Global ePharmacy Market to Reach US$128.02 bn by 2023 Boosted by Greater Internet Penetration

ePharmacy, also called as internet pharmacy or online pharmacy, is a platform acting as an intermediary between sellers and consumers for selling medicines through online retail platforms. There are a number of advantages of using ePharmacies, owing to which their popularity is increasing globally. Major advantages include easy access to wide-ranging information related to prescribed drugs, low costs, and delivery of medicines at any time of the day.

Additionally, drugs that otherwise are not easily available can also be easily purchased via ePharmacies. They also save the hassle of personally visiting a pharmacy store for purchasing medicines and instead doctor’s prescriptions are uploaded on the portal of ePharmacies and the required drugs are delivered at the given address of the patients. Additionally, drug availability in remote locations and storage of a large amount of consumer medical data that can be used to form public health policies are also amongst the key benefits related with the usage of ePharmacies.

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Availability of High-speed Internet to Boost ePharmacy Market

The global ePharmacy market is yet to achieve its full potential and is being highly supported by governments worldwide. Increasing geriatric population, rising availability of high-speed internet, advancement of healthcare IT infrastructure, and rising work pressure on pharmacy stores are amongst the prime factors fuelling the ePharmacy market. In addition, quick order filling and on-time delivery of pharmacy services are also stimulating the demand for ePharmacies.

On the other hand, factors such as the huge cost of initial setup and a number of errors that occur while dispensing data may restrain the growth of the market in the coming years. In addition, a number of rigid regulatory requirements being imposed on ePharmacy systems owing to numerous issues taking place during quality assurance may also hamper the growth of the ePharmacy market. Usage of ePharmacies may result in incidents of drug abuse and self-medication and these factors may impede the overall growth of the market. Furthermore, presence of a huge number of rogue ePharmacies may restrain customer trust, thus impeding the growth of the overall market.

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North America ePharmacy Market Emerges as the Biggest Market

In terms of geography, the ePharmacy market is segmented into Europe, North America, Latin America, the Middle East and Africa, Asia Pacific. Amongst these, on the basis of revenue, North America emerged as the biggest market for ePharmacy and is trailed by Europe. Europe is predicted to be the most swiftly developing market for ePharmacy and is anticipated to surpass North America by 2023. The prime factors stimulating the Europe ePharmacy market include growing consumer preference for online purchase of medicines and rising availability of high-speed internet. In Europe, Germany held the biggest share in the market. On the other hand, Asia Pacific is predicted to exhibit lucrative opportunities for ePharmacy due to increasing popularity of the industry for e-commerce in this region.

Major players have adopted a number of competitive strategies to acquire a dominant position in the market. The top players operating in the ePharmacy market include CanDrugstore.com, drugstore.com Inc., Lloyds Pharmacy Ltd., The SANICARE Group, Domzdrowia.pl SA, eDrugstore.MD, Walgreen Co., CanadaDrugs.com, Rowlands Pharmacy, MediSave, CVS Caremark, CanAmerica Drugs, Inc., and PlanetRx.com, among others.

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