What are the Key Factors driving the ePharmacy Market?
by Susan Hill Business ConsultantThe global ePharmacy market is expected to reach
USD 109.2 billion by 2025, according to a new report by Grand View Research,
Inc. The market is primarily driven by constant increase in the number of
internet users, improved access to web-based & online services, and rapid
increase in aging population who find it difficult to visit pharmacies.
Convenience, affordability, and ease in availability of medicines are fueling
market growth.
Increase in prevalence of
chronic conditions and diseases across the globe is resulting in constant
growth in demand for various drugs and healthcare products. High cost of
treatment is indicating the need to reduce health care cost. Online pharmacies
are gaining popularity owing to lucrative offers such as price discounts that
result in cost savings. In addition, increase in adoption of e-prescriptions in
hospitals and other healthcare facilities is further expected to boost growth.
High unmet needs of emerging
economies is one of the key driving factors. Government initiatives, increase
in investments, changing regulations, and increasing penetration of internet
and broadband in urban as well as rural areas are contributing to the growth of
the market. Many new players are entering the market as the healthcare sector
is offering huge potential to the online health retailers due to the ever
growing demand for healthcare products and services.
However, growth in illegal
online pharmacies is restraining the growth. These illegitimate websites may
offer counterfeit and unapproved drugs, which make people skeptical about
purchasing medicines online.
Further Key Findings from the Report Suggest:
- North America held majority of the share
in 2016 due to increase in online purchases, growing elderly population,
and high adoption of IT in healthcare
- The U.S. is the largest market in North
America owing to the presence of various key players and a large
tech-savvy population
- Asia Pacific is expected to be the
fastest growing segment due to the presence of emerging economies like
China & India and improving infrastructure
- Some of the key players are The Kroger
Co., Walgreen Co.; Wal-Mart Stores, Inc.; CVS Health; Express Scripts
Holding Company; Giant Eagle, Inc.; DocMorris (Zur Rose Group); Rowlands
Pharmacy; and OptumRx, Inc.
Access full research report on global ePharmacy
market:
www.grandviewresearch.com/industry-analysis/epharmacies-market
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Created on Mar 20th 2020 08:46. Viewed 363 times.