Digital Prescription Technology Market to Reach USD 7.76 Billion By 2027 | Reports And Data
- 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.
23 Jul, 2020, 09:00 ET
NEW YORK, July 23, 2020 /PRNewswire/ -- 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 widespread adoption of advanced technology in the healthcare sector. It provides an extensive range of applications and offers comprehensive form of medical data, ensures security checks, and also provides complete privacy of the patient information.
The digital prescription technology market has witnessed an increase in demand in the recent years owing to the growing penetration of the internet and the emergence of advanced technologies in the healthcare sector. Digital health has established itself as a successful business aspect, and is currently attracting several businesses from outside of healthcare. The growing need for improved healthcare quality and minimized prescription errors are other crucial drivers that would be fueling digital prescription technology market growth during the forecast period. Many medical and healthcare centers and hospitals in developing economies are increasingly adopting automated health record systems, which will further bolster the growth scope for digital prescription technology market.
However, widespread adoption of digital prescription operations is facing restrictions due to higher initial costs and fears over risks related to the security and privacy of patients' data. It is expected to hinder market growth over the forecast period.
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Notwithstanding, the growing investment in health start-ups 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 for digital prescription technology has surged in a short time, and the manufacturers are positive that the demand for these products will also surge in the long run, not only due to COVID-19 but also in the post COVID world. The adoption of digital prescription technology will particularly witness an increase in remote areas. The support from the government across the globe ia expected to propel the digital prescription technology market demand as well.
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Further key findings from the report suggest
- The hospital segment of the digital prescription technology market 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 forecast 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 eager to adopt the technology 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
Delivery Mode Outlook (Revenue, USD Million; 2017-2027)
End-user Outlook (Revenue, USD Billion; 2017-2027)
- Office-based Physicians
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Saudi Arabia
- Rest of MEA
- Latin America
- Rest of LATAM
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