Growth of Global ePharmacy Market is Driven by the Increasing Internet Penetration in the Emerging Countries Across the Globe

According to a new market report published by Transparency Market Research “ePharmacy Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023”, the global ePharmacy market is forecast to reach US$128.02 bn in 2023. The growth of global ePharmacy market is majorly driven by the increasing Internet penetration in the emerging countries across the globe, rise in the aging population and convenient access to necessary medication at your fingertips.

ePharmacies are the websites engaged in online sale of prescription medicines and other healthcare products. The growing trend of e-commerce and changing mindset of consumers towards online shopping is resulting in the growing number of consumers opting for shopping online, and eventually benefitting the ePharmacy market.

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The global ePharmacy market was valued at US$29.35 Bn in 2014 and is expected to grow at a CAGR of 17.5% during the forecast period from 2015 to 2023. The market, in terms of geography is segmented in to North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

In 2014, North America led the global ePharmacy market with the share of around 37% followed by Europe; however, Europe is expected to surpass North America, in terms of revenue generation, over the forecast period. Asia Pacific region foresees strong growth potential for the growth of ePharmacies owing to the large untapped market in emerging economies such as India and China and large pool of aged population which is further expected to increase.

There are various advantages of ePharmacies such as availability of drugs at cheaper cost owing to the elimination of long distribution channel which otherwise incurs price hikes, faster delivery of drugs even at remote locations, comprehensive information about the benefits, side effects and composition of the drug, and better pharmaceutical care. Governments across the world have initiated various e-health projects such as e-health card in Germany, NHS National Program for IT in the UK, and e-health strategy in Sweden to benefit the ePharmacy market.

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Governments across the world have encouraged the concept of ePharmacy since it has potential for ushering the benefits for pharmacists, consumers and governments as well. Consumers aim for lower price of medicines and convenience while pharmacists aim for quantity (volume) through online portals, and these objectives are readily served by ePharmacies, which is driving the demand and is expected to continue doing so in coming years.

Owing to the huge potential displayed by this market, large number of retail pharmacists are collaborating with online portals to establish their ePharmacies. Some of the existing key players in the global ePharmacies market include Banner Health, Dr. Fox Pharmacy, Lloyds Pharmacy Ltd., eDrugstore.MD, Walgreen Co., DocMorris NV, Rowlands Pharmacy, MediSave, CVS Caremark, and PlanetRx.com.

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