Market Research Report
E-Pharmacy Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||704936|
|Published||Content info||115 Pages
Delivery time: 2-3 business days
|E-Pharmacy Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: February 1, 2019||Content info: 115 Pages||
The e-Pharmacy market is projected at 15.2 % during the forecast period 2019-2024. The growth of the e-pharmacy market is attributed to a rise in the number of internet consumers, increased access to web-based and online services, and rising implementation of e-prescriptions in hospitals and other healthcare services.
E-prescription is the electronic prescribing technology that allows healthcare professionals to send the prescriptions electronically, instead of using handwritten prescriptions. Doctors are now preferring e-prescriptions, to allow patients to get easy access to medicine with the help of e-prescriptions. Countries, like the United Kingdom, are putting more efforts in the implementation of e-prescription. The NHS hospitals in England are planning to go paperless by the year 2020. This may increase the demand for e-prescription technology, rapidly, in the future. The major advantage of e-prescription is that one can easily upload their e-prescription on the ePharmacy website and order medicine online, without any hurdle. Therefore, due to the increasing implementation of e-prescriptions, uploading the prescription online has become easy and less time-consuming. Thus, all the aforementioned factors are augmenting the growth of the market.
As per the scope of the report, e-pharmacy is an online pharmacy, which operates over the internet and provides medicines to consumers through mail or shipping companies. The ePharmacy cuts down the long chain of distributors and directly provides medicine to the end user at a lesser price.
The Prescription Drugs Segment, under Drug Type, is Expected to Grow at the Fastest Rate, during the Forecast Period
The over-the-counter (OTC) segment held a maximum share in 2018, due to the high prevalence of chronic conditions, which is leading to the rising demand for various drugs and healthcare products. Furthermore, an increase in initiatives by various nations, for instance, Safe Medicines India (2016), which supported 60 new start-ups that emerged in India for online pharmacies.
The prescription drugs segment is projected to show significant growth during the forecast period, due to the increasing implementation of e-prescriptions, as well as the strict regulatory policies about the online pharmacies leading to the improved quality of drugs to be sold.
The North American Region Holds the Largest Market Share of the E-pharmacy Market and is Expected to Follow the Same Trend over the Forecast Period
North America accounts for the largest share of the market. This can be primarily attributed to more number of internet users and higher adoption to online services, which are expected to augment the growth of the market over the forecast period. Furthermore, USFDA is spreading awareness among people, about purchasing prescription medicine from online pharmacies, in order to avoid the circumstances of people falling prey to unbranded and harmful drugs.
The e-pharmacy market consists of several major players. The companies are implementing certain strategic initiatives, such as mergers, new product launches, acquisitions, and partnerships, which help them in strengthening their market position. For instance, in June 2018, CVS Health expanded safe drug disposal at CVS Pharmacy Locations in Arizona, to help combat the opioid abuse.