The healthcare industry is witnessing an increased adoption of eRx systems due to the pressing need to curtail healthcare costs, while maintaining the quality of care provided to patients and reduce medication errors and adverse drug events (ADEs).
Dallas, TX -- (SBWIRE) -- 07/04/2014 -- MarketsandMarkets recently conducted a study on 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.
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The e-prescription market is expected to drive the market at a CAGR of 26% from 2012 to 2017. The global e-prescription market was pegged at $170 million in 2011 and North America is expected to be the leading region to drive the growth of the market due to increased adoption of eRx systems in this region, particularly in the U.S.
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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 upon 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.
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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