Increase in focus on lowering down fraud and abuse of controlled substances, requirement to reduce escalating healthcare costs, and supportive government initiatives drive the global e-prescribing market
PORTLAND, Oregon, April 2, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "E-Prescribing Market by Component (Solutions and Services), Deployment (On-premise and Cloud), and End User (Hospitals, Office-based Physicians, and Pharmaceuticals): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global e-prescribing market garnered $885.6 million in 2018, and is expected to generate $4.15 billion by 2026, registering a CAGR of 21.4% from 2019 to 2026.
Prime determinants of growth
Increase in focus on lowering down fraud and abuse of controlled substances, requirement to reduce escalating healthcare costs, and supportive government initiatives drive the global e-prescribing market. However, expensive systems and issues related to workflow & security hinder the market growth. On the other hand, untapped potential in emerging nations in Asia-Pacific would create new opportunities in coming years.
The solutions segment to maintain its dominance during the forecast period
Based on component, the solutions segment held more than four-fifths of the total share of the global e-prescribing market in 2018, and is expected to maintain its dominance during the forecast period. This is attributed to the requirement for integration of technological solutions that include healthcare IT and various other modules such as e-prescribing for economic and digital clinical health systems. However, the services segment is expected to maintain the largest CAGR of 23.3% from 2019 to 2026. This is due to emergence of innovative systems that offer instant care and patient-centric services.
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The web and cloud-based segment to maintain its lead position during the forecast period
Based on deployment, the web and cloud-based segment accounted for the highest share of the global e-prescribing market, accounting for more than half of the total market in 2018, and is expected to maintain its lead position during the forecast period. Moreover, this segment is estimated to grow at the fastest CAGR of 23.7% from 2019 to 2026. This is attributed to the need for modern IT infrastructure and focus toward integrating novel technologies into the existing infrastructure. The research also analyzes the on-premise segment.
North America to maintain its lead status in terms of revenue by 2026
Based on region, North America accounted for the highest market share in 2018, accounting for nearly two-fifths of the global e-prescribing market, and is expected to maintain its lead status in terms of revenue by 2026. This is due to increase in adoption of e-prescription integrated systems and rise in adoption toward advanced healthcare technology products. However, Asia-Pacific is estimated to portray the largest CAGR of 24.3% from 2019 to 2026, owing to increase in per capita healthcare expenditure along with high population rate in Asia-Pacific countries.
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Leading market players
- Allscripts Healthcare, LLC
- Athenahealth, Inc.
- Cerner Corporation
- Change Healthcare
- DrFirst.com, Inc.
- Epic Systems Corporation
- Medical Information Technology, Inc.
- Practice Fusion, Inc.
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