Global E-Prescribing Market Report, published by Variant Market Research, forecast that the global market is expected to reach $2,418 Million by 2024 from $559 Million in 2016, growing at a CAGR of 20.1% from 2016 to 2024. By geography, North America and Europe are expected to grow at a CAGR of 21.2% and 20.5%, respectively, during the forecast period.
"E-Prescribing Market (Software, Hardware, And Services; Integrated System, Stand-Alone System; Web-Based, On-Premise/Licensed, Cloud-Based; Hand-Held Devices, PC-Based; Hospital, Office-Based Physician; North America, Europe, Asia-Pacific, RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
Some of the factors supporting the growth of the global e-prescribing market include improving of healthcare infrastructure, growing partnerships between software companies and healthcare providers, and government initiatives to reduce the risk associated with medical errors. Additionally, market expansion and increasing demand for electronic healthcare records would provide several scopes in forecasted period. However, factors such as high costs and lack of knowledge and resources especially in rural and remote areas may hamper the adoption among end users.
Component, product type, delivery mode, usage mode, end user and geography are the key segmentations considered in the global e-prescribing market. Component segment in sub-segmented into software, hardware, and services. Product type is categorized into integrated system, and stand-alone system. Delivery mode is segmented into web-based, on-premise/licensed, and cloud-based. Furthermore, usage mode is bifurcated into hand-held devices, and PC-based. End user is categorized as hospital, and office-based physician.
In component type, software accounted the largest market share in 2016, while services are anticipated to attain the fastest CAGR during the forecast period. Integrated system is expected to dominate the product type segment with fastest CAGR and largest market share. Moreover, hand-held devices shall dominate the usage mode with maximum market share and fastest CAGR. By end user, hospital held the majority of the share in 2016, whereas, office-based physician segment would attain the fastest CAGR during the forecast period.
By geography, the market has been bifurcated into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Europe and North America dominated the market with largest market share of 57.5% and 22.4%, respectively in the year 2016. In terms of growth, North America is projected to dominate with fastest CAGR, during the forecast period, driven by, increasing demand for digital health technology, and various other government initiations that would accelerate the adoption of E-Prescribing system.
Key players in the market are Medical Information Technology, Inc., RelayHealth, LLC, Allscripts Healthcare Solution, Inc., eClinicalworks, Cerner Corporation, Henry Schein, Inc., Practice Fusion, Inc., HealthFusion, Inc., DrFirst Inc., and Aprima Medical Software, Inc., among others.