Developing Nations Present Vast Untapped Growth Opportunities for Global E-prescribing Market -Transparency Market Research

According to a recent market study published by Transparency Market Research (TMR), Electronic prescribing, or e-prescribing is the computer-based method for medical practitioners to fill medical prescriptions of patients and transmit it directly to a pharmacy. It is increasingly becoming a mainstream practice across modern healthcare facilities. By replacing the practice of sending handwritten prescriptions, which in many cases lead to illegibility and medication errors, e-prescribing offers healthcare practitioners a powerful tool for ensuring patient safety and a way to more effectively manage their patients’ medications.

The e-prescribing solutions currently available in the market focus on automating and digitizing activities such as the writing of a prescription, its transmission over the web or other networking modes, educating the patient about the medication, and informing the prescriber about patient non-adherence to the prescription. When integrated with a personal health record, e-prescribing solutions have the potential of adding additional monitoring factors such as patient identification, renewal authorizations, remote compliance monitoring, safety alerts, adherence alerts, etc. to the entire process of medical prescription.
 
Much progress has been observed in this field over the past few years. Yet a lot more remains to be done in eliminating the numerous obstacles to the adoption of e-prescribing on a larger scale, supporting its adoption among small healthcare providers and physician practices, and encouraging its use among all those who are involved in the process of prescription of a medication.

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There are several other benefits of e-prescribing over the traditional means of prescribing medications, such as:

• Improved quality of patient care owing to improved safety
• Reduced time spent on phone calls to pharmacies
• Reduced time spent on faxing prescriptions to pharmacies
• Automation of processes such as prescription renewal request and authorization
• Increased patient convenience and compliance to prescription
• Improved prescriber mobility
• Improved drug surveillance and recall ability

 
Global E-prescribing Market Dynamics
 
The numerous benefits of e-prescribing against traditional methods of prescribing medication are the key drivers propelling the global e-prescribing market. Improved healthcare infrastructure and the rising adoption of electronic healthcare records across the globe are also leading to the rising adoption of e-prescription in the medical circle. The market registered expansion at an extremely good 22.3% CAGR between 2009 and 2012, when it increased from a valuation of US$111.2 mn to US$203.4 million in 2012. From a valuation of US$250.2 mn in 2013, the market is projected to continue the excellent growth and expand at a 23.5% CAGR between 2013 and 2019. As such, the market is expected to rise to US$887.8 mn by 2019.
 
Currently, Europe holds the largest share of the global e-prescribing market. High-end healthcare infrastructure and the availability of funds for standardizing it in places that is currently not compliant to modern facilities makes Europe the hottest market for e-prescribing. The market in North America is also increasingly becoming a larger stakeholder of the global e-prescribing market owing to the rising adoption of electronic healthcare records.
 
In developing countries, though many untapped growth opportunities exist for the global e-prescribing market, an overall absence of modern facilities in the healthcare system is a huge challenge restricting the adoption of e-prescription. Nevertheless, factors such as improving GDPs of developing nations, rising awareness about benefits of an improved and technologically advanced healthcare system among end-user, and rising disposable incomes of the population across developing nations will allow the overall growth of healthcare systems integrated with IT solutions. In turn, these factors will also help the growth of the global market for e-prescribing.

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