Factors such as the government initiatives and incentive programs, rising focus on the reduction of fraud and abuse of controlled substances, focus on reducing medical errors, and the need to curtail escalating healthcare costs are driving the market.
Northrook, IL -- (SBWIRE) -- 11/14/2019 -- The Global e-Prescribing Market is projected to reach USD 1,403.2 Million by 2021 at a CAGR of 20.8% during the forecast period.
Services industry to provide opportunities for revenue generation
Given the support for and favorable environment for the implementation of e-prescribing solutions, it is expected—particularly in the U.S.—that their use will become widespread and an integral part of the healthcare system, in the years to come. As the market becomes saturated, the focus can be expected to shift from sales to the provision of support services. As healthcare providers will have already adopted e-prescribing software, EHRs, & EMRs, companies will have to provide services to generate secondary revenue. For many companies, this secondary revenue is built into their contracts (maintenance and support services). For others, secondary revenues will come from the additional products they market to existing customers.
This shift from software sales to the provision of support & maintenance services is a key area of opportunity for vendors in the e-prescribing market.
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Lack of technological awareness among end-users
E-prescribing solutions operate at maximum efficiency only when integrated with EHRs and a complementary suite of other HCIT solutions. However, most physicians and end-users lack the knowledge and technological expertise to understand how to make full use of e-prescribing. For instance, it may be difficult for end-users to select the most effective combination of hardware and software components while implementing any e-prescribing solution. This aspect carries weight, as using complementary components can help reduce overall costs incurred, while increasing workflow efficiency. However, limited access to expert opinion and trained IT professionals can pose challenges for end-users in selecting the appropriate e-prescribing solution for their practice. This issue, therefore, has a direct impact on the end user's decision to adopt an e-prescribing solution in the first place. As such, it can be held as a challenge to the growth of the market.
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