Global E-prescribing market is expected to have CAGR of 21.2% during the forecast period of 2016-2023. Electronic prescribing is a technological structure that enables physicians and other medical specialists to compose and send prescriptions to a pharmacy, participating electronically instead of handwritten or faxed prescriptions. The global e-prescribing market is gaining popularity in clinics, hospitals and pharmacies owing to reduction in errors and increasing patient care with the use of e-prescribing solutions. As per Health Information Technology (IT), the use of electronic prescribing has saved up to $22 billion in drug and medical expenditure. The major factors driving the global e-prescribing market include:
- Adaptability & implementation of electronic health record (EHR)
- Rising focus on patient convenience and decreasing medicating errors.
- Favourable government norms & policies
- Enhanced focus on reducing healthcare expenditure.
E-prescribing allows physicians to choose the best and affordable drugs, provides more generic prescriptions as well as patients' medication histories to doctors in order to avoid duplicate prescriptions and harmful drug interactions. It assists patients, decreases delay and errors regarding illegible handwriting and is cost effective. The increasing use of e-prescribing is expected to avoid approx. 3.5 million prescription errors by 2018. The factors increasing the demand for e-prescribing solutions and services are implementation of electronic health record (EHR) with e-prescribing system, favourable government regulations to develop better healthcare infrastructure and increasing focus on reducing healthcare expenditure. However, there are some factors restricting the growth of global e-prescribing market such as patient privacy & security issues and lack of high speed broadband services. The market has a lot of potential with the increasing demand of e-prescribing in developing countries with the rising development of healthcare services. The market faces some challenges such as lack of skilled professionals and high cost of e-prescribing systems. High implementation cost is one of the major challenges which restrict middle and low income countries’ physicians and doctors to use these systems. However, increasing focus of companies to reduce healthcare expenditure might be helpful to overcome this challenge.
Source: OBRC Analysis
The report is segmented on the basis of delivery model, product and end-user. The delivery model is further segmented into:
- Cloud-Based
- On-Premise
- Web-Based
End-user is sub-segmented into:
- Hospitals
- Physicians
- Clinics
Product is further segmented into:
- Solutions
- Services
The revenue for the above end-user segments is specific to the market. However, the total revenue of these end-users in general has been excluded from the scope of the report. Also, the total market revenue has been calculated by summing up delivery model and product segments.
Geographically, the global Smart security market is segmented into:
- North America (U.S. & Canada)
- Asia-Pacific (China, India, Japan, RoAPAC)
- Europe (UK, France, Germany, RoE)
- Rest of the World
Europe held major share of global e-prescribing market in 2015 due to growing e-health projects, along with increasing adoption rate of the EPSOS (European Patient Smart Open Services). North America is expected to witness potential growth in its e-prescribing market due to rising adoption of e-prescribing systems to encourage highly advanced healthcare infrastructure. Several initiatives such as Health Information Technology for Economic and Clinical Health (HITECH) Act and National Council for Prescription Drugs Program are promoting the adoption of e-prescribing systems and acting as the major drivers for the North American e-prescribing market. Asia Pacific is expected to grow during the forecast period due to increasing demand for healthcare and rising government support to improve healthcare infrastructure in this region.
The global e-prescribing market is segmented on the basis of delivery model, end user and product. The product segment of global e-prescribing market is further categorized into solutions and services. Among product segment, the solutions held major share in 2015. The increasing adoption of e-prescribing solutions coupled with government support by incentive programs is driving the growth of this segment. End user segment of global e-prescribing market is further categorized into hospitals, physicians and clinics. Among end user segment, hospitals held major share with the extensive demand for e-prescribing solutions in the hospitals of Europe and U.S. In addition, the Patient Protection and Affordable Care Act in the United States have contributed to the re-organization of medicare, private insurance and medicaid systems. For physicians, the Centres for Medicare and Medicaid Services (CMS) incentive program compensates physicians for utilizing EHR (Electronic Health Records), which increases the use of e-prescribing among physicians. Delivery model of global e-prescribing market is further categorized into cloud based, on-premise and web-based models. Among delivery models, web based and cloud based segment together held major share due to increasing demand for cloud-based solutions in order to increase the convenience to send patient records from distant locations and develop workflow efficiency. In addition, it is also helpful to connect with IT staff in order to focus on highly critical tasks, increase cost-efficiency and productivity of the organization.
The major market players of the global smart security market are:
- IBM CORPORATION
- GE HEALTHCARE
- HENRY SCHEIN INC.
- CERNER CORPORATION
- QUADRAMED
- ATHENA HEALTH INC.
Detailed analysis of these companies provided in this report comprises of overview, SCOT analysis, product portfolio, strategic initiative and strategic analysis.
These companies use various strategies such as mergers & acquisition, product launches, partnership etc. to expand market share. For instance: In October 2015, QuadraMed acquired NextGen hospitals solutions division. This acquisition enhances Harris’ prevailing hospital solutions business in the U.S.
Why to buy the report:
This report will:
- Provide you the business strategies adopted by market player such as acquisitions as in October 2015 Quadramed acquired Nextgen hospitals solutions division to enhance its market position.
- Provide in detail the different segments such as products and end-users which affect the global e-prescribing market.
- Provide you the patent analysis of the global e-prescribing market.
- Identify and understand the strengths, opportunities, challenges and threat of global e-prescribing market.
- Provide revenues of major players of the market such as GE Healthcare and Cerner Corporation.
- Provide you the various regulatory policies which affect the global e-prescribing market.
How we are different from others:
At Occams we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on global e-prescribing market offers the longest chain of market segmentation covering major market segmentation based on products and end users. The report tracks the major market trends in the global e-prescribing market such as growth and innovations in products & equipment’s and rising demand for technically progression & diagnosis of diseases and so on. For each market segments covered in global e-prescribing report, we provide opportunity matrix, and DROC analysis, that enable the clear growth assessment across each market segment. The report discusses competitive landscape of the e-prescribing industry, with giving extensive strategy analysis of more than 15 companies. Moreover, the report discusses various models such as 360 degree analysis, See Saw analysis, and Porter five force model and so on. For the high level analysis in the report we provide a comparative analysis of historic and current year data.
Key findings of global e-prescribing market are as follows
- North America generated the largest revenue share in 2016.
- Mergers, acquisition and expansion is the key strategy adopted by the various market players of global e-prescribing market.