Demand for EPharmacy and Impact of COVID-19……..



The global ePharmacy market is expected to reach USD 109.2 billion by 2025, according to a new report by Grand View Research, Inc. The market is primarily driven by constant increase in the number of internet users, improved access to web-based & online services, and rapid increase in aging population who find it difficult to visit pharmacies. Convenience, affordability, and ease in availability of medicines are fueling market growth.

Increase in prevalence of chronic conditions and diseases across the globe is resulting in constant growth in demand for various drugs and healthcare products. High cost of treatment is indicating the need to reduce health care cost. Online pharmacies are gaining popularity owing to lucrative offers such as price discounts that result in cost savings. In addition, increase in adoption of e-prescriptions in hospitals and other healthcare facilities is further expected to boost growth.
High unmet needs of emerging economies is one of the key driving factors. Government initiatives, increase in investments, changing regulations, and increasing penetration of internet and broadband in urban as well as rural areas are contributing to the growth of the market. Many new players are entering the market as the healthcare sector is offering huge potential to the online health retailers due to the ever growing demand for healthcare products and services.
However, growth in illegal online pharmacies is restraining the growth. These illegitimate websites may offer counterfeit and unapproved drugs, which make people skeptical about purchasing medicines online.
The global ePharmacy market size was valued at USD 33.03 billion in 2016 and is projected to grow at a CAGR of 14.8% during the forecast period. Increased internet penetration across the world, improved healthcare infrastructure, rapid aging of the population, and increasing awareness pertaining to ecommerce amongst users are some of the factors propelling growth. Shift in consumer behavior with an increased demand for convenience is also one of the key factors contributing to the market growth. Furthermore, rising adoption of ecommerce and digital technologies in healthcare sector is expected to propel growth. 
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Further Key Findings From the Report Suggest:
·         North America held majority of the share in 2016 due to increase in online purchases, growing elderly population, and high adoption of IT in healthcare
·         The U.S. is the largest market in North America owing to the presence of various key players and a large tech-savvy population
·         Asia Pacific is expected to be the fastest growing segment due to the presence of emerging economies like China & India and improving infrastructure
·         Some of the key players are The Kroger Co., Walgreen Co.; Wal-Mart Stores, Inc.; CVS Health; Express Scripts Holding Company; Giant Eagle, Inc.; DocMorris (Zur Rose Group); Rowlands Pharmacy; and OptumRx, Inc.

Constantly increasing healthcare burden in emerging economies indicate the growing need to cut down the costs. The ever growing demand for healthcare products & services makes it difficult for the offline retail providers to demographically meet the increasing needs and thus offer a huge potential for online health retailers to cater to the large consumer base. Increasing prevalence of chronic conditions is leading to growing demand for various drugs and healthcare products. People are opting for online pharmacies owing to lucrative offers, such as price discounts, ease in availability of drugs, and home delivery services. Consumers are no longer required to visit pharmacies to procure medicines. In addition, growing adoption of information technology in the healthcare sector is enabling clinicians to send prescriptions electronically, which is expected to boost the market growth.
High unmet needs in emerging economies and developing nations is one of the factors responsible for growth. These regions are witnessing upsurge in online purchases due to improving IT infrastructure and increase in smart phone users & penetration of high-speed internet in urban & rural areas. Increasing initiatives undertaken in these nations to make these medicines affordable and available is one of the factors driving the demand for ePharmacies. Increase in investments and growing number of start-ups are also fueling the growth. Safe Medicines India (2016) states that around 60 new start-ups emerged in India over the last 2 years and online pharmacies in India attracted a funding of USD 93 million by 2015.
However, presence of a large number of illegitimate ePharmacies across the world is negatively impacting the market These illegal pharmacies sell medicines that are not approved for sale. There is always a risk of receiving counterfeit & contaminated medicines with wrong active ingredients from such ePharmacies. The National Association of Boards of Pharmacy (NABP), in its report Internet Drug Outlet Identification Program Progress, stated that in 2015, around 10,668 online drug outlets were recognized by it as “Not Recommended.” Some of these websites do not carry authentic information such as location of the outlet and some offer drugs that are either not approved by the U.S. FDA or are foreign drugs.
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Grand View Research has segmented the ePharmacy market on the basis of region:
e-Pharma Regional Outlook (Revenue, USD Million, 2014 - 2025)
·         North America
o    U.S.
o    Canada
·         Europe
o    Germany
o    UK
·         Asia Pacific
o    Japan
o    China
o    India
·         Latin America
o    Brazil
o    Mexico
·         Middle East & Africa
o    South Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.




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