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The global e-prescription market is considered as an important part of the technological transformation of the wider healthcare industry. The developed world is increasingly seeing e-prescribing as a standard within hospitals and office-based prescribers. E-prescription (eRX) is beginning to empower prescribers by giving them relevant information about formulary, elegibility and medication history at the point of decision making.
The healthcare industry is witnessing an increased adoption of eRx systems due to the pressing need to curtail healthcare costs, while maintaining the quality of care provided to patients and reduce medication errors and adverse drug events (ADEs). This is expected to drive the market at a CAGR of 26% from 2012 to 2017. The global e-prescription market was pegged at $170 million in 2011 and North America is expected to be the leading region to drive the growth of the market due to increased adoption of eRx systems in this region, particularly in the U.S. By 2017 the e-prescription market to expected to reach a value of $794 million.
High cost of the e-Prescribing systems and resistance to adoption of technology, by the physician fraternity, restrain the growth of this market. The market is also witnessing a growing demand for integrated e-prescription systems, facilitating the healthcare community to shift towards the implementation of a complete electronic health record system.
The healthcare industry is plagued by the issue of privacy and maintaining security of patient data. This has been a roadblock for the entry of any new technological solution in the healthcare industry which involves patient data or patient medical records. Moreover, the limited access for experts opinion and technically trained IT professionals is expected to negatively impact the market because there is lack of awareness among end users mainly prescribers, pharmacist and associated staff regarding the working and function of applications, best vendors available in the market, cost of software and long term service provision.
Key players in the market are Cerner Corporation (U.S.), Allscripts (U.S.), Quality Systems, Inc. (U.S.), Emdeon (U.S.), and Athenahealth (U.S.).
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