribing market, owing to the high prevalence of chronic diseases, high percentage of geriatric population, increased expenditure on healthcare, government encouragement via favorable initiatives, and increasing adoption of EMR solutions across healthcare.
Global e-Prescribing Market: Competitive Players
RelayHealth LLC, Medical Information Technology, Inc., Henry Schein, NextGen Healthcare, Cerner Corporation, GE Healthcare, DrFirst Inc., and athenahealth Inc. are some key market leaders in the global e-prescribing market.
Global e-Prescribing Market: Regional Segment Analysis
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