Digital Prescription Technology Market Size, Analytical Overview, Growth Factors, Demand, Trends and Forecast to 2027
Digital Prescription Technology Market to Reach USD 7.76 Billion By 2027
The global Digital Prescription Technology market size is forecast to reach USD 7.76 billion by 2027, estimates a new report by Reports and Data. The market is garnering increased profits with the rapid adoption of advanced technology in the healthcare sector. Digital prescription technology provides an extensive range of applications and ensures security checks, offers comprehensive medical data, and provides complete privacy of patient information.
Due to wider internet penetration and the advent of enhanced technology in the healthcare industry, the digital prescription technology market has witnessed an increase in demand over the past few years. Digital health has emerged as a prosperous endeavor, offering lucrative growth opportunities to various firms from outside of healthcare at the moment. Another leading factor boosting digital prescription technology market growth over the forecast period is the increasing need for better healthcare quality and limiting prescription inaccuracies. In countries with emerging economies, many medical and healthcare centers and hospitals are introducing electronic health record systems. This will further strengthen the demand for digital prescription technology. However, owing to higher initial costs and risks associated with protection and privacy of patient data, large scale implementation of digital prescription operations is facing limitations. This is expected to impede digital prescription technology market development.
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Investment in healthcare start-ups has gained traction, which has been further boosted by increased consumer demand. New players are seeking novels ways to make these applications more user-friendly and are trying to tap into more opportunistic growth avenues. Approximately USD 7.5 billion has been invested in different start-ups to digitalize the U.S. healthcare system. Incidentally the sum was still lower than that invested in 2018. Babylon Health in the United Kingdom was the largest beneficiary of investment in 2019, with more than USD 500 million in private investment raised, followed by Ginkgo Bioworks, a USD 300 million bioengineering company that designs microbes.
During the forecast period, North America digital prescription technology market is expected to be the fastest-growing. The involvement of numerous companies and many new players in the area is boosting market demand. Over the forecast period, the regional digital prescription technology market is predicted to exhibit a 24.7 percent CAGR.
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The COVID-19 Impact on Digital Prescription Technology Market:
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 demand for digital prescription has increased in the short term, and it is optimistic for manufacturers that demand for these products will also increase in the long term. In remote areas, the use of digital prescription technologies will witness an increase in particular. The government's support worldwide would also boost the demand for the digital pharmaceutical technology industry.
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Key participants in digital prescription technology market 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
Digital Prescription Technology Market: Segmentation
For the purpose of this report, Reports and Data has 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
- Service
Delivery Mode Outlook (Revenue, USD Million; 2017-2027)
- Web
- Cloud
- On-premise
End-user Outlook (Revenue, USD Billion; 2017-2027)
- Office-based Physicians
- Hospital
- Pharmacy
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
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