Digital Prescription Technology Market to Grow from USD 1.54 Billion to USD 4.28 Billion by 2028

Digital Prescription Technology
  • Digital Prescription Technology Market

Digital Prescription TechnologyMarketwas valued at USD 1.54 Billion in 2021 and is projected to reach USD 4.28 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) 25.1% from 2022 to 2028. This technology is driven by the software used to send instructions to the pharmacy electronically. The use of digital instructions provides a wide range of applications and a wide range of medical data, complete privacy, and ensures the security of patient information. The benefits of deciding digitally are that it speeds up the drug reconciliation process, prevents prescription drug errors, supports automatic clinical decision-making, and helps meet the requirements for the effective use of an electronic prescription.

Growing government support for the adoption of EHR solutions and the need to reduce the cost of growing healthcare are major factors driving the need for these solutions. In addition, the global outbreak of COVID-19 has resulted in a greater number of patients in hospitals and the need to better manage patient data along with the security to be prescribed in the safety of your home. This is expected to further the need for these solutions. The Global Digital Prescription Technology Market is expected to see significant growth, given the growing focus on reducing fraud and misuse of controls, the need to reduce rising health care costs, government campaigns and incentive programs, and reduce drug errors. The growing adoption of an automated health record system boosts market growth. Despite their advantages, end-users are often reluctant to use e-prescribing solutions mainly due to the high cost involved. Costs are not limited to the simultaneous purchase of a program, but also include recurring costs such as those incurred by implementation services, care and support, integration of e-prescribing and EHR / EMR, and, in some cases, training and education. In addition, the reluctance to accept new technologies, high shipping costs, and risks associated with the privacy and security of patient data are hampering the market growth. Lack of technical awareness amidst users challenges to maintain market growth.

On a product basis, the Global Digital Prescription Technology Market is segmented into solutions and services. Solutions can be integrated or independent solutions. While the services section consists of training, support, implementation, and networking. Part of the solutions dominated the market by 2021. Based on delivery mode, the market is divided into web-based and on campus. Depending upon usage,the market worldwide is divided into computer-based and handheld. Based on end-user experience, the global market for prescription technology is divided into office physicians, hospitals, and pharmacists. Due to the high adoption of advanced technology and compulsory digital medical technology in hospitals to improve data interaction, part of the hospital segment dominated the market.

Digital Prescription Technology Markethas been studied in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.The North America is expected to hold the highest share in the market during the forecast period. The growth is largely due to strong government efforts and benefits, increased acceptance of HCIT technology, and a greater number of government programs and benefits. Europe is the second-largest region accounted for by a large share, thanks to strict regulatory policies in European countries to prevent medical errors. The Asia-Pacific region is expected to see significant growth due to the ongoing development of healthcare infrastructure that supports technological advances.

Major players in this Global Digital Prescription Technology Market include Epic Systems Corporation (US), Cerner Corporation (US), Allscripts Healthcare Solutions, Inc. (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. (MEDITECH, US).