Industry Report “ePharmacy Market Research Report-Global Forecast till 2023” provides a clear picture of the Current Market Scenario which includes past and estimated future size with respect to value and volume, technological advancement, detail information and strategies of top key players in the industry.
The penetration of smartphones has greatly increased internet usage. Internet plans are widely and cheaply available worldwide, making ordering medicines very easy. Increasingly, people from every walk of life have easier access to web-based or online services, thus limiting the outreach for ePharmacies only by geography. Convenience and ease of affordability are two key factors driving the growth of the global ePharmacy market. Medicated skin creams and other items commonly available in pharmacies which are associated with health but available OTC can also be purchased on ePharmacies creating a one-stop shopping experience of a pharmacy online. Increasing prevalence of chronic diseases, as well as the common cold, has increased demand for pharmaceuticals. However, the high cost of treatments and doctors visit for pharmaceuticals have increased the demand for online pharmacies as they offer discounts and overall cost efficiency. Another factor of note is the global increase in the geriatric population. Aged individuals with health problems may find it difficult to move around and can avail the convenience of ePharmacies, thus driving the growth of the market.
Online pharmacy that a patient can access via his/her mobile device and purchase medicines online is known as ePharmacy. A new report on the global ePharmacy market, published by Market Research Future (MRFR), predicts the market to experience immense growth during the forecast period (2017-2023).
Market Segmentation
The global ePharmacy market segmentation encompasses drug type and product type. MRFR’s research on the market highlights many factors of the market in-depth.
By drug type, this market has been segmented into prescription drugs and over the counter (OTC) drugs. Based on product type, the market has been segmented into cold & flu, dental, skincare, vitamins, weight loss, and others.
Key Players
The Kroger Co., Giant Eagle, Inc., Walgreen Co., Express Scripts Holding Company, Medisave, Walmart Stores, Inc., CVS Health, Sanicare AB, Rowlands Pharmacy, Secure Medical, Inc., Optum Rx, Inc., DocMorris (Zur Rose Group AG), PlanetRx, eDrugstore.com, drugstore.com Inc., Canada Drugs, Lloyds Pharmacy Ltd., and others.
The most crucial market driving factors for the global ePharmacy market growth are increasing penetration of the internet and the proliferation of smartphone users. The modern gadgets and the internet facilitate the healthcare sector to deploy technologically advanced healthcare solutions including ePharmacy. Ease of use is another important market driving factor as it is easy for patients to order medicine online. High demand for online availability of medicines and medical devices is also enhancing the market growth. Other factors driving the ePharmacy market growth include the growth of e-commerce, the difficulty faced by offline retail providers to meet the skyrocketing requirements in remote areas, surging demand for healthcare services, rise in geriatric population, and increasing prevalence of chronic ailments. However, some factors that can hurt the market growth include low penetration of advanced technology in underdeveloped regions and limited availability of the internet.
Latest Industry News
Cipla is planning to enter the ePharmacy business with plans to invest USD 2,114,775 – USD 2,396,745 in Medlife,.
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