The Global Epharmcy Market, much like the global e-retail industry, has seen the entry of a large number of players in developed as well as developing economies with high-speed and consistent internet connections and a large consumer base of smart computing devices, observes Transparency Market Research in a recent report. The market is strictly regulated in developed economies across North America and Europe, wherein ePharmacies are registered with a central drug enforcement or advisory authority and are required to conform to specific norms, with only lawfully registered pharmacies allowed to sell drugs. Owing to the vast growth potential displayed by the market, several retail pharmacists in these regions are partnering with online portals to establish their ePharmacies.
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In a number of developing economies, however, many rogue ePharmacies have mushroomed over the years and drug enforcement authorities are taking major steps to make the ePharmacy marketplace more regulated. Developments in this direction will put a rein on the rapidly rising numbers of ePharmacies, especially in regions such as Asia Pacific and Latin America. These regions are also the ones with the most promising growth opportunities owing to the presence of high-speed internet connectivity and a large consumer base of mobile computing device users. Thus companies in the relatively novel marketplace could find promising growth opportunities in these regions as the ePharmacy market becomes more regulated.
Transparency Market Research estimates that the global ePharmacy market will exhibit an impressive CAGR of 17.5% over the period between 2015 and 2023, taking a massive leap from a valuation of US$29.35 bn in 2014 to an opportunity of US$128.02 bn by 2023.
Europe to Outpace North America, Claim the Top Spot
From a geographical standpoint, the ePharmacy market in North America is presently the leading contributor of revenue to the global market. The region accounted for a nearly 37% of the global market in 2014, followed by Europe. Over the report’s forecast period, however, Europe is projected to lead the way, outpacing North America in terms of revenue generation. The market in Asia Pacific is expected to remain filled with promising growth opportunities and become more regulated over the forecast period. Emerging economies such as China and India and developed ones including Japan and South Korea will be at the forefront of development of the Asia Pacific ePharmacy market over the report’s forecast period.
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Increased Consumer Confidence in e-commerce Sector to Drive Market
The key factors driving the global market for ePharmacies is the increased consumer confidence about the e-commerce industry, convenience offered by ePharmacies, faster drug delivery even at remote locations, and availability of detailed data pertaining to composition, benefits, and side-effects of drugs on online portals. Vast benefits of ePharmacies to consumers (convenient delivery options and cheaper costs due to elimination of several layers of distribution) as well as pharmacies (possibility of reaching out to a larger patient pool), government bodies are also encouraging the ePharmacy sector. Attempts by government bodies aimed at regularizing the ePharmacy industry across a number of high-growth promise regional markets will usher the growth opportunities for players in the global ePharmacy market.
Presence of Several Rogue ePharmacies could Hamper Customer Trust
In unregulated regional markets, the high number of rogue pharmacies makes it difficult for legitimate players to make their mark and earn back the trust lost in the online mode of operation for pharmacies. This, combined with the potential abuse of spurious or habit forming medicines that may be sold without the required prescription, especially in regions where there is no regulatory check on the modus operandi followed by online pharmacies, could hamper consumer trust in ePharmacies, hindering the growth prospects of the global ePharmacy market.
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