Albany - NY, Aug. 13, 2015 (GLOBE NEWSWIRE) -- A new report has been published by Transparency Market Research, titled "E-prescribing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019". TMR, a market intelligence company based in the U.S., states that the global e-prescribing market was estimated at US$250.2 million in 2013 and is predicted to expand at a CAGR of 23.5% between 2013 and 2019, to reach US$887.8 million by 2019.There can be a huge cut in costs with the utilization of electronic prescription or e-prescriptions, because these systems enhance the efficiency as well as quality of healthcare, along with promoting accurate drug utilization, presenting dispensers and providers with facts on drug coverage, with co-pay information and formulary alternatives. A majority of healthcare systems in emerging countries do not possess well-connected and integrated networks, which in turn affects their ability to utilize advanced features such as those offered by e-prescription systems effectively, hampering the market's growth.
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The global market for e-prescribing is experiencing substantial development due to a number of programs initiated by the government for the implementation of e-prescribing systems for reducing medication errors. The system of e-prescribing is utilized in numerous applications such as preparation of a complete medication list, patient and formulary historical data, and data security checks. All of these features related to e-prescribing act as drivers for the development of the market for e-prescribing. Enhanced healthcare infrastructure is also responsible for increasing the demand for e-prescribing systems. In addition, the implementation of electronic data storage in conjunction with e-prescribing systems holds enormous potential for the development of the market for e-prescribing. However, the soaring costs of e-prescribing systems and absence of patient security and privacy restrain the growth of the market for e-prescribing systems. To add to this, absence of high-speed broadband facilities and competent IT professionals in underdeveloped areas also impedes the growth of this market.
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As per this TMR research report, the e-prescribing market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Europe constituted the biggest share in the global e-prescribing market. In Europe, the major role has been played by various eHealth projects in the implementation of e-prescribing system, such as Schleswig-Holstein Health Initiative and European Patient Smart Open Services (epSOS). Nonetheless, the most swiftly developing regional market for e-prescribing systems is North America. In North America, the rising adoption of e-prescribing systems as well as the enhanced healthcare infrastructure are the key drivers stimulating the demand for e-prescribing systems. Additionally, various initiatives by governments, such as the Clinical Health (HITECH) Act, and the National Council for Prescription Drugs Program, are also accelerating the utilization of e-prescribing systems.
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Geographic Analysis E-Prescribing Market
- North America
- Rest of the World (RoW)
In Asia, the utilization of e-prescribing systems is rising owing to the development of the medical infrastructure as well as government initiatives. Developing medical infrastructure has resulted in improvement of rural clinics, urban healthcare centers, and primary healthcare services, via the implementation of healthcare IT technologies.The key players in the market include Cerner Corporation, Henry Schein, Inc., Athenahealth, Inc., HealthFusion, Inc., Practice Fusion, Inc., and ., DrFirst, eClinicalWorks.
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research