ePharmacy Market: Increasing Internet Penetration Driving the Shift toward Online Purchase of Drugs to Drive Market
ePharmacy refers to an intermediate between seller and consumer for the purpose of selling of medicine. It is an online platform for the sale of medicines and is also widely known as mail order pharmacy and internet pharmacy. The main benefit of ePharmacy for the consumers is that it enables the consumers to order medicines in a hassle-free and convenient fashion, right form their computer or mobile phone. This is likely to assist patients who are down with some kind of sickness and are not in a condition to go out and buy medicines from pharmacies. In addition, online platforms can aggregate supplies that are difficult to find otherwise and are made available to consumers across the country. Offline pharmacies are able to stock limited supplies, which result in consumer having to visit several stores to get it all. All these benefits are likely to support growth of the global ePharmacy market in the years to come.
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Expanding at a growth rate of 12.3% CAGR over the projection period, from 2019 to 2027, the valuation of the market is expected to touch US$ 158.02 billion by the end of this period.
Some of the key players in the global ePharmacy market comprise Domzdrowia.pl SA, MediSave, CVS Health Corporation, Rowlands Pharmacy, Walgreen Co. and Giant Eagle Inc.
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Convenience of e-prescriptions to Shoot up Demand in the Market
The growth of the global e-pharmacy market is mainly due to the augmented access to online and web-based services, increased use of e-prescriptions in various healthcare and hospital facilities, and widespread use of internet.
E-prescription refers to the technology of electronic prescribing that enables healthcare professionals to send prescriptions electronically in lieu of handwritten ones. Doctors are now opting for e-prescriptions in an attempt to enable patients to have hassle-free access to medications with e-prescriptions. In various countries like the UK, increased efforts are made to accelerate the use of e-prescription. The NHS hospitals in the UK are already on their way to go paperless by the end of 2020.
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The primary benefit of e-prescription is that it is easy to upload e-prescription on the website of ePharmacy and order medicines over the internet. This is likely to increase the popularity of e-prescription technology in the years to come, thereby driving the growth of the global e-pharmacy market.
In addition to ease and convenience, price of medicines in online pharmacies are substantially low. It is so because there is no need to spend money on renting of warehouses and premises, and on the maintenance of a large workforce. All these factors lower the price of medicine, which is likely to encourage expansion of the global e-pharmacy market over the projection period. E-commerce companies are trying to figure out new strategies to meet up with the demand of consumers in a much efficacious and better way.
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High Penetration of Internet to Propel Growth of North America Market
In the global e-pharmacy market, North America is estimated to exert dominance over the market with a sizeable share of the market. Such territorial dominance of the regions is owing to the shift in consumer preference toward online purchase of medicines and augmented penetration of high-speed internet. Furthermore, rapid growth of the e-commerce sector together with rapid expansion in the pool of elderly population is likely to influence growth of the e-pharmacy market in the region. Europe is likely to trail North America both in terms of revnue and market share.
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Phenomenal rise of the e-commerce industry in Asia Pacific is likely to remain at the forefront for rapid growth of the e-pharmacy market in Asia Pacific over the projection period. Large base of population together with presence of high medical needs is expected to open up new growth avenues for the market in the region.
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