EPharmacy Market To Hit Value 9.2 Billion By 2025 |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on April 26th, 2021 The global ePharmacy market is expected to reach USD 109.2 billion by 2025, according to a new report by Grand View Research, Inc. The market is primarily driven by a constant increase in the number of internet users, improved access to web-based & online services, and a rapid increase in the aging population who find it difficult to visit pharmacies. Convenience, affordability, and ease in availability of medicines are fueling the market growth. An increase in the prevalence of chronic conditions and diseases across the globe is resulting in constant growth in demand for various drugs and healthcare products. The high cost of treatment is indicating the need to reduce health care costs. Online pharmacies are gaining popularity owing to lucrative offers such as price discounts that result in cost savings. In addition, an increase in the adoption of e-prescriptions in hospitals and other healthcare facilities is further expected to boost growth. The high unmet needs of emerging economies are one of the key driving factors. Government initiatives, an increase in investments, changing regulations, and increasing penetration of the internet and broadband in urban as well as rural areas are contributing to the growth of the market. Many new players are entering the market as the healthcare sector is offering huge potential to online health retailers due to the ever-growing demand for healthcare products and services. However, growth in illegal online pharmacies is restraining growth. These illegitimate websites may offer counterfeit and unapproved drugs, which make people skeptical about purchasing medicines online. Constantly increasing the healthcare burden in emerging economies indicate the growing need to cut down the costs. The ever-growing demand for healthcare products & services makes it difficult for the offline retail providers to demographically meet the increasing needs and thus offer a huge potential for online health retailers to cater to the large consumer base. Increasing prevalence of chronic conditions is leading to a growing demand for various drugs and healthcare products. People are opting for online pharmacies owing to lucrative offers, such as price discounts, ease in availability of drugs, and home delivery services. Consumers are no longer required to visit pharmacies to procure medicines. In addition, the growing adoption of information technology in the healthcare sector is enabling clinicians to send prescriptions electronically, which is expected to boost the market growth. ePharmacy Market Report Highlights
High unmet needs in emerging economies and developing nations is one of the factors responsible for growth. These regions are witnessing an upsurge in online purchases due to improving IT infrastructure and an increase in smartphone users & penetration of high-speed internet in urban & rural areas. Increasing initiatives undertaken in these nations to make these medicines affordable and available is one of the factors driving the demand for ePharmacies. An increase in investments and a growing number of start-ups are also fueling growth. Safe Medicines India (2016) states that around 60 new start-ups emerged in India over the last 2 years and online pharmacies in India attracted funding of USD 93 million by 2015. However, the presence of a large number of illegitimate ePharmacies across the world is negatively impacting the market These illegal pharmacies sell medicines that are not approved for sale. There is always a risk of receiving counterfeit & contaminated medicines with wrong active ingredients from such ePharmacies. The National Association of Boards of Pharmacy (NABP), in its report Internet Drug Outlet Identification Program Progress, stated that in 2015, around 10,668 online drug outlets were recognized by it as “Not Recommended.” Some of these websites do not carry authentic information, such as the location of the outlet, and some offer drugs that are either not approved by the U.S. FDA or are foreign drugs. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/1255/ibb Some significant players include The Kroger Co.; Walgreen Co.; Wal-Mart Stores, Inc.; CVS Health; Express Scripts Holding Company; Giant Eagle, Inc.; DocMorris (Zur Rose Group AG); Rowlands Pharmacy; and OptumRx, Inc. These players are adopting various marketing strategies to gain a higher share in the ePharmacy market and focusing on expanding their geographic presence, especially in developing regions that offer lucrative opportunities. Grand View Research has segmented the ePharmacy market on the basis of region: e-Pharma Regional Outlook (Revenue, USD Million, 2014 - 2025)
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