Different services from the ePharmacy are boosting demand opportunities in the ePharmacy market. Some of the key benefits such as convenient and hassle-free order of medicine boost growth in the market. Consumer may buy required medicines by using mobile phone or computer with internet connectivity. With the growing awareness about these benefits from the ePharmacy market create expansion opportunities in the market.
ePharmacy serves as an intermediate between consumer and seller, and enables consumers to purchase pharmacies through online platform. This e-commerce platform saves time, money, and efforts. It is also known as an internet pharmacy and mail order pharmacy.
Online pharmaceutical stores may aggregate supplies that may become difficult to achieve otherwise. In addition, different medicines are available for consumers across the country at a single platform. But offline pharmaceuticals may not provide all the medicines by 24x7x365 those are easily available at ePharmacies. All these benefits from the ePharmacy market are anticipated to create expansion opportunities in the market.
As per the research report by Transparency Market Research, the ePharmacy market is expected to reach a CAGR of 12.3% and gain a valuation of US$ 158.02 Bn during the forecast period from 2019 to 2027. The recent study published by TMR presents a detailed information about key trends, market drivers, restraints, and opportunities in the ePharmacy Market.
Increasing Trend of E-Prescriptions to Bolster Demand Opportunities in Market
The ePharmacy market is rapidly growing on the back of the adoption of different modern healthcare solutions, such as online video consultation. After consultation, healthcare professionals prescribe e-prescription to patients, and this e-prescription may be used at different hospitals and healthcare facilities. . These factors are anticipated to fuel growth in the ePharmacy market.
Different mobile applications are also being used for online purchasing of a variety of pharmacies, such as NetMeds, 1mg, Practo, and many more. Consumers may purchase all the required medical products while staying at home. This convenience and time-saving feature may fuel sales opportunities in the ePharmacy market.
The e-prescriptions are easily uploaded on the websites of different ePharmacy platforms. Consumers may order a wide range of medicines using the Internet. These features of e-prescription are anticipated to boost demand opportunities in the ePharmacy market.
The prices of medicines at different online pharmacies are comparatively low. The key market players do not need to pay an extra amount on renting premises and warehouses. These industry players need not spend for the maintenance of a larger workforce. These factors serve as major game-changer as they reduce the overall cost of medicines. In addition, different e-commerce companies are concentrating on identifying and adopting new strategies to expand their businesses, which in turn, is projected to fuel growth opportunities in the ePharmacy market.
Some of these key players engaged in the ePharmacy market include CVS Health Corporation, Rowlands Pharmacy, MediSave, Domzdrowia.pl SA, Giant Eagle Inc., and Walgreen Co.
Increasing Penetration of Internet in North America to Propel Growth Opportunities in Regional Market
North America holds a prominent position in the ePharmacy market with a major portion of the market share. This dominance of the region is on the back of consumers’ increasing inclination toward the use of online platforms or e-commerce sites to purchase medicines. The availability of high-speed internet connectivity enables access to different e-commerce platforms, and it further boost growth of the ePharmacy market.
The growing geriatric population across the North America region is estimated to fuel demand opportunities in the ePharmacy market. The inability of these elderly people to visit different physical stores leads to increased participation of these people on different e-commerce platforms. It may create sales opportunities in the ePharmacy market.
The global ePharmacy market is segmented as follows:
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