E-Prescribing Market Set for Unprecedented Growth, Expected to Reach $6.47 Billion by 2028

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The e-prescribing market has witnessed exponential growth, surging from $2.12 billion in 2023 to an estimated $2.65 billion in 2024, marking a remarkable Compound Annual Growth Rate (CAGR) of 25.0%. This growth trajectory is poised to continue, with the market projected to reach $6.47 billion by 2028, maintaining a robust CAGR of 25.0%.

Key Growth Drivers:

Focus on Error Reduction:
The escalating emphasis on reducing medical errors emerges as a key driver propelling the expansion of the e-prescribing market. E-prescribing plays a pivotal role in curbing errors attributable to indecipherable physician handwriting. Notably, medical errors in hospitals and clinics contribute to approximately 100,000 avoidable deaths annually, underscoring the critical role of e-prescribing in enhancing patient safety and reducing errors.

Telehealth and Telemedicine Expansion:
The increasing adoption of telehealth and telemedicine acts as a catalyst for the e-prescribing market's growth. Telehealth, involving the remote provision of healthcare services, and telemedicine, focusing on remote clinical consultations, synergize with e-prescribing to streamline remote prescription processes. This integration enhances efficiency, patient engagement, and accessibility to medications. Notably, telemedicine usage saw a significant rise, with 37.0% of adults utilizing telemedicine services within the preceding 12 months, further driving the growth of the e-prescribing market.

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Leading Market Players:
Major companies shaping the e-prescribing market include Epic Systems Corporation, Allscripts Healthcare Solutions Inc., NextGen Healthcare Inc., and Athenahealth, among others. These industry leaders contribute significantly to market innovations and advancements.

Innovations & Trends:

Technological Transformation in Healthcare:
The advent of technological transformation in healthcare stands out as a prominent trend in the e-prescribing market. Companies are actively developing new technological solutions to fortify their positions. Change Healthcare, for instance, launched InterQual 2022, a clinical decision support solution featuring the latest evidence-based care, incorporating artificial intelligence (AI) for proactive insights and efficiency.

Cloud-Native E-Prescribing Networks:
Innovation in cloud-native e-prescribing networks is enhancing collaboration within the healthcare industry. First Databank Inc. introduced FDB Vela, a cloud-native ePrescribing network facilitating seamless communication of critical medication prescription information among healthcare stakeholders. This platform streamlines prescribing and fulfillment, fostering collaborative innovation in healthcare.

Global Landscape:
North America dominated the e-prescribing market in 2023, and Asia-Pacific is anticipated to emerge as the fastest-growing region during the forecast period. The comprehensive market coverage spans Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Segmentation Insights:

The e-prescribing market covered in this report is segmented -
1) By Component: Solutions, Services
2) By Deployment: Web And Cloud Based, On-Premise
3) By End-User: Hospitals, Office-Based Physicians, Pharmaceuticals

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E-Prescribing Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The E-Prescribing Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on e-prescribing market size, market drivers and trends, e-prescribing market major players, competitors' revenues, market positioning, and market growth across geographies. The e-prescribing market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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