The global e-prescribing market is expected to grow at a compound annual growth rate (CAGR) of 23.5 percent from 2013 to 2019, to reach an estimated value of $888 million in 2019.
The new market report, published by Persistence Market Research “Global Market Study on E-Prescribing: North America to Witness Highest Growth by 2019,” noted that the global e-prescribing market was valued at $250 million in 2013. Indeed, the electronic transmission of prescriptions from physician to pharmacists using computer and other mobile devices, such as cell phone and tablets, has continued to increase throughout healthcare.
In some states, there are e-prescribing mandates, as regulators say that it provides for a safer and more convenient way of ensuring that a prescription reaches a pharmacy, thus reducing medical errors in effect. And, according to this report, the e-prescribing market is witnessing a significant growth led by various government programs to implement e-prescribing systems in order to improve the quality of healthcare and reduce medication errors. “E-prescribing systems are used in various applications including preparation of complete medication list, data security checks, complete information of formulary and patient historical data,” the report found.
Additionally, improved healthcare infrastructure has increased the demand for e-prescribing system, according to the report. Moreover, implementation of electronic healthcare records (EHRs) with e-prescribing system holds great potential for the growth of e-prescribing market, the report stated. Nonetheless, the high cost of e-prescribing systems and the lack of patient privacy and security impede growth of the market. Moreover, lack of high-speed broadband facilities and IT professionals in rural areas are also some of the key restraints for the e-prescribing market, according to the report.
While Europe holds the largest share in e-prescribing market, the U.S. was found to be the market’s fastest growing region, globally. Henry Schein, Inc. and Cerner Corporation are the major leading players in the global e-prescribing market, according to the report.
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