According to the latest report published by Variant Market Research, the global E-Prescribing market size was valued at $559 Million in 2016, and is estimated to reach $2,418 Million by 2024. In this report, the global e-prescribing market forecast says that the global market is growing at a CAGR of 20.1% from 2016 to 2024.
Several government initiatives taken to reduce the risk associated with medical errors, advancement in the healthcare infrastructure, and growing partnership between healthcare providers and software companies are the major e-prescribing market trend witnessed in the global market. However, lack of resources & knowledge particularly in rural and remote areas, and high costs of these systems may restrict the market from growing. Moreover, surging demand for electronics healthcare records (EHR), and market expansion is expected to unfold attractive business opportunities in the e-prescribing market industry.
The global e-prescribing market is mainly classified on the basis of component, delivery type, product type, usage mode, end-user and geography. The component segment is bifurcated into hardware, software, and services. The delivery type segment is sub-segmented into cloud based, web-based, and on-premise/licensed. Product type segment includes stand-alone system, and integrated system. On the basis of usage mode the segment is categorized into PC-based, and hand-held devices. Furthermore, by end-user the segmentation is given as hospital, and office-based physician.
Geographically, the market has been bifurcated into North America, Europe, Asia-Pacific, and RoW. North America (U.S., Mexico, and Canada), Europe (Germany, Netherlands, UK, France, and Rest of Europe), Asia-Pacific (India, Japan, China, and Rest of Asia-Pacific) and RoW (Middle East, South America, and Africa) are the key geographical regions included in this market.
The e-prescribing software, by component accounted for the largest market share in the year 2016, whereas service is expected to achieve the fastest CAGR over the forecast period 2016 – 2024.
Web-based E-prescribing system is the largest contributor for the delivery type segment in the year 2016, and is anticipated to endure its position throughout the forecast period. The high growth is seen to the factor that healthcare organizations are progressively accepting cloud-based solutions to increase the convenience to patient records from remote locations and thereby improve workflow efficiency.
Integrated e-prescribing systems dominated the product type segment in the year 2016, and is likely to continue its dominance over the forecast period 2016 – 2024.
In 2016, hand-held devices, by usage mode accounted for the principal market share, also is expected to grow with fastest CAGR during the forecast period 2016 – 2024.
By end user, hospital held the majority of the e-prescribing market share in 2016, whereas, office-based physician segment would attain the fastest CAGR during the forecast period. The high growth is credited to the high adoption rate of the solutions of e-prescribing in hospitals.
Geographically, the market has been bifurcated into North America, Europe, Asia-Pacific, and RoW. North America (U.S., Mexico, and Canada), Europe (Germany, Netherlands, UK, France, and Rest of Europe), Asia-Pacific (Japan, China, India, and Rest of Asia-Pacific) and RoW (Middle East, South America, and Africa) are the key geographical regions included in this market.
Europe generated the highest revenue accounting for 57.5% of the total market share, followed by North America with 22.4%, in the year 2016. The high growth is attributed to the large number of e-prescribing companies and e-prescribing system manufacturers in the Europe region. North America is anticipated to grow with fastest CAGR throughout the forecast period, owing to rising demand for digital health technology, and numerous government commencements that may quicken the adoption of e-prescribing systems in New-York and Canada.
Major players operating in the market include RelayHealth, LLC, Henry Schein, Inc., Medical Information Technology, Inc., eClinicalworks, HealthFusion, Inc., Practice Fusion, Inc., Aprima Medical Software, Inc., Allscripts Healthcare Solution, Inc., and Cerner Corporation among others.
Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.