ePrescribing Market – Services Industry to Provide Opportunities for Revenue Generation

Overview of This Study:

The study involved four major activities in estimating the size of the global ePrescription Mechanism Market. Exhaustive secondary research was done to collect information on the utilization of different solutions and their regional utilization trends. Industry experts further validated the data obtained through secondary research through primary research.

Furthermore, the market size estimates and forecast provided in this study are derived through a mix of the bottom-up approach (country-level adoption of various EHR solutions and utilization of ePrescribing funcitonality) and top-down approach (assessment of utilization/adoption/penetration trends, by type of product& service, delivery mode, end user, and region). After that, market breakdown and data triangulation methods were used to estimate the market size of segments and subsegments.

Market Size Estimation:

The total market size for the ePrescribing market was arrived at after data triangulation from two different approaches, as mentioned below.

Approach 1: Parent Market Analysis

In this report, the global market size for the Revenues of individual companies providing EHR solutions with the integrated e-prescribing module was gathered from public sources and databases. Shares of the EHR market provided by leading players were gathered from secondary sources to the extent available.  Individual shares or revenue estimates were validated through expert interviews

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Approach 2: Demand Side Analysis

In the case of demand-side analysis, the total number of physicians utilizing the e-prescribing module was studied using secondary and primary research. All the responses were collated to derive a probabilistic estimate of the market size based on the annual and implementation costs per physician per year.

Target Audience:

# Providers of e-prescribing systems and solutions
# E-prescribing service providers
# EHR and EMR vendors
# Hospitals and clinics
# Pharmacies
# Pharmacy benefit managers
# Pharmacy system vendors
# Healthcare insurance providers
# Regulators and associations
# Market research and consulting firms
# Venture capitalists and investors

Revenue Growth Projections:

The global ePrescribing market size is projected to reach USD 3.3 billion by 2025 from USD 1.2 billion in 2020, at a CAGR of 23.3%.

Growth Influencing Factors:

Factors such as the increasing adoption of EHR solutions, government initiatives and incentive programs, rising focus on reducing the abuse of controlled substances, increasing focus on reducing medical errors, and the need to curtail the escalating healthcare costs are driving the growth of the ePrescription Mechanism Market. Additionally, the onset of the COVID-19 pandemic has accelerated the use of telemedicine modules and telehealth consultations. This is further driving the adoption of e-prescribing solutions.

Data Triangulation:

After arriving at the overall ePresciribng market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

Recent Developments in the Global ePrescribing Market:

# In April 2020, DrFirst (US) partnered with ID.me (US) 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.

# In July 2019, NextGen Healthcare(US) announced its partnership with Optimize Rx (US) to provide real-time access to critical financial information, allowing providers to help patients choose appropriate medication plans, as per their cover and budgets. This tool has been integrated with the company’s ehr workflow.

# In june 2019, Allscripts (US) acquired ZappRx (US) to help Veradigm’s e-prescribing solutions by integrating it with the automate prior authorization platform, thus adding value to its existing platform.

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Geographical Growth Scenario:

North America will continue to dominate the ePrescribing market in 2025

In 2019, the large share of this North American region can be attributed to the stringent legislative and accreditation requirements regarding healthcare, high adoption of HCIT technologies, regulatory requirements regarding patient safety, and the presence of a large number of e-prescribing solution providers in the region.

Key Players:

Prominent players in the global ePrescription Mechanism Market are Epic Systems Corporation (US), Cerner Corporation (US), Allscripts (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), and Medical Information Technology, Inc. (US).

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