The rise in the adoption of digitalized e-prescription and improving medical technology is driving the market.
Market Size – USD 1.34 Billion in 2019, Market Growth - CAGR of 24.2%, Market Trends – Advancement in technology.
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.
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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
The COVID-19 impact:
The COVID-19 virus pandemic has initiated a seismic wave of health anxiety and awareness, which is triggering a new category of virus-fighting tech. The lockdown ensures social distancing, and the demand has surged in the short run, and the manufacturers are positive that the demand for these products will also surge in the long run, especially due to COVID-19. The adoption of digital prescription technology will particularly witness an increase in remote areas. The support from the government across the globe will propel the market demand as well.
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.
- Key participants 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.
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For the purpose of this report, Reports and Data have segmented into the global Digital Prescription Technology market on the basis of Product, Delivery Mode, End-User, and Region:
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
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- Latin America
- Brazil
- Rest of LATAM
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Key Features of the Digital Prescription Technology Report:
- The report encompasses Digital Prescription Technology market overview along with market share, demand and supply ratio, production and consumption patterns, supply chain analysis, and other ley elements
- Offers insights into production and manufacturing value, products and services offered in the market, and fruitful information about investment strategies
- The report covers an extensive analysis of the trends, drivers, restraints, limitations, threats, and growth opportunities in the Digital Prescription Technology industry
- SWOT analysis and Porter’s Five Forces analysis along with feasibility analysis and investment return analysis
- Sophisticated analysis of the market statistics and is represented in graphs, tables, facts, figures, diagrams, and charts to provide a better understanding
Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Digital Prescription Technology Market Segmentation & Impact Analysis
4.1. Digital Prescription Technology Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Highly competitive and consists of a few major players.
4.2.2.2. Companies are trying to innovate more products to sustain the competition.
4.2.2.3. Government support is expected to aid market growth in the coming years.
4.2.3. Market restraints analysis
4.2.3.1. Developing countries do not have integrated & well- connected network.
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
4.9. Customer Mapping
4.10. Covid-19 Impact Analysis
4.11. Global Recession Influence
Chapter 5. Digital Prescription Technology Market By Product Insights & Trends
Continued….
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