The global e-prescribing market is projected to be valued at $887.8 million in 2019, growing at a compound annual growth rate of 23.5 percent, according to a new report from Transparency Market Research.
The 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, the report found. The e-prescribing system is used in various applications, including preparation of a complete medication list, data security checks, complete information of formulary, and patient historical data.
Additionally, improved healthcare infrastructure has increased the demand for an e-prescribing system. Implementation of electronic healthcare records (EHRs) with an e-prescribing system holds immense potential for the growth of the market, the report concluded. On the other hand, the high cost of e-prescribing systems and the lack of patient privacy and security impede the 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 market.
While Europe is currently the largest market for e-prescribing systems, North America is the fastest-growing region, as increased adoption and improved healthcare infrastructure are major drivers for the market. Furthermore, several government initiatives are also promoting the usage of such systems such as the Health Information Technology for Economic and Clinical Health (HITECH) Act and National Council for Prescription Drugs Program, the report s