ePrescribing Market To Be An Essential Element in Building a Smarter Healthcare System, says Market.us

Electronic prescribing, or e-prescribing, has become increasingly popular in recent years due to the convenience and accuracy it offers compared to traditional paper prescriptions. With the rise of electronic medical records and the push for more digital healthcare solutions, the e-prescribing market is poised for significant growth.

Electronic prescribing, also known as e-prescribing, is a technology framework that allows doctors and other medical professionals to transmit a computer-based electronic generation transmission to a standalone or hospital-based pharmacy. E-prescribing software allows medical professionals to securely send prescriptions to pharmacies.

Market growth will be boosted by the increasing adoption of electronic prescribing controlled substances (EPSC), and favorable government policies.

According to research by Market.us, “The Global E-prescribing Market was valued at USD 2.75 billion in 2022. It is expected to grow at a 26.6% CAGR and reach USD 29.1 billion in 2032 during the forecast period 2023 and 2032.”

Gaurav Yadav, a senior research analyst at Market.us, said, “E-prescribing market growth is being supported by the growing adoption of EHR (electronic health record)solutions based on e-prescription. Implementing software in electronic health record solutions has made prescription filling easier in many ways.” 

Integrated solutions offer greater access to medical histories than standalone e-prescribing systems. Market growth will be boosted by the increasing adoption of integrated EHR systems. 

This is mainly due to the government’s increasing efforts to reduce regulatory and administrative burdens on healthcare providers in relation to integrated e-prescribing EHR systems.

Globally, prescription errors and medication errors are the main concern for doctors. They account for over 70% of all medication mistakes reported by hospitals and general practices. 

The negative effects of medication errors can be detrimental to a patient’s overall health. These medication errors are common causes of medical malpractice lawsuits against healthcare professionals and doctors.

End users are still hesitant about using e-prescribing solutions, despite their many benefits. This is primarily due to the high cost involved. 

These costs do not include the cost of the system itself, but they also include ongoing expenses like maintenance and support, implementation services, training, and education, as well as the integration of EHR/EMR with e-prescribing. 

This prevents small hospitals and office-based doctors from investing in e–prescribing solutions in emerging markets like APAC and Latin America.

E-prescribing solutions work at their best when they are integrated with EHRs and a complementing suite of HCIT solutions. End-users and physicians lack the technical expertise and knowledge to fully make use of e–prescribing. 

End-users may have difficulty choosing the best combination of hardware and program components when implementing e-prescribing solutions. This is important because complementary components can reduce overall costs and increase workflow efficiency. 

End-users may have difficulty selecting the right e-prescribing system for their practice due to limited IT expertise and lack of access to IT professionals. This directly impacts the decision of the end user to use a prescribing system.

One of the biggest advantages of e-prescribing is the improved safety and accuracy it provides. With e-prescribing, there is less room for error compared to hand-written prescriptions, and it reduces the risk of medication errors and adverse drug events. This leads to improved patient outcomes and a lower cost of care for healthcare providers.

Another opportunity in the e-prescribing market is the increased efficiency it offers. E-prescribing allows for real-time medication information, reducing the time it takes to fill a prescription and improving patient access to their medications. This can lead to improved patient satisfaction and a higher level of trust in the healthcare provider.