The Europe e-prescribing market to cross over USD 1 billion, growing at a CAGR of around 23% during the forecast period.
CHICAGO, ILLINOIS, UNITED STATES, June 17, 2021 /EINPresswire.com/ — In-depth analysis and data-driven insights on the impact of COVID-19 included in this Europe e-prescribing market report.
The Europe e-prescribing market is expected to grow at a CAGR of approximately 23% during the period 2020−2026.
Key Highlights Offered in the Report:
1. The Europe e-prescribing market is likely to witness an incremental growth of over USD 785 million and an absolute growth of above 245% during the forecast period.
2. E-prescribing for controlled substances (EPCS) segment is likely to witness an absolute growth of around 240%, growing at a CAGR of around 23% during the forecast period.
3. The web & cloud-based segment is expected to grow at the highest CAGR of nearly 24% and absolute growth of above 256% during the forecast period.
4. The integrated segment accounted for a high share of over 88% and is anticipated to grow at a CAGR of over 23% during the forecast period.
5. The oncology segment is expected to grow with the highest CAGR of around 25% and absolute growth of around 280% during the forecast period.
6. EU-5 is anticipated to witness high incremental and absolute growth of over USD 460 million and 252% respectively, during the forecast period.
• Market Size & Forecast by Revenue | 2020−2026
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by type, delivery model, modality, medication type, and geography
• Competitive Landscape – 9 key vendors and 2 other vendors
Europe E-prescribing Market – Segmentation
• The standard segment accounted for a share of over 94% in the Europe e-prescribing market in 2020. Standard e-prescribing system is a robust technology facilitating an interactive data transaction. These transactions in standard software allow prescribers to view a complete medication list of patients.
• Cloud and web-based systems are highly preferred than on-premise as it does not require complex installation processes to set up intense infrastructure to host data. One of the major reasons for the high adoption of web-based solutions is that it can be done through the internet without IT support and minimizes additional cost. Cloud services enable the ability to access healthcare data from different locations and across multiple devices.
• The integrated e-prescribing solutions are in high demand and accounting for a significant share of over 88% in the modality segment. Integrated solutions can improve patient safety and communication with providers. It provides real-time, patient-centered records that are instant, secure, and accessible only by authorized users at a medical practice and provide a broad view about the care a patient has received.
Europe E-prescribing Market – Dynamics
The integration of AI in healthcare technologies is helping to reduce such errors in prescriptions. AI also helps to prevent drug overdose by utilizing the medication history of patients to predict the potential for opioid overdose, augmenting the efforts of clinicians to detect such life-threatening risks. Algorithms calculate overdose risk scores and the unintentional overdosing risk from a prescribed opioid through patient medication history or EHRs. Apart from the use of AI in determining opioid overdose and recommending interventions, machine learning and natural language processing are being used in medication management to enhance the clinical decision-making process. Big data analytics and machine learning algorithms for analyzing large-scale EMR data have been developed to understand the way that prescribers treat patients in real-life scenarios.
Key Drivers and Trends fueling Market Growth:
• Growing Adoption of Telehealth Services in Europe
• Normalizing Cross-border Healthcare via New e-Prescription Paradigms in Europe
• Reducing Handwritten Prescriptions & Errors
• Favorable Programs for High EHR Penetration
Europe E-prescribing Market – Geography
The e-prescribing market in Europe is likely to witness increasing growth during the forecast period as some countries are planning to adopt e-prescribing services and several countries are enhancing the use of advanced e-prescribing solutions across Europe. Based on geography, the e-prescribing market in Europe is segmented into European Union Five (EU-5) and the Rest of Europe. The EU-5 includes the UK, Italy, Spain, Germany, and France. In the EU-5, a growing number of healthcare organizations are actively involved in the adoption of digitized services that include eHealth, telemedicine, e-prescribing, EHRs, and others. With such advancements, the EU-5 is projected to grow at a significant rate due to the increasing demand for EHRs and e-prescribing services, favorable governmental policies, and growing healthcare expenditures.