Global E-Prescription Solutions Market is Expected to Grow at a CAGR of 23.4% over the Forecast Period (2024 – 2034): A Report by TNR, The Niche Research

Increasing Adoption of Digital Health Technologies and Regulatory Incentives for Reducing Medication Errors are Driving Significant Growth in the E-Prescription Solutions Market

/EIN News/ -- Wilmington, Delaware, July 26, 2024 (GLOBE NEWSWIRE) -- E-prescription solutions represent a transformative advancement in the healthcare sector, aimed at streamlining and digitizing the prescription process. These solutions facilitate the electronic creation, transmission, and management of medical prescriptions, replacing traditional paper-based methods. The e-prescription market is experiencing significant growth driven by various factors, including technological advancements, increased demand for efficiency in healthcare, and supportive regulatory frameworks.

The e-prescription solutions market is being propelled by rapid advancements in technology. Innovations such as integrated electronic health records (EHR) systems, real-time prescription drug monitoring, and mobile health applications are enhancing the functionality and adoption of e-prescription solutions. These advancements offer opportunities for market players to develop more sophisticated and user-friendly platforms. Healthcare providers are increasingly adopting e-prescription solutions to improve operational efficiency, reduce prescription errors, and enhance patient safety. The integration of e-prescription systems with EHRs and pharmacy management systems streamlines workflows and minimizes manual errors, creating a significant opportunity for growth in this sector. Governments and regulatory bodies across various regions are endorsing e-prescriptions to promote safer and more efficient healthcare practices. Initiatives like the U.S. Medicare and Medicaid EHR Incentive Programs and the European Union’s eHealth Action Plan are driving the adoption of e-prescription systems by offering incentives and setting standards for electronic prescriptions.

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E-prescription solutions offer significant benefits to patients, including the convenience of electronic prescription refills, reduced wait times at pharmacies, and improved medication adherence. This increased patient engagement presents an opportunity for market expansion as more patients and healthcare providers recognize the benefits of digital prescriptions. The rise of telemedicine has further bolstered the e-prescription market. As telehealth consultations become more prevalent, the need for electronic prescriptions that seamlessly integrate with virtual care platforms has grown. This trend opens up opportunities for e-prescription solution providers to develop and integrate their systems with telemedicine platforms.

Global E-Prescription Solutions Market: Key Datapoints

Market Value in 2023	US$ 3.7 Bn
Market Value Forecast by 2034	US$ 37.2 Bn
Growth Rate	23.4%
Historical Data	2016 – 2022
Base Year	2023
Forecast Data	2024 - 2034

E-prescription solutions significantly enhance efficiency in healthcare delivery and reduce administrative costs associated with paper-based prescriptions. This operational efficiency is a major growth driver for the market as healthcare organizations seek cost-effective solutions. Electronic prescriptions reduce the risk of errors caused by illegible handwriting and misinterpretation of prescriptions. By ensuring accuracy and clarity, e-prescription solutions contribute to improved patient safety, driving their adoption. With growing concerns about data security and patient privacy, e-prescription systems that comply with stringent security standards offer a compelling advantage. Enhanced security features drive adoption among healthcare providers and patients who prioritize data protection.

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The COVID-19 pandemic has had a profound impact on the e-prescription solutions market. The pandemic accelerated the adoption of digital health solutions, including e-prescriptions, as healthcare systems worldwide faced unprecedented challenges. The need for contactless interactions and remote healthcare services drove a surge in the use of e-prescriptions. Additionally, regulatory adjustments during the pandemic facilitated faster implementation and expansion of e-prescription solutions, further propelling market growth. As a result, the e-prescription market has experienced accelerated growth and is expected to continue expanding as healthcare systems adapt to a post-pandemic environment.

The e-prescription solutions market is poised for significant growth driven by technological advancements, regulatory support, and the evolving needs of healthcare providers and patients. The integration with telemedicine and the ongoing impact of COVID-19 further underscore the dynamic nature of this market and its potential for future expansion.

Key Takeaways of the Report: Global E-Prescription Solutions Market

• Services segment by offering is expected to grow at a CAGR of 19.4% in the e-prescription solutions market due to the rising demand for comprehensive support and maintenance solutions. This includes training, system integration, and technical support that enhance the functionality and efficiency of e-prescription systems. As healthcare organizations increasingly adopt these solutions, they require robust service offerings to ensure smooth implementation, compliance, and ongoing optimization of their digital prescription processes.
• Cloud segment by deployment model dominated the e-prescription solutions market with a substantial revenue share of 67.3% due to its scalability, cost-effectiveness, and ease of integration. Cloud-based solutions offer healthcare providers flexible access to real-time data from any location, streamline updates and maintenance, and reduce infrastructure costs. The ability to rapidly adapt to evolving needs and regulatory requirements has made cloud deployment the preferred choice for many organizations seeking efficient and adaptable e-prescription systems.
• App based segment in the e-prescription solutions market is anticipated to be the second largest with a revenue share of 34.8% in 2023 due to its convenience and increasing adoption among patients and healthcare providers. Mobile applications offer real-time access to prescriptions, medication history, and refill requests, enhancing user engagement and adherence. Their ease of use, coupled with the growing trend of mobile health management, contributes significantly to the segment’s strong market presence.
• Hospitals and clinics segment by end user is anticipated to grow fastest over the forecast period due to the increasing need for integrated and efficient healthcare solutions. As these institutions adopt e-prescription systems to streamline prescription workflows, reduce medication errors, and improve patient outcomes, they drive significant demand. The growing emphasis on digital health transformation and regulatory compliance further accelerates the adoption of e-prescription solutions in hospitals and clinics.
• In 2023, Europe is anticipated as second leading region in the global e-prescription solutions market due to its strong regulatory frameworks and governmental support for digital health initiatives. The region's emphasis on enhancing healthcare efficiency, coupled with the integration of advanced technologies and widespread adoption of electronic health records (EHR), drives the demand for e-prescription solutions. Additionally, Europe's focus on improving patient safety and reducing prescription errors contributes to its significant market position.

Following are the major companies active within the e-prescription solutions market:

• Allscripts Healthcare, LLC
• Athenahealth
• Cerner Corporation (Oracle)
• Change Healthcare
• DrFirst
• Epic Systems Corporation
• McKesson Corporation
• Networking Technology, Inc. (RXNT)
• NXGN Management, LLC
• Practice Fusion, Inc.
• Surescripts
• Other Industry Participants

Key Developments:

• In March 2022, First Databank, Inc. (FDB) introduced FDB Vela, a cutting-edge, cloud-based e-prescribing network designed to facilitate the smooth exchange of crucial medication prescription details, benefits verification, and clinical decision support among prescribers, payers, pharmacies, and other stakeholders.
• In August 2021, Indian startup Meddo, which operates a digital outpatient care platform, acquired Doxper in a deal combining cash and stock. This acquisition is anticipated to add approximately 300,000 to 400,000 patients per month to Meddo’s user base. Additionally, the acquisition is set to enable the transformation of 1,000 more clinics within the next 12 to 15 months, focusing on major markets across India.

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Global E-Prescription Solutions Market

By Offering

• Software
  • Integrated Solutions
  • Standalone Solutions
• Services

By Deployment Model

• Cloud
• On-premises

By Delivery Mode

• App Based
• Web Based

By End User

• Patients
• Hospital and Clinics
• Pharmacies
• Telemedicine and EHR companies
• Others

By Region

• North America (U.S., Canada, Mexico, Rest of North America)
• Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
• Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
• Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
• Latin America (Brazil, Argentina, Rest of Latin America)  

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