(PRWEB) May 25, 2014
The “E-Prescribing Market (Electronic Prescription/eRX) by Hardware, Software, Services, End-users (Medical Group Practice & Hospitals), Products (Integrated & Standalone Systems) & Deployment (Licensed, Web-hosted & Cloud) – Global forecasts to 2017”, which analyzed and studied the major market drivers, restraints, and opportunities in North America, Europe, Asia-Pacific, and Rest of the World.
Browse 94 tables and 11 figures spread through 219 pages combined with an in-depth TOC on "E-Prescribing Market”.
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The electronic prescribing systems market is estimated to grow at a CAGR of 26% from 2012 to 2017.
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The HITECH Act designates e-prescribing as an essential requirement for meaningful use under the electronic health record (EHR) incentive programs, thus driving the adoption of electronic prescribing systems. Costs can be cut down with the use of eRx systems as these help to improve quality and efficiency and show promise in reducing costs by actively promoting appropriate drug usage; providing information to providers and dispensers about formulary-based drug coverage, including formulary alternatives and co-pay information; and speeding up the process of renewing medications. Most healthcare systems, of developing countries do not have an integrated and well connected network. These affect the ability to effectively use important features that integrated eRX systems offer thus restraining the growth of this market.
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The expenditure on e-health is slated to increase as a percentage of national health budgets in this decade. As the Governments look to encourage physicians and pharmacies to adopt the technology, e-prescription is likely grow to $794 million by 2017 globally. Spread of awareness and realization of the growing need to switch to e-health will boost this technology. Regional interconnectivity to ensure prompt transfer of patient information even as the patient travels to another country has become the need of the hour. Hence, besides the obvious advantages of reducing medication errors and saving up on time and money, e-prescription is building path for a global healthcare structure.
The market is driven by a few established companies and many small companies operating in this industry which are striving to gain maximum market share. The predominant strategy followed by all players of this market is launching of new products by means of modifying the product as per changes in technology and need of the end users which results in development of either new innovative product or modification of the existing product. Since the healthcare industry has long been apprehensive towards adopting IT and technology, vendors aim to increase awareness and offer easy-to-use solutions to the healthcare providers.
North America is anticipated to be the leading region contributing to this strong growth rate and is expected to generate revenue of $238.2 million by 2017. North America accounted for 21% share in the electronic prescribing market in 2011. Government regulations that mandate e-prescriptions offer an additional thrust to the market in this region hence the share of North America is slated to increase to 30% by 2017. Europe is the dominant region in the market and accounted for 54% of the market in 2011.
Although its market share in the global market is expected to decrease, it will continue to be the largest market and contribute 46% of the revenue by 2017.
Major players such as Surescripts, Cerner Corporation, Allscripts, Athenahealth, iMedX, DrFirst, Emdeon, eClinicalWorks, Practice Fusion and Bizmatics are mainly focusing on the development of electronic prescription solution as standalone or as integrated module of Electronic Health Records / Practice Management.
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