Market Research Expert

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

Press Release   •   May 06, 2016 02:35 EDT

The global ePharmacy market has been propelled in recent years by the increasing penetration of the Internet in developing economies and the rising government support afforded to it across the world. ePharmacies allow consumers to have medicines delivered at their doorstep without having to visit pharmacy stores, the convenience of which has boosted the ePharmacy market in the past decade.

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ePharmacies offer several benefits to consumers, including:

Better Accessibility: Like all ecommerce enterprises, ePharmacies can be accessed from the convenience of the consumer’s home, or even from remote locations. This is a major advantage ePharmacies possess over conventional pharmacies.

Access to More Options, Information: Unlike conventional pharmacies, ePharmacies allow consumers to compare medicines to see if there are cheaper alternatives available. Due to the proliferation of multiple branded products for the same purpose, alternatives to the consumer’s first choice can often be found. This adds to the convenience of ePharmacies for consumers. ePharmacies also allow patients to search medicines according to their past medical history thanks to the rising incorporation of e-prescriptions and electronic health record systems.

Lower Costs: Like in all ecommerce avenues, medicines bought online can be significantly cheaper than those bought from conventional stores, particularly if bought in bulk.

Significant Unmet Needs in APAC Drive Demand from Global ePharmacy Market

The global ePharmacy market is dominated at present by developed regions such as North America and Europe. The established technological scenario in these regions is quite advanced and updated, making it easy for governments to introduce ePharmacy platforms. In contrast, developing markets such as Asia Pacific and Latin America are expected to become major players in the global ePharmacy market in the coming years. The high prevalence of unmet medical needs in countries such as China and India has boosted the ePharmacy market in the region. Governments in both these countries have also expressed solid support for the ePharmacy market, further enabling its smooth growth.

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