The global Digital Prescription Technology market is forecasted to grow at a rate of 24.2% from USD 1.34 billion in 2019 to USD 7.76 billion in 2030. Medical prescriptions are the inscribed instructions by which physicians prescribe and authorize them for purchasing and using prescription medicines and treatments. Errors in direction can creep in due to several reasons like pharmacists\’ lack of knowledge and skill, miscommunication between nurses and doctors. Thus digital prescription has been used to avoid any manual errors. Digital prescription technology is more efficient and convenient.
The market is gaining traction due to favorable government initiatives and incentive programs and rising focus on limiting the fraud and abuse of controlled substances among healthcare institutions. The need to curtail the high costs of medicines are also driving the demand of the market. The advent of innovative technologies in the healthcare sector has shifted the focus from the usage of traditional methods to adoption of advanced technology in the sector. This implementation has gained high momentum in the past decade, and also improved patient satisfaction with digital care by reducing the wait-time in the pharmacy, reduce the high cost of medicine, and improve patient compliance.
However, the transition from handwritten prescription to digital prescription may take some more time than anticipated, and the digital prescription system characteristics at present do not support the workflow and needs constant upgrades which will further delay the process. As the system evolve, prescribers and physicians may need continuous support & training to maintain efficiency, which is further expected to propel market growth.
The market is driven by several factors, and one of them is the strategic initiatives taken by the government. The government of various countries is promoting the adoption of artificial intelligence in the healthcare sector. The government of the United States has taken several steps to strengthen the implementation of digital prescriptions in the country.
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The standalone system is an independent entity for prescribing drugs to patients. These solutions are cost-effective and are easier to install than integrated systems. However, they may not have all the functionality and applications found in digital prescription technology that is generally linked to electronic medical records. The standalone system is gradually being replaced by the integrated system, which is more effective and efficient.
Delivery Mode Outlook:
The web-based delivery mode segment is expected to witness a faster growth rate in this business. It reduces up-front cost, clear up in-house IT staff to concentrate on other essential tasks and improve the productivity of the companies. Besides, these services also help curtail expenses contracted in the purchase of data storage appliance and software licensing.
On the bases of end-user, the digital prescription technology market is segmented into hospitals, office-based physicians, and pharmacies. The hospital segment is anticipated to register the highest share throughout the forecast period. Hospitals dominated the market owing to the high adoption of advanced technologies in the United States and the United Kingdom. The Health Information Technology for Economic and Clinical Health (HITECH) Act and the American Recovery and Reinvestment Act (ARRA) have made digital prescription technology mandatory in the hospitals to improve data interoperability. This is another factor driving demand.
The market is witnessing increased demand in the European region as well. The paradigm shift toward more continuous and organized healthcare monitoring is expected to be the key factor for the growth of the market. The adoption of digital prescription is gaining traction as the region is investing heavily in the healthcare sector.
The Asia-Pacific countries are expected to garner a high adoption rate of digital prescription due to the development in on-going healthcare infrastructure, which is supporting technological advancements in the existing systems.
- Cloud-based digital prescription technology accounted for a significant market share in 2019, owing to its cost-effective characteristics as compared to the on-premise systems.
- A cloud program is an appealing option for autonomous practitioners, physician offices, community hospitals, and small clinics, which cannot pay the initial costs of the on-premise systems. Additionally, ease of understanding a cloud solution and less practice requirement are some other factor propelling the growth of the cloud market.
- Widespread adoption of digital prescription operations is facing restrictions due to higher initial costs and risks related to the security and privacy of patients’ data. It is expected to hinder market growth over the forecast period.
- The standalone integrated solutions held a large share of 27.3% in 2019; however, integrated e-prescribing solutions are expected to grow at a higher CAGR, owing to encouraging government initiatives targeting the implementation of advanced technology in the healthcare sector.
Companies considered and profiled in this market study
Practice Fusion, Inc., Epic Systems Corporation, Change Healthcare Holdings, Inc., DrFirst, Inc., Computer Programs and Systems Inc., Quality Systems, Inc., Surescripts-RxHub, Cerner Corporation, Allscripts Healthcare Solutions, Inc., Henry Schein, Inc. have been profiled in the report. They are the major manufacturers of the market.
The players operating in the market have undertaken a number of strategies related to the market in the period 2019-2020. The key highlight is:
- In July 2019, as part of a new strategic collaboration, Cerner named Amazon Web Services its preferred cloud provider and will leverage its global infrastructure to drive health IT innovation. The partnership will help to lower operational budgets for healthcare organizations, improve clinical efficiency, and foster increased use of artificial intelligence machine learning and other means of development.
The industry offers numerous growth opportunities. Thus, several startups providing innovative Compositions and technologies have been entering the market. One of them includes WonDRx:
The WonDRx works towards digitizing pharmaceutical prescriptions. Besides, the startup provides an audio recording of significant dosages and other important verbal instructions given by the doctor to assure that patients receive the right approach and avoid the confusion from the infamous doctor’s handwriting. WonDRx plans to bring AI-based healthcare clarifications for all stakeholders to connect patients, doctors, and healthcare providers.
Mergers and Acquisitions are an integral part of the Digital Prescription Technology industry. Along with the companies operating in the market, other key market players have also been entering the industry.
- In December 2019, RxRevu, an independent provider of integrated prescriptions cost transparency solutions, announced an agreement with Cerner Corporation to integrate its pharmacy and patient prescription pricing solution into the electronic health record to help providers choose the most cost-effective medication for patients.
- The Allscripts Healthcare Solutions, on 15 January 2020, announced that PIH Health, a healthcare system based in Whittier, California, has continued its solutions, services, and outsourcing engagement with Allscripts through 2025. PIH Health is a wholly combined, nonprofit, regional healthcare delivery channels comprised of three hospitals, a host of outpatient medical offices, and a multi-specialty therapeutic group including home health and hospice care, and Allscripts is a leader in healthcare knowledge technology explications that improve clinical, financial and operational results.
Reports and Data forecast promising developments for increased adoption of the Digital Prescription Technology Market. According to industry experts, equipment and supplies relating to protection against COVID-19 will usher in the market and are soon to be seen in the industry. Moreover, new manufacturers are expected to enter the market, which is likely to provide enhanced digitalized medical technology. New companies entering the industry would focus on innovating and providing through advanced technologies, thereby reducing complexity and lowering the overall total cost of operation. Experts also believe that increase in the adoption of the latest technology in emerging nations would be a key development area for the industry.
Segments Covered in the report
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2019 to 2030. The scope of the report can be defined as:
For the purpose of this report, Reports and Data have segmented into the global Digital Prescription Technology market on the basis of Product, Delivery Mode, End-User, and Region:
Product Outlook (Revenue, USD Billion; 2019-2030)
- Integrated Solutions
- Standalone Solutions
Delivery Mode Outlook (Revenue, USD Million; 2019-2030)
End-user Outlook (Revenue, USD Billion; 2019-2030)
- Office-based Physicians
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Saudi Arabia
- Rest of MEA
- Latin America
- Rest of LATAM
TABLE OF CONTENT
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2030
Chapter 3. Indicative Metrics
Chapter 4. Digital Prescription Technology Market Segmentation & Impact Analysis
4.1. Digital Prescription Technology Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
22.214.171.124. Highly competitive and consists of a few major players.
126.96.36.199. Companies are trying to innovate more products to sustain the competition.
188.8.131.52. Government support is expected to aid market growth in the coming years.
4.2.3. Market restraints analysis
184.108.40.206. Developing countries do not have integrated & well- connected network.
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
4.9. Customer Mapping
4.10. Covid-19 Impact Analysis
4.11. Global Recession Influence
Chapter 5. Digital Prescription Technology Market By Product Insights & Trends
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