WASHINGTON, Feb. 15, 2022 (GLOBE NEWSWIRE) -- The Digital Prescription Technology Market has witnessed an increase in demand in the recent years owing to the growing penetration of the internet of things (IoT) and emergence of advanced technologies in the healthcare sector. Digital prescription system has established itself as a successful business aspect, and is currently attracting several businesses from outside of healthcare. The growing need for improved healthcare quality and minimized prescription errors are other crucial drivers that are expected to fuel the Digital Prescription Technology Market growth during the forecast period. This enhanced capability of Digital Prescription Technology Market is expected to flourish in coming years, states Vantage Market Research, in a report, titled “Digital Prescription Technology Market by Type of Service (Solutions, Integrated Solutions, Standalone Solutions, Services), by Delivery Mode (Web and Cloud Based Solutions, On Premise Solutions), by End User (Hospitals, Office Based Physicians, Pharmacies), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
The market size stood at USD 1.54 Billion in 2021. The Global Digital Prescription Technology Market size is expected to reach USD 4.28 Billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 25.1% during the forecast period.
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The report on Digital Prescription Technology Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Value Chain Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Porter’s Five Forces Analysis
- Global and Regional Dynamics
Market Overview:
Growing Need for Improved Healthcare Facility & Cost Efficiency
Hand-written prescriptions can be inefficient and can lead to incorrect medication, which can be costly or even dangerous for patients. It's estimated to be responsible for up to 4,40,000 deaths each year. Some of these mistakes can be reduced with advanced technology, including Digital Prescription Technology. This technology is able to provide extremely clear information in terms of diagnostic information, treatment monitoring, and requires less interpretation on the part of the pharmacist. This helps patients to avoid miscommunications and facilitate improved healthcare assistance. The cost efficiency of the system is another advantage that is driving the market growth. Hence Digital Prescription Technology is expected to improve and reduce prescription errors in near future which is driving the Digital Prescription Technology Market
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Prescription Errors & Inconvenient Design of Software
One of the biggest disadvantages of the Digital Prescription Technology model is the lack of physical evaluation capability. For instance, physical evaluations can be made and situation analysis can be done very effectively. Even if the online evaluation process is done, this process will not be done by licensed healthcare professionals. Some online pharmacies can dispense medicines to patients without requiring a prescription. In such a case, patients can get sick much more severely instead of healing. These are some of the hindering factors that might hamper the Digital Prescription Technology Market growth.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. The Digital Prescription Technology Market also had a huge impact. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop the swift spread of COVID-19. These actions led to a severe impact on the global economy impairing various industries. Moreover, reduced manufacturing activities further affected the demand for Digital Prescription Technology across the globe. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data- points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Region 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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Regional Analysis:
Increasing Growth of Digital Prescription Technology Market in North America
North America garnered high revenue share owing to high adoption of digital prescription integrated systems and increase in adoption toward advanced healthcare technology products. This is a major factor to drive the growth of the Digital Prescription Technology Market forecast in this region. Moreover, many individuals in the region are inclining toward patient-centric solutions and are adopting for digital prescribing which is helping physicians in the region to provide exquisite experience without the need to invest time for visiting the hospital in non-emergence situations.
The Asia Pacific is expected to grow at the fastest rate during the forecast period, owing to the prevalence for increase in number of well-established Digital Prescription Technology companies and research institutes in the US and Canada. A large number of on-going research studies and growth of the overall healthcare sector on a global scale are among the few factors expected to contribute to the growth of this market. For instance, In April 2020, DrFirst a U.S. company partnered with ID.me to help users of the company’s e-prescribe app to verify their identities within a few minutes. This is expected to speed up the process for clinicians to prescribe drugs. Key players funding R&D institutions are also one of the factors that are booming the development of Digital Prescription Technology Market in this region.
Browse market data Tables and Figures spread through 155 Pages and in-depth TOC on "Digital Prescription Technology Market by Type of Service (Solutions, Integrated Solutions, Standalone Solutions, Services), by Delivery Mode (Web and Cloud Based Solutions, On Premise Solutions), by End User (Hospitals, Office Based Physicians, Pharmacies), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/digital-prescription-technology-market-144458
List of Prominent Players in the Digital Prescription Technology Market:
- Epic Systems Corporation (US)
- Cerner Corporation (US)
- Allscripts Healthcare Solutions, Inc. (US)
- NextGen Healthcare (US)
- athenahealth, Inc. (US)
- RelayHealth, LLC (US)
- Henry Schein, Inc. (US)
- GE Healthcare (US)
- Computer Programs and Systems, Inc. (US)
- DrFirst, Inc. (US)
- Surescripts-RxHub, LLC (US)
- Medical Information Technology, Inc. (MEDITECH, US)
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Digital Prescription Technology Market?
- How will the Digital Prescription Technology Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Digital Prescription Technology Market?
- What is the Digital Prescription Technology market drivers and restrictions?
- What will be the CAGR and size of the Digital Prescription Technology Market throughout the forecast period?
This market titled “Digital Prescription Technology Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 1.54 Billion |
| Projected Market Size in 2028 | USD 4.28 Billion |
| CAGR Growth Rate | CAGR of 25.1% From 2022 - 2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Type of Service
|
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2021 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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