E-Pharmacy Market Growth Factors Are Increasing Penetration Of Internet And Rising Day-by-day Chronic Diseases Incidence
MarketResearch.biz, in its upcoming report titled, “Global E-Pharmacy Market Trends, Applications, Analysis, Growth, and Forecast: 2017 to 2026”, offers in-depth insights, revenue details, and other vital information regarding the e-pharmacy market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2026. The report also offers insightful and detailed information regarding the various key players operating in the global e-pharmacy market, and their financials, apart from strategies, acquisitions & mergers, and market footprint.
E-pharmacy is also known as online-pharmacy, Internet pharmacy, mail-order pharmacy or Web pharmacy. E-pharmacy is outcome of technology advancements by which medication can be access easily by the customer at their doorstep. With the advent of technology, offline shopping switches to online mode. E-pharmacies provide transparency, offer lower costs and greater availability for the consumer. There are three business model in e-pharmacy, namely market place model, direct delivery and online model. In market place model, it creates a platform for connecting local pharmacies to consumers. In direct delivery model, direct selling of medicine to consumer and this process require pharma retail license. In online model, it is combination of direct delivery and marketplace model in which website offers product and service. According to Consumer Online Foundation and the Bureau of Research on Industry and Economic Fundamentals (BRIEF) survey conducted in July 2016, 61% of consumer’s order medicines online and majority of people in the age group of 55- 74 years purchase medicines online.
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Increasing penetration of internet, rising day-by-day chronic diseases incidence such as cardiovascular diseases, mental health disorders, diabetes, cancer, etc. and long term illness patients, faster drug delivery even at remote locations, availability of detailed data regarding composition, benefits, and side-effects of drugs on online portals and convenient for old age people are the key driver of global e-pharmacy market. In addition, 24/7 access, refund policy, fast distribution, delivery of medicines at desired place at desired time possible, easy comparison of medicines in terms of cost, and increased choice as wider variety of medicines available are some factors boosting the growth of e-pharmacy worldwide.
Increase in number of self-diagnosis without consult of doctor and self-medication without the prescription cases is expected to hinder the growth of global e-pharmacy market.
Ecommerce companies operating in other segments are exploring the online-pharmacy business to capitalize the opportunity examples Flipkart tied up with Apollo Pharmacy. Due to convenience and easy user interface (UI) consumers are attracted towards online purchase leading to growth of e-pharmacy market. The local pharmacies are joining and creating an online platform. Many countries are working towards proper regulations that will have set of regulations to operate which is expected to boost the market in upcoming years. Online platforms are gradually becoming an integrated health solution for consumers providing all services – medicine, diagnostic care and doctor appointment.
The e-pharmacy market is segmented on the bases of region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the dominating region for e-pharmacy owing to reasons such as high adoption of ecommerce and increase in elderly population. In Asia Pacific countries like India and China are expected to register fastest growth due to drastically increasing netizens, smart phone users and high prevalence of lifestyle disorders such as pain, obesity, stress, diabetes, hypertension and some cancers, etc. Africa are the least-tapped markets for e-pharmacy owing to relatively high rates of the poverty rate in the region as compared to other regions, and poor healthcare infrastructure in most countries in these regions.
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Global E-Pharmacy Market Segmentation:
Segmentation on the basis of drug type:
- Prescription Drug
- Over The Counter (OTC) Drugs
Segmentation on the basis of region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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