PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1618294
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1618294
Global e-prescribing market is projected to witness a CAGR of 25.35% during the forecast period 2025-2032, growing from USD 3.93 billion in 2024 to USD 23.95 billion in 2032. The global e-prescribing market is expected to grow robustly during the forecast period owing to the increasing adoption of digital healthcare solutions and the rising focus on minimizing healthcare costs.
E-prescribing enables physicians to transmit accurate, error-free, and easy-to-understand prescriptions electronically from the point of care directly to pharmacies and is a key element in improving the quality of patient care. Key factors driving the market growth include government initiatives promoting electronic health records (EHR) and e-prescribing systems, especially in developed regions, and the increasing prevalence of chronic diseases, which are pushing healthcare providers towards efficient prescription management systems. These cost-containment benefits, along with the growing need to streamline healthcare workflow, have made e-prescribing an attractive solution for healthcare providers and organizations. Product launch and market expansion further fuel the market growth. For instance, in November 2023, AstraZeneca plc launched Evinova, a digital health solutions provider, to enhance clinical trials and patient care. Backed by AstraZeneca and in collaboration with Parexel International (MA) Corporation and Fortrea Inc., Evinova focuses on optimizing drug development through established digital technologies, with plans to expand into remote patient monitoring and digital therapeutics.
Increased Focus on Cost Reduction Boosts Market Growth
Increasing focus on cost reduction for healthcare is a growth driver for the e-prescription market as healthcare organizations continue to look for ways to streamline operations and reduce financial burden while still providing quality patient care. E-prescription systems significantly reduce costs by minimizing the time and resources required to manage prescriptions, thus reducing administrative costs. In addition, e-prescription contributes to more efficient inventory management as a medical service provider can avoid unnecessary drug waste, further reducing operating costs. Fuel the market growth. For instance, in July 2024, Commure, Inc. acquired Augmedix, Inc., for USD 139 million to enhance AI-driven clinical documentation and revenue cycle automation. Augmedix, Inc., will become a subsidiary of Commure, Inc., allowing the companies to scale their solutions and improve clinician productivity across health systems. The combined technologies aim to support over three million physician appointments this year.
Technological Advancements in Healthcare-IT and Digital Health
Technological advancements in the healthcare IT and digital health sectors are primarily driving the growth of the e-prescription market. Advanced technologies with cloud platforms, artificial intelligence, and machine learning have substantially enhanced the capabilities and efficiency of systems for e-prescribing. These innovations make prescribing easier and allow live access to and management of prescription information from nearly anywhere. In addition, cloud-based e-prescribing solutions offer a cost-effective, easy-to-deploy platform, even for smaller practices, while AI and machine learning enable more advanced capabilities, such as predictive analytics on patient medication adherence and drug interaction alerts. For instance, in December 2023, DrFirst.com, Inc. launched iPrescribe Connect, a new feature that enhances communication for prescribers while maintaining privacy. This tool allows prescribers to contact patients using their personal mobile phones without revealing personal information, displaying a customizable office number instead. iPrescribe Connect, included with every paid subscription, uses caller ID masking technology to improve patient recognition and response rates, offering flexibility for prescribers to work on the go.
Web/Cloud-Based Segment to Dominate the E-Prescribing Market
The web/cloud-based segment is expected to dominate the e-prescribing market, primarily due to its high-cost efficiency, scalability, and flexibility in deployment. Cloud-based e-prescribing systems do not require high investments in IT infrastructure and hardware. This attracts healthcare facilities of all sizes, especially smaller clinics and independent practices. Healthcare providers can access prescription data securely from anywhere, which enhances the possibility of remote care and real-time decision-making. Integrating electronic health records and other healthcare applications is also easier with cloud-based platforms. The web/cloud-based segment is expected to lead the market as the healthcare industry's attention shifts towards digital, flexible, and cost-effective solutions. For instance, in March 2022, First Databank, Inc. launched FDB Vela, a cloud-native ePrescribing network designed to streamline the flow of medication information, benefits verification, and clinical decision support among prescribers, payers, pharmacies, and other stakeholders. The platform provides non-exclusive transaction services, helping participants enhance value for their customers and patients through improved prescribing and fulfillment processes.
North America Dominates the E-Prescribing Market
North America is likely to be one of the prominent regions in the global market for e-prescribing, led primarily by its well-developed infrastructure in healthcare, high adoption rates of advanced healthcare IT solutions, and a supportive regulatory environment. Such widespread adoption of e-prescribing systems through the high priority laid by the region in reducing medication errors and improving patient safety in the United States, especially, has been accelerated through federal mandates and incentives under programs like the Health Information Technology for Economic and Clinical Health (HITECH) Act. For instance, in October 2024, Tarrant Capital IP, LLC acquired a majority stake in Surescripts, LLC to drive further investment in its e-prescribing technology and explore M&A opportunities. The deal strengthens Surescripts, LLC's position as a leader in electronic healthcare transactions, connecting over 2 million healthcare professionals and covering 99% of the United States population.
Future Market Scenario (2024-2031F)
The global e-prescribing market is expected to seem very promising in the forecast period, as it is being driven by continuous and progressive healthcare technology advancements, increased demand for efficient and error-free medication management, and ever-growing adoption in both developed and emerging markets. E-prescribing systems will probably remain a key element of the digital health strategy for healthcare providers worldwide to focus on quality and efficiency in patient care. Improved integration with AI and machine learning might increase functionalities involving predictive analytics related to patient adherence, personalized advice on medication, and improved alert systems regarding interactions of drugs. Market expansion is expected to increase with more emerging cloud-based e-prescribing solutions. These focus on cost-effective, scalable platforms easily deployed in various healthcare settings.
For instance, in July 2024, Canada Health Infoway Inc. and Ava Industries Inc. partnered to integrate PrescribeIT, Canada's national e-prescribing service, into Ava Industries Inc.'s electronic medical record (EMR) system, benefiting over 1,000 prescribers. This integration will enable healthcare providers to send prescriptions directly to pharmacies, enhancing efficiency and patient outcomes. Ava's AI-driven tools and streamlined processes, combined with PrescribeIT, align to reduce administrative burdens and improve digital healthcare workflows. This collaboration advances both organizations' missions to enhance medication management and improve patient care.
Key Players Landscape and Outlook
The market for e-prescribing is segmented into products and services that are intended to increase the accuracy, efficiency, and accessibility of prescription management. In the service segment, the market is highly fragmented, with a huge number of local and global service providers offering comprehensive solutions. The new developments in e-prescribing in the market include the new product features and services that have been launched. As well as business strategic agreements involving mergers, acquisitions, and partnerships that help expand the market and enhance service integration.
For instance, the first electronic prescription service in Wales, England, was launched in the town of Rhyl, allowing general practitioners to send prescriptions securely to pharmacies and eliminating paper forms. This service improves efficiency, reduces environmental impact, and simplifies the prescription process. It is currently in live testing, with a full rollout across Wales that happened in January 2024.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.