Transparency Market Research has published a new report on the global epharmacy market. As per the report, the global epharmacy market is expected to expand at a 17.50% CAGR during the period from 2015 to 2023.
The report, titled ‘ePharmacy Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023,’ states that the epharmacy market is expected to progress from US$29.35 bn in 2014 to US$128.02 bn by 2023 due to factors such as the need for convenient access to required medication and the rising aging population.
Internet pharmacy or epharmacy is an online platform, which acts as an intermediate between the seller and consumer for the sale of medicines.
It is not necessary for the patients to be physically present at a store to buy required medicines, making ePharmacies a convenient option. The ePharmacies market is expected to grow rapidly due to the development of government regulations and ethical practices.
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ePharmacies serve many needs such as easy access to medical records and easy availability of medicines in remote areas. Thanks to the development of ePharmacies, consumers can easily procure drugs via a tablet or smartphones.
ePharmacies are a boon for patients who are seriously ill and need medicines urgently. However, the rising illegal sale of controlled prescription drugs is expected to hamper the growth of the global ePharmacy market in the years to come.
Sales of medicines through ePharmacies can also lead to incidents of self-medication or drug abuse, which can be avoided with the integration of advanced technologies associated with drug delivery procedures.
Based on geography, the global epharmacy market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East. In 2014, in terms of revenue, the global epharmacy market was dominated by North America, followed by Europe.
Europe is expected to be the fastest growing market in the global epharmacy market by 2023 due to factors such as the increasing penetration of high-speed internet and the increasing preference for buying medicines online. In the next few years, Asia Pacific is predicted to display lucrative growth due to the increasing spread of the e-commerce industry.
Some of the key players operating in the global epharmacy market are CanDrugstore.com, Lloyds Pharmacy Ltd., Domzdrowia.pl SA, Walgreen Co., Rowlands Pharmacy, CVS Caremark, PlanetRx.com, drugstore.com Inc., The SANICARE Group, eDrugstore.MD, and CanadaDrugs.com. The entry of new ePharmacies is expected to make the global ePharmacy market highly competitive in the years to come.
From essentials to luxury products, everything is available on the internet via various retail platforms. The healthcare and medical sector are no exception.
Over the past few years, there has been an increase in the number of people depending on online retail stores for their medicines. The increasing pool of people buying medicines from renowned epharmacies is expected to thus propel the global epharmacy market in the years to come.
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