Global Industry Analysis (2017 – 2020) – Growth Trends and Market Forecast (2021 – 2025)
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Increasing Technological Sophistication of Healthcare Industry Augurs Well for Global E-prescription Market
Technological diffusion and adoption have been rapidly improving patient outcomes over the past decade. E-prescribing is completely transforming the way healthcare is being delivered, offering a safer alternative to the traditional method that involves pen and prescription pad. The global E-prescription market is expected to flourish during the forecast period 2021 - 2025 as it promotes data security checks along with retaining complete information of patient formulary and history. It is easy to quickly store, retrieve, and reconcile medical history. With increasing application and substantial government support, E-prescription is more likely to experience higher adoption across healthcare systems, thereby fuelling the growth of global E-prescription market in the near future.
E-prescription Garners Traction as Industry Witnesses Rapid Growth in Demand for Telehealth Solutions
The growing demand for errorless medication and better healthcare solutions is expected to remain the key driving factor pushing E-prescription market further. The benefits that it offers to medical practitioners, patients, and pharmacists are unmatched, which help everyone involved increase medication adherence. This factor is significantly responsible for expansion of E-prescription market at a global level.
A large number of healthcare facilities, medical centers, and hospitals are incorporating electronic health record (EHR) systems to augment the volume and quality of service delivery through automation, thereby bolstering the demand for E-prescription. Improving efficiency, accuracy, adherence and cost savings, and maximizing efforts geared towards quality patient care make up the standard - quantify, certify and maximize the benefit. This ultimately creates value for all in the system, which is another strong factor encouraging adoption of E-prescription.
Heightening Telehealth Demand Translating into Wider Adoption of E-prescription
The COVID-19 pandemic has accelerated telehealth demand and an increasing number of players are integrating telehealth solutions in their existing offerings. Moreover, the pandemic situation has put immense pressure and load on healthcare system, necessitating the dire need for much improved patient data management. Moreover, general population is showing greater preference for the convenience, safety, and reliability of telehealth consultation in addition to the reduced overhead costs.
On other hand, for medical practitioners as well, remote monitoring of patients becomes easier with instant notification of allergies, drug interactions, or duplicate therapies, and accordingly prescribe controlled substances, monitor controlled substance prescriptions, and improve medication adherence. Pharmacies, similarly, can have their own set of benefits from telehealth and E-prescription. Prescription drug errors can be straightaway avoided without spending much time in order verification calls. Pharmacists can easily keep a track of prescription fulfilment, which consumes much lesser time on prescription refill requests.
Recurring Costs Likely to Hamper Pace of E-prescription Market Growth
The global E-prescription market is expected to face certain restraints that might hinder the market growth. The market is experiencing limitations due to high system installation costs and potential cybersecurity threats related to patient information and critical healthcare data of facilities. Moreover, E-prescription solutions are not limited to single-time purchase but are involved with recurrent expenses such as integration with electronic medical record (EMR) or EHR, maintenance, support services and implementation, training, and education. These recurrent cost factors tend to limit adoption of E-prescription among smaller office-based physicians and local hospitals.
Universal and Affordable Access to Medical Services Boosts Cloud or Web-based Segment in Forecast Period
The cloud and web-based segment is expected to hold a significant share in the market valuation as it promises better performance and patient safety. It aids in reducing upfront charges and infrastructural costs as patients can access the service even from remote areas with username and password. Some players are offering a separate cloud-based server to patients in paid or subscription-based pricing model. Community clouds are trending in demand as it caters to large communities such as research fraternity that stores and shares data on a dedicated research cloud. This service is increasingly being adopted as it reduces overall installation costs. The market is therefore witnessing a shift from on premise to E-prescription solutions.
Increased Digitalization to Accelerate E-prescription Market Growth in Asia Pacific
Asia Pacific region is expected to flourish during the forecast period as this region is actively moving towards digitalization by streamlining the workflow and promising patient safety. The countries in the region that are increasingly adopting E-prescription solutions include Japan, Taiwan, Australia, India, China, and South Korea. Some other factors that are accelerating the demand in this region are a large number of COVID-19 patients, rising number of chronic diseases, and increased government initiatives for healthcare sector.
Key Market Players Remain Focused on EHR and Telehealth Incorporation
Key players in the global E-prescription market are heavily investing in R&D activities along with adopting other strategies such as M&A and joint ventures to expand their consumer base. For instance, eClinicalWorks based out of the US recently incorporated an EHR solution with TeleVisits to cater to increasing virtual patient care demand. It uses a safe platform that utilizes webcams and existing tools to enable remote patient diagnosis. Similarly, Allscripts introduced an EHR telehealth solution through patient engagement platforms, which allows access to virtual care services. With this, Allscripts provided over 100 customers with telehealth services in the month of March, 2020.
Some of the key players operating in the global E-prescription market include Allscripts Healthcare LLC, Athenahealth Inc., Cerner Corporation, DrFirst Inc., Epic Systems Corporation, GE Healthcare, Henry Schein Inc., Medical Information Technology Inc., NextGen Healthcare, and RelayHealth LLC.