The rise in the adoption of digitalized e-prescription and improving medical technology is driving the market.
The global Digital Prescription Technology market is forecast to reach USD 7.76 billion by 2027, according to a new report by Reports and Data. The market is gaining traction with the increase in the adoption of advanced technology in the healthcare sector. It provides an extensive range of applications and offers a comprehensive form of medical data, ensures security checks, and also provides complete privacy of the patient information.
The market has witnessed an increase in demand in the past few years owing to the growing penetration of the internet and the emergence of advanced technologies in the healthcare sector. Digital health has emerged as a successful business, and is currently attracting several businesses from the outside of healthcare. The growing need for improved healthcare quality and minimized prescription errors is another crucial driver fueling the market growth during the forecast period. Many medical and healthcare centers and hospitals in developing economies are increasingly performing automated health record systems, which will further bolster the requirement for digital prescription technology.
Nonetheless, 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 growing investment in health startups has gained momentum, which has further augmented the demand for the market. The newcomers are coming up with new ways of making these apps more user friendly and are trying to tap into more opportunistic areas of growth. A total of USD 7.5 billion was invested into various start-ups, attempting to digitalize the healthcare system of the U.S. The number was still lower than that invested in 2018, USD 8.1 billion. The U.K.'s Babylon Health was the biggest recipient of investment in 2019, with over USD 500 Million of private investment received, followed by Ginkgo Bioworks, a bioengineering firm that designs microbes, which received USD 300 million
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The report provides comprehensive assessment of the market covering key elements such as revenue estimations, cost analysis, import/export, production and consumption trends, CAGR, gross margin, and supply demand patterns. It also sheds light on recent technological developments, product advancements, and research and development activities in the region.
The report examines the key players operating in the market along with their market position, market share, revenue, gross margin, and business strategies. SWOT analysis and Porter’s Five Forces Analysis are used to examine and assess the market and its players. It also covers recent mergers and acquisitions, joint ventures, collaborations, agreements, partnerships, and product launches and brand promotions.
Key companies profiled in the report include:
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., among others.
Market Segmentation by Types:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Integrated Solutions
- Standalone Solutions
- Service
Delivery Mode Outlook (Revenue, USD Million; 2017-2027)
- Web
- Cloud
- On-premise
End-user Outlook (Revenue, USD Billion; 2017-2027)
- Office-based Physicians
- Hospital
- Pharmacy
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Regional analysis covers in-depth analysis of analysis of the revenue, market share, and growth rate of the global Digital Prescription Technology market in each region for the forecast period of 2021-2028. The report covers production and consumption rate, current and emerging trends, import/export, supply and demand, and presence of key players in each region.
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of MEA
Further key findings from the report suggest
- The Hospital segment is anticipated to reach USD 2.56 billion by 2027 and is expected to grow at a high rate over the forecast period. Hospitals held a major market share due to the increasing adoption of these technologies in the healthcare system. Technologies that improve medication usage in the U.S. has been implemented in more than 95% of the country's hospital. More than 320,000 office-based physicians prescribe using digital prescription technology in the year 2019.
- The integrated solution segment dominated the market in 2019 and is forecasted to generate a revenue of USD 3.26 billion in 2027.
- The cloud emerged as a significant segment and is estimated to generate revenue of over USD 2.64 billion by 2027. The cloud platform is attractive for small clinics, independent practitioners, or physicians, as well as community hospitals. The ease of deployment of the cloud solution in the market is driving the demand for the product. Athenahealth, Cerner, eClinicalWorks, and Allscripts, and are some of the health IT companies that offer cloud-based solutions to the users.
- North America is expected to be the fastest-growing region over the forecast period. The presence of numerous enterprises and several new players in the region are propelling the demand of the market. The regional market is expected to exhibit a CAGR of 24.7% over the forecast period.
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