According to a new market report published by Transparency Market Research "E-Prescribing Market-Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the global E-Prescribing market was valued at USD 250.2 million in 2013 and is expected to grow at a CAGR of 23.5% from 2013 to 2019, to reach an estimated value of USD 887.8 million in 2019.
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The global E-Prescribing market is witnessing a significant growth led by various government programs to implement E-Prescribing systems in order to improve quality of healthcare and reduce medication errors. The E-Prescribing system is used in various applications including preparation of complete medication list, data security checks, complete information of formulary and patient historical data. These advanced features of E-Prescribing are some of the key driving factors for the E-Prescribing market. Additionally, improved healthcare infrastructure has increased the demand for E-Prescribing system. Moreover, implementation of electronic healthcare records with E-Prescribing system holds immense potential for the growth of E-Prescribing market. E-Prescribing market is expected to grow a CAGR of about 23.5% during 2013-2019.
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On the other hand, high cost of E-Prescribing system and lack of patient privacy and security impede the growth of E-Prescribing market. Moreover, lack of high-speed broadband facilities and IT professionals in rural areas are also some of the key restraints for the E-Prescribing market.
Europe is the largest market for E-Prescribing system. Many eHealth projects in Europe are playing a vital role in the adoption of E-Prescribing system such as European Patient Smart Open Services (epSOS) and Schleswig-Holstein Health Initiative.
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However, North America is the fastest growing region in the E-Prescribing market. Increased adoption of E-Prescribing system and improved healthcare infrastructure are major drivers for E-Prescribing market in North America. Moreover, several government initiatives are also promoting the usage of E-Prescribing system such as Health Information Technology for Economic and Clinical Health (HITECH) Act and National Council for Prescription Drugs Program.
In Asia, usage of E-Prescribing system is increasing due to medical infrastructure development and government initiative programs. Growing medical infrastructure has led to improvement in primary healthcare services, village clinics and urban healthcare centers through the adoption of healthcare IT technologies.