The Global Market for ePharmacies is Projected to Reach US$115.7 Billion by 2024
Convenience and Price
Benefits Drive the Global ePharmacies Market, According to a New Report by Global Industry Analysts,
Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market size, share and demand forecasts on the global ePharmacies market. The global market for ePharmacies
is projected to reach US$115.7 billion by 2024, driven by growing
prospects for eCommerce, convenience and price benefits, and regulatory changes
in favor of online purchases of medicines.
ePharmacy
is an internet-driven, e-commerce concept in the area of pharmacies or
dispensation of pharmaceutical products. Although lagging behind various other
sectors, ePharmacy has risen from insignificance a decade or two ago to become
a significant and fast growing business. Comprising mail order pharmacy and
online pharmacy businesses, ePharmacies cover a major gap in ensuring supply of
quality and effective medicines to consumers left behind by the traditional
brick and mortar pharmacies. Inherent benefits of the service such as convenience
in ordering and cost savings are the key factors driving the market. Further,
the ability to gain access to a wide range of medications from ePharmacy
providers has been driving an increasing number of consumers worldwide ordering
their medications online. Changing lifestyle of consumers, increasing access to
the Internet, growing use of smartphones, fast-growing e-commerce market,
rising expenditure on healthcare and shift towards preventative healthcare are
some of the other factors driving the global market for ePharmacy.
Additional
service offerings such as online doctor consultation, advices on medication
administration and resolution to medication-related queries alongside
diagnostic services are further enhancing value proposition of the ePharmacies
attracting consumers to these services. Regulations play a critical role in
determining the legalities of the ePharmacy market, given the overarching
concern of regulators to safeguard public health while ensuring more efficiency
in dispensation of medicines. While several markets are restrictive in nature
related to sale of medicines online and on other aspects of dispensation or
access of medications on the Internet, changing regulatory landscape in favor
of online sale of medications are expected to drive growth prospects going
forwards. Growth in the market is, however, curtailed by pestering challenges
such as regulatory hurdles, particularly with respect to restriction on sale of
prescription drugs, regulatory disparity between countries, proliferation of
illegal online pharmacies, sale of counterfeit drugs and medication errors that raise
consumer safety and security consumers leading to tightening of regulatory
scrutiny over the industry.
As
stated by the new market research report on ePharmacies, developed markets such as
the US, UK and Germany have been at the forefront of the capitalizing on the
concept of ePharmacy, resulting in considerable higher penetration of mail
order and online pharmacy in these markets. The US represents the largest
market worldwide, driven by relatively more accommodative regulations on
ePharmacy. Emerging markets, particularly in Asia-Pacific, are expected to
spearhead growth in the global ePharmacy market. Asia-Pacific represents the
fastest growing market worldwide, with a CAGR of 17.7% through the analysis
period. Increasing incomes, expanding access to healthcare, incidence and
prevalence of various diseases, growing access to internet, increasing
popularity of e-commerce and changing regulations are expected to drive growth
in the market.
Major
players in the market include 1mg Technologies Pvt. Ltd., Canada Drugs,
DocMorris NV, Dr Fox Pharmacy, eDrugstore.com, Express Scripts Holding Company,
Giant Eagle, Inc., InternationalDrugMart.com, Lloyds Pharmacy Ltd., MediSave,
Netmeds Marketplace Limited, OptumRx, Inc., PlanetRx, Rowlands Pharmacy,
T.mall.com, The Kroger Company, Walgreen Co., Wal-Mart Stores, Inc., Yihaodian
and Zur Rose Group AG among others.
The
research report titled “ePharmacies: A Global
Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market
trends, issues, drivers, mergers, acquisitions and other strategic industry
activities of global companies. The report provides market estimates and
projections for ePharmacies in value terms for all major geographic markets such
as United States, Canada, Europe (Germany, UK and Rest of Europe), Asia-Pacific
(China and Rest of Asia-Pacific), Middle East & Africa and Latin America.
For
enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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