The global e-prescribing market is projected to be valued at $887.8 million in 2019, growing at a compound annual growth rate of 23.5 percent, according to a Transparency Market Research news release.
In 2012, the market was valued at $203.4 million.
The e-prescribing market is experiencing significant growth, partly due to government initiatives to implement such systems to improve quality and reduce medication errors.
As more providers implement electronic health records with e-prescribing capabilities, the market is going to see a surge in growth, according to the news release.
However, high costs of implementing such systems, patient privacy and security concerns and lack of high-speed broadband facilities and IT professionals in rural areas present barriers to market growth, according to the release.
While Europe is currently the largest market for the e-prescribing system, North America is the fastest-growing region.
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Study: Cost Largest Barrier to e-Prescribing Adoption Among Physicians