Market Research Report
E-prescribing Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||390865|
|Published||Content info||113 Pages
Delivery time: 2-3 business days
|E-prescribing Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: June 1, 2019||Content info: 113 Pages||
The E-prescribing Market is estimated to register a CAGR of about 18.3% over the forecast period, 2019-2024.
Medical prescriptions are the written instructions by which physicians recommend and authorize the patients for purchasing and using prescription medicines and treatments. Errors in prescription can creep in due to a variety of reasons like pharmacists lack of knowledge and skill, miscommunication between nurses and doctors, etc. Among medication errors, prescription errors are one of the major causes of concern for healthcare professionals globally as it accounts for 70% of the total medication errors and is reported from both general practice and hospitals. Although they are rarely fatal, they can have adverse effects on the patient's health and disease management. In addition to being a threat to the patient's well being, prescription errors are the common cause of legal and medical malpractice claims against the doctors and healthcare professionals. In recent studies, including the General Medical Council (GMC) commissioned report, in the UK, prescribing errors have been found to affect approximately 9-15% of medication orders for hospital inpatients. By employing e-prescribing systems, prescription errors and faults can be prevented in most of the cases by 85% approximately. At the time of prescribing, the e-prescribing systems can further decrease the errors by implementing alert and warning systems in addition to providing the patients with a complete background medical history.
E-prescribing or electronic prescribing is a technology framework that allows physicians and other medical practitioners to write and send prescriptions to a participating pharmacy in an electronic format instead of using written prescriptions.
Stand-alone E-prescribing System Segment is expected to have steady growth in the Forecasted Period
The stand-alone e-prescribing system is an independent single entity system used for e-prescribing drugs to patients. This system runs on software that acts a single mode, through which doctors or physician prescribe drugs to patients on an electronic platform. Stand-alone e-prescribing applications are cheaper and easier to install than integrated systems. However, stand-alone applications may not have all of the functionality you will find in an e-prescribing module that is linked to an EMR. Stand-alone applications may require the double entry of any clinical data. This requires additional work and risks of additional errors increases, thus slow down the entire process. Applications of the stand-alone system are slowly phasing out from the healthcare IT sector as they are being replaced by integrated ones, which are more efficient and effective. Another major reason for this trend shift from stand-alone to integrated systems is the appreciate prescription considering the historical data of a patient. The stand-alone system does not hold historical data of the patient and hence, sometimes follow up prescription may not be appropriate.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. In the North America region, the United States holds the largest market share which is mainly due to the government initiatives and incentive programs to promote E-prescribing system, and rising demand for E-prescribing system in the United States.
The E-prescribing Market is highly competitive and consists of a few major players. In terms of market share, very few of the major players currently dominate the market. With the rising patient awareness levels, and minimization of prescription errors, and better quality of health care and cost reduction, the companies are trying to innovate more products to sustain the competition. Some of the major players on the market are Cerner Corporation, HealthFusion, Inc., eClinicalWorks, Allscripts Healthcare Solutions Inc., and Aprima Medical Software are, among others.