ePrescribing Market - Global Leaders & Their Contribution To Global Revenue Growth
Seeking Alpha Analyst Since 2014
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Summary
- Increased adoption of integrated telehealth solutions due to COVID-19.
- Services industry to provide opportunities for revenue generation.
- Emerging APAC markets.
Overview of This Study:
The study involved four major activities in estimating the size of the Global ePrescribing Industry. Exhaustive secondary research was done to collect information on the utilization of different solutions and their regional utilization trends. Industry experts further validated the data obtained through secondary research through primary research.
Furthermore, the market size estimates and forecast provided in this study are derived through a mix of the bottom-up approach (country-level adoption of various EHR solutions and utilization of ePrescribing funcitonality) and top-down approach (assessment of utilization/adoption/penetration trends, by type of product& service, delivery mode, end user, and region). After that, market breakdown and data triangulation methods were used to estimate the market size of segments and subsegments.
Drivers: Increased adoption of EHR solutions:
Growing government support for the adoption of EHR solutions and the need to curtail the escalating healthcare costs are the major factors driving the demand for such solutions. In addition, the COVID-19 outbreak worldwide has led to a larger patient volume in hospitals and the need to better manage patient data. This is expected to further drive the demand for these solutions.
What the Market Looks Like?
The global ePrescribing market size is projected to reach USD 3.3 billion by 2025 from USD 1.2 billion in 2020, at a CAGR of 23.3%.
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Key Industry Leaders:
Prominent players in the global e-prescribing market are Epic Systems Corporation (US), Cerner Corporation (US), Allscripts (US), NextGen Healthcare (US), athenahealth, Inc. (US), RelayHealth, LLC (US), Henry Schein, Inc. (US), GE Healthcare (US), Computer Programs and Systems Inc. (US), DrFirst, Inc. (US), Surescripts-RxHub, LLC (US), and Medical Information Technology, Inc. (US).
Major players in this market pursued the strategies of agreements, collaborations, and partnerships as their growth strategies.
Cerner Corpration (US) is a leading provider of e-prescribing solutions to hospitals, pharmacies, and officebased physicians. Cerner mainly focuses on inorganic growth strategies such as collaborations, agreements, and partnerships. In line with this strategy, Cerner collaborated with Mayo Clinic and OxfordClinic in London to help them leverage their Millennium EHR platform in the UK.
Epic Systems Corporation (US) accounted for the second-largest share of ePrescribing market in 2019. The company specializes in interoperable solutions and mainly focuses on the needs of mediumsized and large hospitals and integrated healthcare organizations. The company has adopted various inorganic strategies such as collaborations and partnerships, which has helped it to enhance its product offerings.
Allscripts Healthcare Solutions, Inc.(US) provides innovative clinical software and services that deliver significant benefits to patients and healthcare professionals. The company focuses on R&D activities to enhance its service offerings. In 2019, the company invested USD 254.5 million—about 14% of its total revenue—on R&D.
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