ePharmacy Market Size, Share, Industry Analysis, Future Growth, Segmentation, Competitive Landscape, Trends and Forecast 2032
The global ePharmacy market size was valued at USD 78 Bn in 2021 and is projected to reach USD 177.7 Bn by 2026, exhibiting a CAGR of 16.5% in the forecast period (2022-2032).
"The effectiveness of ePharmacies in delivering low-cost medical products, together with rising e-commerce penetration, is driving the global ePharmacy market growth."
With the increased spread of e-commerce and Internet use, there is an ever-increasing demand for mail-order pharmaceuticals. Many online pharmacies, often known as ePharmacy, around the world provide doorstep delivery and dispensing of prescription and over-the-counter medications. However, ordering and dispensing a prescription medicine via the internet necessitates a prescription from a medical practitioner. Patients no longer need to visit the pharmacist since the advent of ePharmacy.
Furthermore, leading ePharmacy companies to offer medicines at lower prices than traditional brick and mortar pharmacy locations. As a result, the ePharmacy market is expected to develop at a CAGR of 16.5 per cent during the forecast period, owing to increased investment by e-commerce behemoths in the healthcare sector.
What is the COVID-19 Impact on the ePharmacy Market?
COVID-19 transformed the focus of healthcare systems throughout the world. Regional blockades and travel limitations prompted ePharmacy mobile applications that provide online medicine delivery services.
Government actions promoting digital technology to promote pharmaceutical access have had a favourable impact on expanding the ePharmacy market. As a result, key players in the ePharmacy market saw a rise in application subscribers during the pandemic.
Although medical stores were classed as essential services, online pharmacies emerged as one of the most significant benefactors of the pandemic-induced lockdown, as people opted to buy medicines online to avoid the risk of disease spread.
What are the Key Contributors to the ePharmacy Market?
Due to the unavailability of some medications at retail pharmacy stores, a large patient pool globally chooses doorstep delivery of healthcare supplies. ePharmacies reduce chronically sick patients' and senior residents' reliance on third parties to obtain medicines and healthcare supplies. Furthermore, rising penetration and knowledge of internet resources are expected to boost ePharmacy market sales.
The expanding reach of e-commerce has allowed ePharmacy to gain a large consumer base in both developed and developing countries throughout the world. In addition, this generation's millennials are heavily reliant on online purchases of commodities such as cosmetics and over-the-counter medications.
What are the Factors Limiting the Growth of the ePharmacy Market?
The presence of fraudulent online pharmacies is hindering the ePharmacy market's expansion. In addition, these unlicensed pharmacies sell drugs that have not been approved by the FDA, increasing the likelihood of receiving counterfeit and contaminated medications with the wrong active ingredients from these pharmacies.
For example, according to a warning issued by the FDA in 2020, some online pharmacies were caught engaging in illegal activity and violating the United States Federal Food, Drug, and Cosmetic Act, which included points such as the sale of unapproved prescription drugs, the sale of medicines without a prescription, inadequate explanation of directions for safe use of prescription medications, and so on.
What are the Key Trends in the ePharmacy Market?
Various companies are also springing up worldwide due to the introduction of new information technologies and algorithms that provide a better consumer experience and satisfaction. In addition, new artificial intelligence-based solutions are expected to improve market customer satisfaction. All of these reasons are projected to fuel global ePharmacy market expansion. In contrast, there are strict laws for selling prescription medicines through internet outlets.
The significant increase in online service providers has improved access to internet pharmacies in developing countries. In addition, the significant increase in internet users in recent years has resulted in a high adoption rate of ePharmacies.
As a result, the convenience of access to ePharmacies via smartphones and the availability of a wide selection of pharmaceutical products are important drivers pushing the expansion of the ePharmacy market. In addition, collaborations between manufacturers and ePharmacies to increase product accessibility and client base via online channels will also drive ePharmacy market expansion during the forecast period.
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