E-prescribing Market Trends And Future Forecast For 2023 To 2028

 Market Dynamics

Drivers :

Many governments worldwide are promoting the use of electronic healthcare records and e-prescribing to improve patient safety, reduce healthcare costs and enhance healthcare quality. This has created a favorable regulatory environment for e-prescribing solution providers.

The healthcare industry is becoming increasingly digitized, with a growing demand for IT solutions that can improve efficiency, accuracy and patient outcomes. E-prescribing is a key component of this trend, as it enables healthcare providers to manage patient information more effectively. Traditional paper-based prescribing methods can lead to errors and misunderstandings, which can result in serious harm to patients. E-prescribing solutions can help to reduce these risks by providing more accurate and up-to-date information to healthcare providers and pharmacists.

Opportunities:

E-prescribing is often integrated with EHR systems, which are becoming more widely adopted by healthcare providers. This creates opportunities for e-prescribing solution providers to offer integrated solutions that can streamline workflows and improve patient outcomes.

The accelerated adoption of telemedicine relies heavily on digital healthcare solutions such as e-prescribing. This trend is expected to continue in the future, creating new opportunities for e-prescribing solution providers to offer telemedicine-friendly solutions.

Restraints & Challenges:

Implementing e-prescribing solutions can be complex and require significant resources, particularly for healthcare providers who have limited IT infrastructure or staff. This can be a significant barrier to adoption for smaller healthcare providers. It involves the transmission of sensitive patient information, which can raise concerns about data privacy and security. Providers must ensure that their e-prescribing solutions comply with relevant regulations and standards to protect patient data.

E-prescribing solutions must be able to interface with a range of different healthcare IT systems, including EHRs, pharmacy systems and insurance providers. Ensuring interoperability can be a significant challenge for e-prescribing solution providers. The technology can be expensive to implement and maintain, particularly for smaller healthcare providers. The cost of software licenses, hardware and ongoing support and maintenance can be a significant barrier to adoption. Furthermore, some healthcare providers may be resistant to change and prefer to stick with traditional paper-based prescribing methods, even though e-prescribing offers many advantages.

Recent Developments & Partnerships:

• In March 2022, First Databank Inc. (FDB) launched FDB Vela, a new cloud-native e-prescribing network that enables the seamless flow of crucial medication prescription information, benefits verification and clinical decision support between prescribers, payers, pharmacies and other constituents.

• In May 2021, Veradigm, a business unit of Allscripts Healthcare Solutions and a provider of data and technological solutions and CoverMyMeds, a provider of electronic prior authorization solutions, established a cooperation to integrate their products and enhance the e-prescribing procedure. 

• In August 2021, Meddo, an Indian firm with a digital outpatient care platform, paid cash and equity to acquire Doxper, another startup. The acquisition is anticipated to increase Meddo’s monthly patient base by between 300,000 and 400,000.

Key Players:

NextGen Healthcare Inc., eClinicalWorks, eMDs Inc., Oracle (Cerner Corporation), Allscripts Healthcare Solutions Inc. (Veradigm)

Frequently Asked Questions

1) What is the projected market value of the E-Prescribing Market?

– The E-Prescribing Market is expected to reach a value of USD 9.79 billion by 2028.

2) What is the estimated CAGR of the E-Prescribing Market over the 2023 to 2028 forecast period?

– The E-Prescribing Market is expected to grow at a CAGR of approximately 21.8% from 2023 to 2028.

3) Who are the key players in the E-Prescribing Market?

– NextGen Healthcare Inc., eClinicalWorks, eMDs Inc., Oracle (Cerner Corporation), Allscripts Healthcare Solutions Inc. (Veradigm)

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