Tag: E-prescribing market trends

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What is the Expected Growth Rate of the E-Prescribing Global Market Report 2024 Market from 2024 to 2033?

The e-prescribing market has experienced rapid growth in recent years. It will rise from $2.12 billion in 2023 to $2.65 billion in 2024, with a CAGR of 25.0%. This is driven by regulatory mandates, the need to reduce medication errors, improved patient safety, more efficient prescription workflows, and better prescriber efficiency.

The e-prescribing market is expected to experience rapid growth, reaching $6.47 billion by 2028 at a CAGR of 25.0%, driven by the growth in telemedicine, personalized medicine, prescription drug monitoring, and global e-prescribing initiatives. Trends include health information exchange, medication reconciliation, electronic prior authorization, and AI-driven alerts.

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What Key Factors Are Fueling the Growth of the E-Prescribing Global Market Report 2024 Market?

The e-prescribing market is projected to grow as a result of the rising focus on reducing medical errors, with approximately 100,000 deaths each year attributed to medical errors, as per the National Library of Medicine. E-prescribing helps mitigate errors associated with illegible handwriting by healthcare professionals. The growing emphasis on patient safety is expected to drive the e-prescribing market in 2023, 2024, and beyond.

What Are the Major Segments of the E-Prescribing Global Market Report 2024 Market?

1) By Component: Solutions, Services

2) By Deployment: Web And Cloud Based, On-Premise

3) By End-User: Hospitals, Office-Based Physicians, Pharmaceuticals

What New Trends Are Transforming the E-Prescribing Global Market Report 2024 Market?

The rise of technological transformation in healthcare emerges as a significant trend gaining momentum in the e-prescribing market. Major companies operating in this sector are dedicated to developing new technological solutions to reinforce their positions. For example, in April 2022, Change Healthcare, a US-based healthcare technology company specializing in e-prescribing, introduced InterQual 2022, the latest edition of its flagship clinical decision support solution. This edition incorporates new criteria to address emergent trends, restructuring and interactive criteria to streamline workflows, and artificial intelligence (AI) to drive proactive insights and efficiency gains. All updates undergo rigorous research and independent peer review, ensuring users’ confidence in the criteria’s impartiality.

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Which Regions Are Driving Growth in the E-Prescribing Global Market Report 2024 Market?

North America was the largest region in the e-prescribing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the e-prescribing market during the forecast period. The regions covered in the e-prescribing market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The E-Prescribing Global Market Report 2024 Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the e-prescribing global market report 2024 market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The E-Prescribing Global Market Report 2024 Market Include

1. E-Prescribing Global Market Report 2024 Market Executive Summary

2. E-Prescribing Global Market Report 2024 Market Segments

3. E-Prescribing Global Market Report 2024 Market Size And Template Market Growth Rate

4. Key E-Prescribing Global Market Report 2024 Market Trends

5. Major E-Prescribing Global Market Report 2024 Market Drivers

……

25. Key Mergers And Acquisitions In The E-Prescribing Global Market Report 2024 Market

26. Top E-Prescribing Global Market Report 2024 Companies

27. E-Prescribing Global Market Report 2024 Market Opportunities And Strategies

28. E-Prescribing Global Market Report 2024 Market, Conclusions And Recommendations

29. Appendix

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The e-prescribing market has witnessed exponential growth in recent years, with the market size surging from $2.12 billion in 2023 to $2.65 billion in 2024, showcasing a remarkable compound annual growth rate (CAGR) of 25.0%. The historical growth can be attributed to regulatory mandates, medication errors reduction, improved patient safety, enhanced prescription workflow, and increased prescriber efficiency.

Key Figures:

• Market Size in 2023: $2.12 billion
• Projected Growth Rate (CAGR): 25.0%
• Forecasted Market Size in 2024: $2.65 billion

The Future Landscape: Projected Growth and Influencing Factors

Looking ahead, the e-prescribing market is expected to continue its upward trajectory, reaching an impressive $6.47 billion in 2028, again at a CAGR of 25.0%. This forecasted growth is underpinned by factors such as the expanding telehealth sector, personalized medicine, prescription drug monitoring programs, medication therapy management, and global e-prescribing initiatives. Key trends in the forecast period encompass interoperability, health information exchange, medication reconciliation, electronic prior authorization, medication adherence tools, erx for controlled substances, and AI-driven alerts and decision support.

Projected Market Size in 2028: $6.47 billion

Driving Forces: Increase in Telehealth and Telemedicine

The burgeoning expansion of telehealth and telemedicine is set to be a major catalyst for the e-prescribing market’s growth. Telehealth, leveraging telecommunications technology for remote healthcare services, and telemedicine, specifically remote clinical consultations, contribute by streamlining prescription processes, enhancing efficiency, and fostering patient engagement. The integration of e-prescribing with telehealth platforms facilitates direct transmission of electronic prescriptions to pharmacies, reducing errors, enhancing patient safety, and ensuring convenient access to medications.

Supporting Data:

• In 2021, telemedicine was utilized by 37.0% of adults (CDC, October 2022)

Market Players: Dominant Companies in E-Prescribing

Several major players operate in the e-prescribing market, each contributing to its evolution and growth. Notable companies include Epic Systems Corporation, Allscripts Healthcare Solutions Inc., NextGen Healthcare Inc., Athenahealth, Relay Health, Henry Schein Inc., GE Healthcare, and many others. These entities play a crucial role in shaping the market landscape and driving innovation.

Key Companies:

• Epic Systems Corporation
• Allscripts Healthcare Solutions Inc.
• NextGen Healthcare Inc.
• Athenahealth
• Relay Health
• Henry Schein Inc.
• GE Healthcare

Cloud-Native E-Prescribing Networks: Facilitating Healthcare Collaboration

Innovative solutions in the form of cloud-native e-prescribing networks are gaining prominence as major companies strive to gain a competitive edge. These networks serve as digital platforms facilitating electronic exchange of prescription information among healthcare professionals, pharmacies, and payers. For instance, First Databank Inc. introduced FDB Vela, a cloud-native ePrescribing network designed to enhance collaboration and streamline critical medication prescription information, benefits verification, and clinical decision support among stakeholders.

Example:

• FDB Vela by First Databank Inc. (March 2022)

Oracle’s Strategic Move: A Game-Changing Acquisition

Oracle’s acquisition of Cerner in December 2021 for $28.3 billion signals a significant expansion in the healthcare sector. Cerner, a health information technology company, plays a crucial role in the e-prescribing domain. This acquisition underscores Oracle’s commitment to investing heavily in healthcare, marking a strategic move to strengthen its global footprint.

Key Acquisition:

• Oracle acquires Cerner for $28.3 billion (December 2021)

Market Segmentation: Understanding the Dynamics

The e-prescribing market is segmented based on various factors, providing a nuanced understanding of its dynamics. Key segments include components (solutions, services), deployment methods (web and cloud-based, on-premise), and end-users (hospitals, office-based physicians, pharmaceuticals).

Market Segmentation:

1. By Component:
   • Solutions
   • Services
2. By Deployment:
   • Web and Cloud-Based
   • On-Premise
3. By End-User:
   • Hospitals
   • Office-Based Physicians
   • Pharmaceuticals

Regional Dynamics: North America Leading, Asia-Pacific Emerging

In 2023, North America held the largest share in the e-prescribing market. Looking forward, Asia-Pacific is anticipated to be the fastest-growing region during the forecast period, highlighting the global nature of the e-prescribing market’s expansion.

Regional Insights:

• North America (2023): Largest market
• Asia-Pacific: Fastest-growing region

In conclusion, the e-prescribing market is on a robust growth trajectory, driven by factors like telehealth expansion, strategic acquisitions, and innovative solutions. As technology continues to revolutionize healthcare, the landscape of e-prescribing is set to evolve, promising better patient outcomes and enhanced healthcare collaboration.

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