The E-Pharmacy Market is likely to expand at a stellar CAGR after recent improvements in marketing and delivering pharmaceutical products at the doorstep of customers. According to a report by Fortune Business Insights, titled ‘E-Pharmacy: Global Market Analysis, Insights and Forecast,’ the market is likely to grow in the coming years due to rapid adoption and an increasing demand for doorstep- deliverable medicines.
The initial drawbacks in limitations of delivering prescription based drugs have now been overcome. Customers have the option of uploading prescriptions, online, and after verifications, prescription drugs can be delivered too. Growing penetration of internet in the e-pharmacy market in the recent years has been a major driving factor. According to research statistics by the World Bank, in 2010, around 34% of the population in China was using internet and this was estimated to rise to almost 54% by 2016. Such high internet usage indicates more end-user coverage in the global e-pharmacy market. The global e-pharmacy market is likely to grow in the forecast period, due to increasing demand for deliverable medicines.
Increasing Initiatives and Awareness Programs by Governments Around the World, to Boost the Market
E-Pharmacy involves delivering medicines at the customer’s doorstep with the option of digital payments. As governments are promoting digital payments, they are encouraging people to adopt e-pharmacy. Numerous initiatives and programs have been conducted to promote e-pharmacy and spread awareness regarding the advantages and ease-of-use for adopting e-pharmacy. Such initiatives are likely to have a positive impact on the global market in the forthcoming years.
- Key mergers and acquisitions
- Key strategies of leading market players
- Regulatory scenario for key countries
- Key start-ups with their funding overview
Technological Advancements in E-commerce is boosting E-Pharmacy Market, Globally
E-commerce plays a major part in the global e-pharmacy market. The advent of features such as live tracking, time for deliver, availability of products, and quick delivery options are major factors why e-pharmacy is being adopted at a rapid pace. Furthermore, e-commerce eliminates the need to set-up retail chains or medical stores for companies that have invested in this market. E-commerce bodes well for customers as well as companies, as customers may benefit from getting to order medicines from their homes and companies can manage to deliver right from storehouses or warehouses. The aforementioned factors are boosting the global market are likely to favor growth of this market in the forecast period.
Strict FDA Regulations Ensure that only Genuine Medicines Are Marketed and Delivered
In the early years of e-pharmacy, there were reports of false and illegal drugs being delivered. The regulatory authorities around the world were quick to identify this and took rapid steps to sieze and stop such false product deliveries. Strict rules have been imposed to ensure and verify that fake drugs are not being manufactured and delivered. These steps have led customers to be rely on e-pharmacy and this has boded well for the global market.
Some of the leading companies that are operating in the global e-Pharmacy market worldwide are MediSave, The SANICARE Group, eDrugstore.MD, Rowlands Pharmacy, CVS Caremark,CanDrugstore.com, Domzdrowia.pl SA, drugstore.com Inc, CanadaDrugs.com, and Walgreen Co.
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