Growing government support for the adoption of EHR solutions and the need to curtail the escalating healthcare costs are the major factors driving the demand for such solutions. In addition, the COVID-19 outbreak worldwide has led to a larger patient volume in hospitals and the need to better manage patient data. This is expected to further drive the demand for these solutions.
Restraint: High cose of deployment
Despite their benefits, end users remain hesitant to adopt e-prescribing solutions mainly due to the high costs involved. The costs are not limited to the one-time purchase of a system, but also include recurrent expenses such as those incurred by implementation services, maintenance and support services, integration of e-prescribing with EHR/EMR, and, in some instances, training and education. This restricts smaller hospitals and office-based physicians from investing in e-prescribing solutions, especially in the emerging APAC and Latin American markets.
Expected Revenue Growth:
The global ePrescribing market size is projected to reach USD 3.3 billion by 2025 from USD 1.2 billion in 2020, at a CAGR of 23.3%.
Opportunities: Increased adoption of integrated telehealth solutions due to COVID-19
Even before the onset of the global pandemic, players in the EHR market had started integrating the telehealth feature with their existing solutions, due to advantages offered by telehealth consultations such as increased patient engagement in remote monitoring and reduction in overhead costs. However, the adoption of this feature increased significantly during the COVID-19 crisis.
COVID-19 Impact on ePrescribing Market:
The COVID-19 pandemic will not directly impact the e-prescribing market; however, its impact on the healthcare IT and the EMR markets will drive the demand for e-prescribing solutions during and after the global pandemic. Due to the COVID-19 outbreak, the number of teleconsultations has increased. The integration of EHR, telemedicine, and e-prescribing functionalities aid prescribers in creating an interconnected network that ensures the use of HCIT to diagnose and prescribe medicines for patients. In addition, recommendations by the CDC to use telemedicine services and the Drug Enforcement Administration (DEA) regulations for the electronic prescription of controlled substances have increased the number of electronic prescription transactions.
Strategies adopted by EHR and EMR vendors during COVID-19:
# Cerner Corporation (US) integrated its EHR platform with telehealth capabilities, which would help improve patient access to healthcare from home.
# eClinicalWorks (US) integrated its EHR solution with TeleVisits to help with virtual patient care. TeleVisits is a secure platform that uses existing equipment and webcams to diagnose patients remotely.
# Allscripts (US) implemented telehealth solutions through its EHR patient engagement platform, which would enable its clients to access virtual care services. In March 2020, Allscripts had provided telehealth services to over 100 customers.
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