Published Date : 13 Jun 2022
As per Precedence Research, the global ePharmacy market size was reached at US$ 59.93 billion in 2021 and is expected to hit around US$ 256 billion by 2030.
The global ePharmacy market is expected to witness strong growth at a CAGR of 17.51% from 2022 to 2030 owing to the increasing involvement of e-pharmacy platforms across the world coupled with growing awareness regarding facilities offered by e-pharmacy. Increasing accessibility, ease of buying, advanced services and availability of variety of medicines have shifted the consumer preference for e-pharmacy platforms. Further, significant growth in the number of people using smartphone is expected to propel the global market as it facilitates e-pharmacy players to cover a wide range of customer platform across the developed and developing nations.
North America dominated the global industry with around 41% revenue share in 2021 as a result of the higher internet accessibility coupled with rapid acceptance of digital technologies by the population. Further, existence of top industry players supplying facilities in the international market and increasing number of local pharmacy drugstores supplying online services is estimated to boost the North America e-pharmacy market forecasts during the forecast period. Asia-Pacific is another fast growing market owing to the rapid development shown by countries like India. Due to the prevalence of minor illnesses like backache fever, flu, cold and cough are increasing the demand for the over the counter medications across many developing nations. The online pharmacy market in United States from the North American region is expected to grow as this platform provides medicines from the comfort of home. Amazon had launched an online pharmacy service across United States for both the prescribed medications and generic medications in November 2020. There are an increased number of startups that are entering the market where there is intense competition and they outstanding the marked by offering discounts and offers that will help in strengthening their online pharmacy market share.
Easy accessibility to the internet owing to the rapid use of smartphone has helped people adopt the online services readily. Online services provided by the e-pharmacy sector have encouraged the people to explore the facilities provided by these markets. Rise in the geriatric population has also boosted the number of people suffering with chronic diseases which provides a boost to the market. The geriatric age group prefers to take advantage of the e-pharmacy services which helps the market to grow. The growing digital health industry has also helped to drive the market for e-pharmacy. Attractive offers and discounts with direct availability of online prescription medicines also proves to be a boon. During the COVID-19, e-pharmacy services have witnessed commendable growth across the developing nations especially in the Asia Pacific region.
The rise in the number of fraud cases have proved to be a restraining factor for the market. The security and privacy of the patients is at a risk of being compromised. Moreover, many nations have not yet legalized the online purchase of medicines. Highly strict regulations imposed by the government restrict the growth of the market. The sale of unregulated prescription drugs hampers the growth of the market as it poses the risk of being banned. Improper packaging, failure to confirm drug interactions and possible confidentiality are among the factors that hampers the growth of the market during the forecast period.
Movement restrictions and regional lockdowns has led to the acceptance of e-pharmacy mobile applications supplying online drug delivery facilities. Moreover, government offers that support digital technologies to increase the drug access has positively changed the e-pharmacy market size
Increasing number of illegal online pharmaceutical stores have created a challenge for the authentic businesses. The risk of counterfeit drugs has also posed a great challenge to the e-pharmacy market. Increasing cost of transportation and delivery has also affected the profit margins earned by this industry.
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