05 July 2019 – ePharmacies have grown significantly with the emergence of eCommerce. Market Research Future’s report on the global ePharmacy Market records several pertinent factors along with key facts and figures of the market. Promising growth is expected during the forecast period. Increasingly, the internet has become a large marketplace where one can source anything. Medical items and pharmaceuticals bought online via ePharmacies primarily cater to making acquiring medicines as convenient as possible.
The penetration of smartphones has greatly increased internet usage. Internet plans are widely and cheaply available worldwide, making ordering medicines very easy. Increasingly, people from every walk of life have easier access to web-based or online services, thus limiting the outreach for ePharmacies only by geography. Convenience and ease of affordability are two key factors driving the growth of the global ePharmacy market.
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Medicated skin creams and other items commonly available in pharmacies which are associated with health but available OTC can also be purchased on ePharmacies creating a one-stop shopping experience of a pharmacy online. Increasing prevalence of chronic diseases, as well as the common cold, has increased demand for pharmaceuticals. However, the high cost of treatments and doctors visit for pharmaceuticals have increased the demand for online pharmacies as they offer discounts and overall cost efficiency. Another factor of note is the global increase in the geriatric population. Aged individuals with health problems may find it difficult to move around and can avail the convenience of ePharmacies, thus driving the growth of the market.
The potential for ePharmacies is currently high, and the market is witnessing the entry of many new players looking to leverage the high demand for healthcare and pharmaceutical products. However, it should be noted that the presence of illegal pharmacies which sell prescription drugs over the counter or counterfeit drugs are expected to hamper market growth as consumers are often skeptical about buying from unverified sources. Opportunities for the market are expected to be found primarily in emerging economies due to the rising number of government initiatives which are expected to encourage market growth.
The global ePharmacy market is segmented on the basis of drug type, product type, and region. Drug types available via ePharmacies include prescription drugs, and over the counter (OTC) drugs. Product types available in ePharmacies have been segmented into dental, skin care, vitamins, cold & flu, weight loss, and others.
The global division of the market segments regions into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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