Market Research Report
E-Pharmacy Market - Forecasts from 2020 to 2025
|E-Pharmacy Market - Forecasts from 2020 to 2025|
Published: November 12, 2020
Knowledge Sourcing Intelligence
Content info: 131 Pages
Delivery time: 1-2 business days
The e-pharmacy market is projected to grow at a CAGR of 25.67% to reach US$117,500.247 million by 2025 from US$29,829.714 million in 2019. As the global economy prepares to weather the storm of the current global pandemic called CoVid19 where a few nations registered an alarming number of demises at this day and age, it is stark confirmation that global burden of chronic disease, the incidence of infection and an expanding geriatric patient pool require prophylactic and therapeutic services that will further increase in the near future consequently increasing the need for medication therapy. Moreover, the increasing adherence to unhealthy diet, behavioral risks like drinking and smoking among the majority of the population will lead to a further rise in disease prevalence that is poised to drive the E-Pharma Market. Moreover, due to the ubiquitous nature of the internet and ongoing market penetration that has resulted in the global netizens and with the numbers rising the e-pharma market is further poised to grow during the forecast period and beyond.
Moreover, stringent policy measures to uphold transparency in a pharmaceutical business transaction is expected to further catapult the E-Pharma Market. Moreover, the growing realization of prospects in this space is giving way for investments like that of US$ 7.2 million by a Korean investment firm Redwood Global Healthcare Fund in Gurugram (India) based 1mg Technologies Pvt. Ltd. Besides the prevalence of disruption in almost every industry is also another factor that is poised to drive the e-pharma market as a means to supplant an outdated system that adds to the woes of a patient. To this end, in March 2020 an online pharmacy and prescriber called e-Surgery were established in the UK with an objective to reduce greenhouse gas emissions and curve an ecosystem that will support the electronic prescriptions that are already in effect in the UK. The primary reason is to enable patients to access prescription medication for common conditions without having to see their doctors. With this option, the medication gets delivered to the patients 100% recyclable and biodegradable packaging after going through a few steps. Thus, growing investment in and innovation in the online pharmacy space will throttle the expansion of e-pharma market over the coming period. However, stringent and changing regulatory policies may impede e-pharmacy industry growth to a certain extent over the forecast periods.
The segment that is expected to fuel the growth of the e-Pharma Market is Over-the-drugs (OTC) drug category. Due to the fact that no prescription is required and along with the convenience that the e-Pharma facility extends, customer adoption will rise and become a growing customer preference. Further, the various products that come under the ambit of dermatology too will push the E-Pharma Market to a new echelon during the forecast period. This is due to the growing preference and demand for cosmetic and aesthetic products. To facilitate such a trend and to set new ones in the E-Pharma Market a Singapore based Singapore-based health-tech startup Gmedes has developed the G-Meds app to enable doctors, clinics, and hospitals to prescribe, bill, and deliver medicines to their patients. The app handles both the front- and the back-end compliant processes, which are inclusive of but not limited to, delivery, customs clearing, logistics tracking, and import taxes. It plans to use the new funds to establish partnerships to implement the G-Meds service for medical institutions across Singapore, Indonesia, China, Malaysia, the Philippines, and Indochina. With South East Asia becoming a major global tourism hub the time just apt for the rollout of such a service. It serves areas like cardiology, respiratory, arthritis, and rheumatoid arthritis, dermatology, and mental health.
From a national perspective, Estonia is one of the first to launch a countrywide e-prescription system that was initiated by the Estonian Health Insurance Fund, which witnessed an 84% of prescriptions being issued digitally. In Estonia, the e-prescription system provides an overview of all prescriptions issued for a patient and with this information, it is possible to evaluate any interactions between pharmaceuticals prescribed by different doctors. 2020, marks the 10th anniversary of the e-prescription service. Thus, with nations making it a policy imperative to steer its citizens to adopt the e-Pharma facility is another aspect that will drive the growth of the e-Pharma market during the forecast period. Further, a large patient pool is nearing old age or is already old along with chronically ill patients, the e-Pharmacies reduces the dependency on others to procure medicine and healthcare supplies. The plethora of benefits that e-Pharma has to offer is also enthusing large corporations as exemplified by Amazon's foray into this space with the acquisition of PillPack, a small Boston based company that had obtained a license to sell prescription drugs in all US states, and was a digital service from the very commencement of its operations. This was also advantageous for Amazon since it could evade all sots of legislative difficulties involved in the sale of prescription drugs.
By Drug Types