Press release
Australia ePharmacy Market Estimated to Flourish by 2031
The term 'ePharmacy' refers to an online pharmacy that provides medical care and allows patients to buy prescribed medications online. E-pharmacy is a branch of pharmacy that primarily operates online. It makes use of the Internet and sends medications to customers via dedicated delivery companies. Online pharmacies include independent Internet-only outlets, electronic subsidiaries of "brick-and-mortar" hospitals, and platforms serving pharmacy companies. It makes up 8% to 10% of the pharmaceutical market; however, there exists significant room for growth due to the rise in awareness about online pharmacies. People are able to access labs and medications from the security of their homes, as online pharmacies are primed and prepared for home delivery of medicines.
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Electronic pharmacy systems, including online shopping and the sale of prescribed and non-prescribed drugs and medicines, are growing rapidly. Some of India's largest conglomerates and multinational e-commerce firms are striving to establish a presence in the sector, which is also undergoing consolidation among existing players. E-commerce is becoming increasingly important in wholesale and retail trade. Orders have increased by approximately 20% to 30% for e-commerce companies. The concept of electronic pharmacies and online drug sales has been popular across the world since more than two decades. Online pharmacy has experienced exponential growth across categories due to rise in availability of smartphones and the Internet. People have started purchasing various things online including groceries, apparel, and medicines. E-pharmacy has emerged as a promising industry as a result of this significant change in consumer shopping habits. E-pharmacies also offer online services such as doctor consultations as well as a number of offline services (including diagnostics). The global ePharmacy market size is anticipated to increase during the forecast period owing to the rise in number of smartphone users and growth in penetration of the Internet across the globe. Increase in adoption of electronic signature pharmacies is also likely to augment the market during the forecast period.
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Increase in Preference for Online Pharmacies Augmenting Global ePharmacy Market
Increase in online medicine sales has caused significant disruption in the pharmacy market. Growth of mail order and online pharmacies is another factor that has the potential to have a significant impact on pharmacy service structures and medicine costs. The COVID-19 pandemic has had a significant effect on consumer purchasing behavior. It has induced more people to buy healthcare products from online retailers or dedicated ePharmacies.
According to a study published in the Pharmaceutical Journal, the number of items dispensed from distance-selling pharmacies in the U.K. increased by 45% in 2020. Using dispensing data and lists of distance-selling pharmacies obtained through the Freedom of Information Act from the NHS Business Services Authority, it was discovered that these pharmacies dispensed 42 million items in 2020.
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In Denmark, pharmacies have the exclusive right to sell prescription-only medicines to consumers. Several over-the-counter (OTC) drugs are available only at pharmacies. Denmark had 227 pharmacies and two online pharmacies as of January 1, 2021. Moreover, one of the pharmacies has 80 branches, 209 voluntarily established branches, 24 pharmacy outlets, approximately 350 OTC outlets, and around 400 medicine delivery facilities.
People look for convenience, dependability, and affordability in every online transaction. They are already at ease in purchasing categories such as music, food, and media from online retailers. They are now seeking the same level of service for more complex categories (OTC, medical devices, and prescription medicines). Hence, the trend of online pharmacy is expected to increase during the forecast period.
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Growth in Smartphone Availability and Internet Penetration to Fuel Online Sale of Prescribed Medicines
In terms of product, the prescription medicines segment accounted for the largest global ePharmacy market share in 2021. The segment is expected to maintain its leading position in the market during the forecast period. Patients benefit significantly from online pharmacies, as these offer a much wider variety of options than conventional pharmacies. Several drugs are available in regular drug stores, but it is not always possible to find prescribed medicines at a local physical pharmacy. The Internet makes everything simple and practical. Patients can now order medicines online with a registered medical practitioner's prescription and have them delivered right to their door. This is a popular practice of ordering drugs prescribed by doctors. People are likely to opt for online pharmacies instead of visiting a nearby pharmacy owing to the rise in penetration of smartphones and the Internet. They can also order their prescriptions from the convenience of their homes by comparing the prices of medications. They can have their medications delivered right to their doorstep with just a few clicks. This convenience is a key selling point that is likely to fuel the ePharmacy market growth in the next few years.
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