LOS ANGELES, Feb. 12, 2020 /PRNewswire/ — ePharmacy is an online platform where vendors sell medicines and send orders to consumers via shipping companies.
The epharmacy market growth is mainly driven by the penetration of the internet, ecommerce, increasing awareness related to chronic diseases, improved healthcare infrastructures, rise in the aging population, growth in a number of patients, and large customer base in developed and developing countries are driving the growth of the market.
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Acumen Research & Consulting, a global provider of market research studies, in a recently published report titled “ePharmacy Market (By Drug Type: Prescription Drugs, Over the Counter (OCT) Drugs; By Product Type: Dental, Skin Care, Vitamins, Cold and Flu, Weight Loss, Other) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”.
North America dominated the global epharmacy market in the year 2018. The well-developed healthcare infrastructures, high-speed internet, many healthcare insurance policies, a large number of medical products available in the epharmacy, along with a strong distribution channel, cost-efficient, increase in expenses in healthcare, rise in the elderly population, and rise in awareness related to chronic diseases are accelerating the growth of epharmacy market. In addition, the Food and Drug Administration (FDA) in the US emphasis on actively apprising the native concerning the rules and regulation of epharmacy and make them informed about the safety of purchasing medicines online. The USA and Canada are the strongest economies that can be the utmost important market in this region. The European region is anticipated to exhibit the second-largest share in the epharmacy market. However, the existence of prominent players and rising pharmaceuticals needs, mostly baby boomers are fueling the growth of the global epharmacy market in the coming years. The regularity authorizes taking initiatives to increase awareness related to the purchase of prescription drugs through epharmacy which abolish the extra cost incurred in the supply of medicines from producers to end-users removing the long distribution channels. Moreover, shift of consumer behavior towards online purchasing which is encouraging consumers to buy medicines from epharmacy sites due to high price discounts, easily accessibility of information, home delivery, presence high network speed, high adoption of ecommerce sites, and large customer base further grow the demand for epharmacy in the region during the forecast period.
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Asia-Pacific is anticipated to project the highest CAGR over the forecast period. The increasing penetration of high-speed internet with a smartphone in urban and rural areas, soaring adoption of ecommerce platforms, presence of the great patient groups, rising target population, rise in the popularity of ecommerce websites are estimated to fuel the epharmacy in this region. In addition, regularity authorities are taking steps to and investing funds to upgrade the healthcare infrastructures, offline pharmacy retails are unavailable to meet the rapidly rising needs are inducing towering demand for online availability of drugs, increasing awareness level about chronic diseases among citizens are also accelerating the growth of global market in the near forthcoming years. Moreover, in the Asia Pacific region, there are many rapidly emerging countries that becoming a profitable market. Not only China and India are through numerous economic changes, but they also have a huge population that is a ready-made market for a large number of products and services. Japan is another strong economy that has advance technology and high-speed network are few factors that can enhance the global epharmacy market over the forecast period.
Over the counter segment dominated the epharmacy market on the basis of drug type in the year 2018. It is drugs that are sold to customers directly without prescription by the physician such as vitamins, supplements, cough syrups to get instant relief from minor symptoms. Additionally, rising initiatives by many countries to develop the healthcare sector, such as, Safe India medicines supported 60 new startups that emerged in India for epharmacy. Many developing are don’t have well-developed hospitals that’s why most of the population are depending on over the counter drugs as they don’t have consult doctors or any lab tests, lower the economic burden, and easily available and convenient in over the counter further anticipated raising the segment over the forecast period.
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Some of the leading competitors are Walgreen Co., Rowlands PharmacyWalmart Stores, Inc., The Kroger Co., DocMorris, Optium Rx, Inc.,Banner Health, CVS Health Corporation, Giant Eagle, Inc., and Express Script Holding Company.
Some of the key observations regarding epharmacy industry include:
- In January 2019, Meds online pharmacy of Swedish has invested US$ 5.5 million to expand its business across Europe and other European countries.
- In June 2015, Rite Aid crop has acquired Rx Option that provide mail pharmacy services including prescription drugs which has facilitated to enter into the field of epharmacy.
- In March 2019, 1mg, an Indian online pharmacy garnered LegitScript certification from the National association of Boards of Pharmacy (NABP), USA making it the first organization in India to earn the said certification. The certification has increased the trust of the consumers in the company products.
- In November 2016, Netmeds Marketplace Limited has acquired Pluss which is hyperlogical drugs delivery app. This acquisition has enabled the company to focus on enhancing the company’s online app.
- In 2016, Safe Medicines India has supported 60 new startups for online pharmacy in India.
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