New York, July 13, 2023 (GLOBE NEWSWIRE) -- The global E-prescribing market size is expected to expand at ~20% CAGR from 2023 to 2033. The market is anticipated to garner a revenue of USD 10 billion by the end of 2033, up from a revenue of ~USD 2 billion in the year 2022. The growth of the market can be attributed to the rising number of e-pharmacies across the world, supported by the increasing investment by major market players in developing more e-platforms for various purposes, including the healthcare and pharmaceutical sectors. For instance, the global e-pharmacies sector generated 70 million dollars in revenue in 2020.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4611
Furthermore, e-prescribing or electronic prescribing systems are highly in demand owing to the various benefits of e-prescribing systems, which include contactless communication, preventing prescription medical errors, making it easier to maintain and retrieve medical histories, direct delivery of prescriptions from doctors to pharmacies, and a higher rate of patient confidentiality and safety, among many other benefits. In addition to this, people are becoming more inclined towards an online system where they can have access to the world via their mobile window, and this rising adoption of smart gadgets by people for their various daily needs, including medical consultancy and pharmacy shopping, is predicted to boost the market's growth during the forecast period. It was found that in 2021, the total number of e-prescriptions filled and issued to pharmacies or patients reached above 2 billion.
Global E-Prescribing Market: Key Takeaways
- Market in North America to propel highest growth
- Hospitals sub-segment to garner the highest growth
- Market Asia Pacific to grow at highest rate
Growing Chronic Disease Prevalence and an Aging Population to Drive Market Growth
The growth of the market can also be attributed to the growing prevalence of chronic diseases across the world. With the rising number of chronic diseases, hospitals and healthcare facilities are under tremendous pressure to accurately examine, diagnose, treat, and monitor the health progress of patients. Hence, healthcare facilities are adopting e-prescribing systems to adequately meet all these requirements and provide patients and pharmacy staff with error-free medical prescriptions. Additionally, chronic diseases, including cardiovascular diseases, diabetes, cancer, and respiratory diseases, are highly prevalent, and they are the kind of diseases where medication is generally of long duration and requires frequent consultation and monitoring of prescribed drugs; hence, e-prescribing is found to be a viable solution for healthcare practitioners to accomplish all these requirements. It was found that around 133 million Americans, or about 40% of the total population, suffer from one or two types of chronic diseases. Furthermore, as a result of their low immune systems, the growing geriatric population is often advised to stay at home, and thus the e-prescribing system works best for them and their medical professionals to track and monitor their health records as well as issuing or cancelling any prescription. It was found that more than 74% of the elderly population across the globe suffer from chronic diseases. Hence, all these factors are expected to drive market growth during the forecast period.
E-Prescribing Regional Overview
The global E-prescribing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increased Spending on Prescription Drugs to Drive Growth in North America
The E-prescribing market in the North American region is estimated to garner the largest revenue by the end of 2033. The growth of the market can be attributed to the increasing spending on medical prescriptions, backed by the growing adoption of online prescriptions and pharmacies, and the rising prevalence of infectious and chronic diseases in the region. For instance, the United States and Canada recorded prescription spending of almost USD 1,200 and USD 869 per person in 2019. Furthermore, the hospitals and pharmacies are adopting e-prescription methods owing to the increasing instances of errors caused by manual prescriptions in the region. It was noted that more than 98,000 possible medical prescription errors in the US were reported to the FDA. Moreover, the rising investment by key E-prescribing market players in the region for technological development and the increasing usage of smart pharmaceutical applications by the majority of the population, mainly adults and the elderly population, are estimated to propel the market growth over the forecast period. It was noted that in 2019, around 80% of the people in the US received online medical prescriptions, and this percentage is predicted to rise further during the forecast period owing to the growing launch of new e-prescribing application systems.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4611
Growing Healthcare Expenditure to Drive Asia Pacific Growth
The E-prescribing market in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2033. The growth of the market can be attributed to the increasing healthcare expenditures in the region. For instance, East Asia and the Pacific region’s healthcare expenditure accounted for 6.67% of the GDP in 2019, and this percentage is estimated to increase further over the ensuing years owing to the rising prevalence of chronic diseases and the growing geriatric population in the major countries of the region, including China and India. It was found during one of the healthcare research studies that in 2019, more than 252 million people in China were aged 60 or older, and by 2040, this number is estimated to rise to above 400 million. Furthermore, rising smart device usage and people's increasing reliance on online shopping, including pharmacies and medical items, are expected to drive E-prescribing market growth during the forecast period. For instance, as per one of the health reports, more than 30% of urban Indians used online health services platforms either for ordering pharmacies or for regular consulting services.
E-Prescribing Segmentation by End-User
- Hospitals
- Clinics
- Pharmacies
The hospitals segment is anticipated to hold the largest revenue by the end of 2033. The growth of the segment can be attributed to the rising patient pool in hospitals and the growing number of hospitals across the world. For instance, in 2022, there were around 7900 hospitals in the USA, compared to 6900 hospitals in 2019. Furthermore, with the rising number of hospitals and patients in the hospitals, it is becoming challenging for healthcare professionals to maintain and track all the details of the diagnosis, treatment, care, and prescription of every individual, and hence, the chances of error are high with all the manual database management systems. Therefore, hospitals are adopting e-prescribing models to have efficient control over all the databases. Moreover, the segment is also anticipated to witness significant growth over the forecast period owing to the increasing havoc of pandemic diseases, including Covid-19, and the growing awareness among the people regarding social distancing and contactless communication. It is predicted that more than one out of every 30 or more hospital consultations will happen online during the forecast period.
E-Prescribing Segmentation by Prescription
- Prescription Drugs
- Non-Prescription Drugs
The prescription drugs segment is anticipated to hold the largest revenue by the end of 2033. The growth of the segment for E-prescribing market can be attributed to the rising number of prescriptions and the growing awareness among people regarding the adverse effects of taking over-the-counter medications. It was noted that more than 130 million US adults use prescription drugs. In addition to this, the rising cases of lifelong disabilities and the increasing prevalence of infectious and chronic diseases make it difficult for patients to move or commute to hospitals, and hence they rely on online prescription drugs and web-based counseling. It was observed that from around 4 billion prescriptions in 2009, medical prescriptions rose to above 6.45 billion in 2021, and this number is predicted to rise significantly during the forecast period owing to increasing investment in the pharmacies and healthcare sectors. Further, people are becoming more aware of the importance of taking prescribed medication or adhering to prescribed drugs in order to get relief from chronic as well as temporary health conditions and the serious implication of using random, unprescribed drugs, which can lead to serious health issues and drug abuse. It was noted that almost 3 out of every 20 teenagers in the USA used the drug without a prescription, and this often results in drug abuse cases. According to estimates, drug abuse costs the United States more than USD 750 billion every year.
Purchase Copy of this Report @ https://www.researchnester.com/purchage/purchase_product.php?token=4611
E-Prescribing Segmentation by Delivery
- Web-Based
- On-Premise
Few of the well-known market leaders in the global E-prescribing market that are profiled by Research Nester are Oracle Corporation, DrChrono Inc., Allscripts Healthcare, LLC, Epic Systems Corporation, NextGen Healthcare, Inc, athenahealth, Inc., McKesson Corporation, Henry Schein One, LLC, DrFirst.com, Inc., Medical Information Technology, Inc., and other key market players.
Recent Development in the Global E-Prescribing Market
- On December 20, 2021, Oracle Corporation and Cerner Corporation announced a deal, and owing to that Oracle has acquired Cerner through an all-cash tender offer for USD 95.00 per share, or roughly USD 28.3 billion in equity value.
- DrChrono Inc., an EverHealth solution and essential platform for modern medical practices, was selected as the winner of the "HER (Electronic Health Record) Innovation" category in the sixth annual MedTech Breakthrough Awards program.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
AJ Daniel
Corporate Sales, USA
Research Nester
Email: info@researchnester.com
USA Phone: +1 646 586 9123
Europe Phone: +44 203 608 5919
