e-Prescribing or electronic prescribing is the process of electronically generating and sending a prescription order to a pharmacy directly from the point of care. e-Prescribing improves accuracy, enhances patient safety and quality of care as there are no chances of false interpretation by pharmacist in prescriptions. With the help of e-prescribing tools healthcare providers can enter prescription information into a computer device such as a laptop, tablet, or desktop computer and securely transmit the prescription to pharmacies using a special software program and connectivity to a transmission network.

Market Dynamics

Significant increase in the number of e-prescriptions in developed economies is attributed to technological developments in healthcare IT and rise in demand of e-prescriptions to reduce the drug abuse. According to Surescripts, e-prescriptions for controlled substances in 2017 accounted for 77.33 million, which increased from 12.8 million in 2015, with a 504% increase in the U.S.

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Furthermore, there is an immense need to reduce medication errors caused due to wrong interpretation and pronunciation of drugs by pharmacist. According to the FDA, medication errors harm 1.3 million individuals each year and kill at least one person a day. Major factors responsible for these errors include similar pronunciation of drugs. For instance, Valtrex and Valcyte are both used for Cytomegalovirus (CMV), but for different reasons and a heart transplant patient receiving Valtrex instead of Valcyte can undergo serious. Therefore, e-prescription plays a crucial role in avoiding such errors and reduces chances of resulting complications.

Though e-prescribing offers several benefits over paper-based prescriptions, several healthcare providers and pharmacists have remained doubtful about adopting the system due to high cost of deployment and security and workflow issues. These factors can negatively impact the e-prescribing market growth during the forecast period.

Increasing adoption of healthcare IT is expected to drive the e-prescribing market revenue

Innovation in healthcare IT including increasing use of the Application Program Interface (API) to improve interoperability, the ability to access and interact with health data via mobile devices to better access and secure medical records are the major driving factors for e-prescribing market growth. Demand for e-prescription is growing with increasing adoption of healthcare IT in medical field. According to the Surescripts, a healthcare information network, the number of U.S. e-prescribers increased to 8% in 2017 from 2016 and the number of prescribers for controlled substances increased 59% in 2017 from 2016.

Detailed Segmentation:

Global e-Prescribing Market, By Product:

Software

Services

Global e-Prescribing Market, By Deployment:

Web & Cloud-based

On-premise

e-Prescribing Market Restraints

Despite several benefits offered by e-prescribing for healthcare professionals and patients, not all providers are implementing these system due to factors such as high cost of healthcare IT and requirement of skilled professionals. e-Prescribing systems require basic technological infrastructure and training for installation and maintenance, which also increases the financial burden of their implementation. Moreover, the risk of data breach is also restraining the e-Prescribing market growth.

e-Prescribing Market - Competitive Landscape

Key players operating in the global e-prescribing market include, Allscripts Healthcare Solutions, Inc., Athenahealth, Inc., Change Healthcare Holdings, Inc., Cerner Corporation, Computer Programs and Systems Inc., DrFirst, Inc., eClinicalworks, Epic Systems Corporation, GE Healthcare, Henry Schein, Inc., Medical Information Technology, Inc., Practice Fusion, Inc., Quality Systems, Inc., RelayHealth Corporation, and Surescripts-RxHub, LLC.

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