The US E-Prescription Systems market is forecast to reach $204.67 million, while the European market is forecast to reach $508.38 million by the year 2017, according to a new report on companiesandmarkets.com.
E-Prescription Systems: A US & European Market Report
Governments across the world are providing incentives for implementing e-prescriptions, and at the same time penalizing non-compliance. One such attempt is the US implementation of American Recovery and Reinvestment Act (ARRA) in 2009, which received federal funding worth US$19 billion for the modernization of HIT infrastructure in the US.
ARRA is expected to assist federal government in saving an estimated US$22 billion in medical and drug costs over the next decade. In addition, the adoption of e-prescribing under the ARRA is expected to increase to about 70 to 75% of the total prescribers over the next five to six years. And considering the positive initiatives taken up by the industry, supported by encouraging government regulations, the e-prescription market is poised to witness robust growth in future.
The United States and Europe constitute the two major e-prescription systems markets globally. Of the two, Europe represents the largest market for e-prescription systems. Segment-wise, integrated e-prescription systems represent the larger segment, compared to the stand-alone e-prescription systems.
The systems are also expected to witness faster growth compared to stand-alone systems. In terms of practice, Hospital practice accounts for a larger share, compared to general practice. The use of e-prescription systems in general practice is however registering increasing growth compared to hospital practice. The e-prescription systems market in general practice is forecast to grow at a compounded annual growth rate of 11.5% during the analysis period.
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