According to the recently released report by Bekryl, Global Electronic Prescribing and Administration System Market is estimated to be valued at US$ 1270.3 million in 2022 and is expected to register 17.1% CAGR during the forecast period. Electronic prescribing has gained significant traction with change in service delivery models during COVID19 phase. Globally, widespread electronic delivery of prescriptions was noticed post 2020. The trend is likely to follow throughout the forecast period as e-prescribing is convenient and time saving as compared to paper scripts.
Excerpts from the report states North America to dominate the electronic prescribing (e-prescribing) market in 2022. The region accounted for 35.7% market share in 2021. Software dominated the revenue share. Growth in the segment is mainly driven by growing adoption of digital health systems in hospital. Also, increasing demand for integrated e-prescribing systems will create new opportunities for engaged vendors. In addition, favorable reimbursement policies and higher healthcare spending are few other factors driving the electronic prescribing software sales in the region.
While the industry is still at its nascent stage, leading companies, backed with investors, are adopting inorganic growth strategy for business expansion. In 2021, top five electronic prescribing players accounted for 27.4% market share.
Engaged e-prescribing companies are focusing on partnering with various end-use players in order to broaden their network and enhance their presence worldwide. For instance, in September 2021, Ventec Life Systems has integrated its VOCSN group of ventilators with Parachute Health’s e-prescribing platform. Another company – Athenahealth, Inc. partnered with AllianceChicago in order to offer comprehensive solution to nationwide network of community health centers.
Increasing Industry Funding in E-Prescribing Domain
As of January 2022, start-ups with activities in electronic prescribing raised over $ 560 million in last ten years. Similar to other industries, VC investment in electronic prescribing is mainly centralized in the US. Prescrip Health Technology, Elemental, Doxper, ScriptDash, DrFirst, easyScripts, EasyRx, and Mediquo are few companies that has raised funding in millions.