E-prescribing Market: The Erx Solutions Segment Accounted Largest Share | While Erx Services Segment Is Expected to Register High Growth Rate

The report "E-prescribing Market by Product (Integrated Solutions, Standalone Solutions, Service (Support, Implementation, Training, Network)), Delivery Mode (Web, Cloud, On-premise), & End User (Hospital, Office-based Physicians, Pharmacy) - Global Forecast to 2021", The global e-prescribing market is expected to reach USD 1,403.2 Million by 2021 from USD 546.5 Million in 2016, at a CAGR of 20.8% during the forecast period.

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Various government initiatives and incentive programs, rising focus on the reduction of fraud & abuse of controlled substances, increasing focus on reducing medical errors, and the need to curtail escalating healthcare costs are the major factors driving the growth of the global e-prescribing market.

On the basis of product, the e-prescribing services segment is expected to witness the highest growth during the forecast period.

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The high growth rate of the e-prescribing services segment can be attributed to the increasing adoption of e-prescribing that lead to a growing demand for training & education services; stringent regulations that have increased the application of implementation services for the validation & verification of hardware & software; and the need for frequent support and maintenance.

Based on delivery mode, the web & cloud-based segment is expected to dominate the market, with the highest growth rate during the forecast period. This growth of web & cloud-based segment can be primarily attributed to the improved performance and reliability by avoiding long deployment cycles, minimized upfront investments without incurring high infrastructure costs as the user can access the software from any compatible system using an access id or username and password, and that it does not require any complicated installation or implementation. The market is witnessing a shift from on-premise systems to web-hosted deployment of e-prescribing solutions.

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On the basis of end user, the hospitals segment is expected to grow at the highest rate during the forecast period. The major factors contributing to the high growth of this segment are the rising adoption rate of the e-prescribing solutions by hospitals in the U.S. and Europe, growing need to improve the profitability of healthcare operations, and growing focus to improve patient safety and advantages of e-prescribing over conventional handwritten prescribing systems.

The government initiatives to improve the quality of care delivered to patients and curtailing the soaring healthcare costs are also driving the adoption of e-prescribing solutions in hospitals.

Asia-Pacific possesses lucrative growth potential for the e-prescribing market during the forecast period. The high growth of this region can be attributed to healthcare organizations in the Asia-Pacific region that are actively moving towards digitization with a focus on streamlining their entire workflow and ensuring patient safety, a high share of the geriatric population resulting in significant growth in the prevalence of chronic diseases and increasing the burden of healthcare providers. The hospitals in Japan are widely adopting best practices such as healthcare information exchange, e-prescribing, and electronic health record systems to provide quality care to patients.

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