The E-prescribing Market is estimated to register a CAGR of about 18.8% over the forecast period.
- Medical prescriptions are the written instructions by which physicians recommend and authorize the patients for purchasing and using prescription medicines and treatments.
- Errors in prescription can creep in due to a variety of reasons, like the pharmacist's lack of knowledge and skill, and miscommunication between nurses and doctors, among others.
- Among medication errors, prescription errors are one of the major causes of concern for healthcare professionals, globally. Moreover, according to the General Medical Council (GMC) 2018 report, in the United kingdom, prescribing errors and faults were reported in about 9%-15% of medication orders for hospital inpatients.
- Although they are rarely fatal, they can have adverse effects on the patient’s health and disease management. In addition to being a threat to the patient’s wellbeing, prescription errors are the common cause of legal and medical malpractice claims against doctors and healthcare professionals.
- At the time of prescribing, the e-prescribing systems can further decrease the errors by implementing alert and warning systems in addition to providing the patients with a complete background medical history.
Key Market Trends
Stand-alone E-prescribing System Segment is Expected to Hold a Major Market Share in the E-prescribing Market
- The stand-alone e-prescribing system is an independent single entity system used for e-prescribing drugs to patients.
- This system runs on software that acts a single mode, through which doctors or physician prescribe drugs to patients on an electronic platform.
- Stand-alone e-prescribing applications are cheaper and easier to install than integrated systems. However, stand-alone applications may not have all of the functionality you will find in an e-prescribing module that is linked to an EMR.
- Stand-alone applications may require the double entry of any clinical data. This requires additional work and risks of additional errors increases, thus slowing down the entire process.
- Applications of the stand-alone systems are slowly being phased out from the healthcare IT sector as they are being replaced by integrated ones, which are more efficient and effective.
- According to the Cittadinanzattiva survey report, in Italy about 57.5% of malpractice was caused by presumed mistakes during treatments in 2017.
- The stand-alone system does not hold historical data of the patient and hence, sometimes follow up prescription may not be appropriate.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. In the North America region, the United States holds the largest market share which is mainly due to the government initiatives and incentive programs to promote the E-prescribing system, and rising demand for E-prescribing system in the United States. For instance, as per the SUPPORT for Patients and Communities Act, which the United State Congress passed in 2018, requires use of e-prescription for all the controlled substances, is to be under Medicare Part D by Jan 2021.
The E-prescribing Market is consolidated competitive and consists of a few major players. In terms of market share, very few of the major players currently dominate the market. With the rising patient awareness levels, minimization of prescription errors, the better quality of health care and cost reduction, the companies are trying to innovate more products to sustain the competition. Some of the major players in the market are Cerner Corporation, NextGen Healthcare, Inc., eClinicalWorks, Veradigm (Allscripts Healthcare Solutions Inc), and eMDs, Inc are, among others.
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