Published: Jun, 2018
The global epharmacy market features a largely consolidated vendor landscape with the presence of some well-established companies, states Transparency Market Research (TMR) in a new report. These companies are focused on aggressive marketing programs to increase consumer acceptance to translate into sales. Technological advancements and switch to successful business models are some strategies adopted by key players in the epharmacy market.
With rapid growth of e-commerce in the emerging economies of Asia Pacific and Latin America, potential displayed by ePharmacies is leading to emergence of new players in these regions.
Some key companies operating in the global ePharmacy market are CanDrugstore.com. Lloyds Pharmacy Ltd., Domzdrowia.pl SA, Walgreen Co/. Rowlands Pharmacy, CVS Caremark, PlanetRx.com, drugstore.com Inc., The SANICARE Group, eDrugstore.MD, CanadaDrugs.com, MediSave, and CanAmerica Drugs Inc.
As per the TMR report, the global ePharmacy market is predicted to exhibit an impressive 17.5% CAGR over the 2015 to 2023 forecast period. Rising at this rate, the market will be worth US$128.02 bn the end of 2023 considerably up from a valuation of US$29.35 bn in 2014. Region-wise, North America is the leading regional market for epharmacy followed by Europe. The growth of these markets for ePharmacy is due to the ubiquity of high speed internet networks and increasing practice of online purchase of medicines. Germany is a leading domestic market for ePharmacy in Europe. Asia Pacific displays widespread potential for ePharmacy due to proliferation of e-commerce.
Increased Acceptance of e-retail to Drive Market
Majorly fuelling the ePharmacy market is increasing acceptance of online retail, convenience offered by ePharmacies, feasibility of drug delivery at remote locations, and availability of detailed information pertaining to composition, benefits, and side-effects of medicinal drugs on online portals.
ePharmacies offer vast benefits for consumers pertaining to faster delivery at lower costs due to elimination of several intermediate distribution layers, serve a larger consumer base, and receive government support. These factors are boosting sales of ePharmacies. Efforts by government bodies for regulatory compliances and ethical practices in the ePharmacy sector across a number of high potential regional markets will serve to open lucrative opportunities for players in the global ePharmacy market.
Unregulated Sales of Habit Forming Drugs could Hamper Consumer Trust
In unregulated regional markets, the presence of high number of rogue pharmacies is posing challenges for legitimate players to gain consumer confidence for online purchase of medicinal drugs. This, combined with unregulated sales of habit forming medicines that are available without prescription, especially in regions that lack modus operandi followed by online pharmacies, is leading to loss of consumer trust in ePharmacies.
Nevertheless, rising ethical practices and government regulations in place are serving to aid ePharmacies attain their full potential. ePharmacies enable availability of drugs in remote locations, digitized prescriptions, and others. ePharmacies help consumers order drugs from their convenience of their homes using a smart device. This serves to be of great help for patients who stay unassisted and are not in a state to visit a physical pharmacy. In addition, ePharmacies can store large volume of consumer medical data that can be leveraged for planning public health policies.
The review presented here is based on the findings of a TMR report, titled “ePharmacy Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”
The global ePharmacy market is segmented as follows;
Global ePharmacy Market, by Geography:
- North America
- Rest of North America
- EU7 (UK, Italy, Spain, France, Germany, Belgium, and Netherlands)
- Rest of Europe
- Asia Pacific
- Indian Subcontinent (India, Pakistan, Bangladesh, Sri Lanka)
- Australasia (Australia, New Zealand, and Guinea)
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- North Africa
- South Africa
- Rest of MEA
- Latin America
- Rest of Latin America
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