ePharmacy Market: Increasing Shift towards E-commerce Purchases Marks Lucrative Growth Prospects

The ePharmacy market is presently at a nascent stage and is yet to achieve its full potential. However, the multitude of benefits offered by ePharmacies can lead the ePharmacy market to develop at a cracking pace. This is because ePharmacies can address a number of limitations of brick and mortar stores for dispensing medication. This includes easy availability of drugs even in remote locations, availability of medical records in electronic format, and others. 

According to a recent report published by Transparency Market Research, the global ePharmacy market was worth US$29.35 bn in 2014. Rising at a phenomenal CAGR of 17.7% between 2015 and 2023, the valuation of the market is expected to be US$128.02 bn by 2023.

Q. What are the various factors driving the growth of ePharmacy market?

A. First and foremost, ePharmacy enables consumers to order drugs from the convenience of their homes using a smartphone or tablet and receive them at their doorstep. The service is particularly useful for patients or elderly people who are not in a condition to step out to a physical store. ePharmacies have a number of advantages such as availability of drugs at lower prices as compared to brick and mortar stores due to elimination of long distribution channels, faster delivery of drugs, and comprehensive information about drug composition and their benefits and side-effects.

Q. What lies in store for the growth of ePharmacy market?

A. The rising trend of e-health in many parts of the world is expected to benefit the ePharmacy market. Governments across the world have introduced e-health programs such as e-health care in Germany, e-heath strategy in Sweden, and in the U.K. the NHS National Program for IT.

Several governments across the world are encouraging the use of ePharmacy services as it offers several benefits over brick and mortar stores. ePharmacies are beneficial to consumers for availability of medicines at lower prices and from the convenience of their homes, while pharmacists aim for quantity using online sites. These objectives are readily met by ePharmacies, which is favoring the growth of ePharmacy market. Furthermore, a large number of retail pharmacists are partnering with ePharmacy stores to establish their online stores.


Q. How are regional markets faring in terms of growth in the ePharmacy market?

A. In 2014, North America stood as the leading revenue contributor to the global ePharmacy market followed by Europe. Europe is anticipated to the most rapidly developing regional market for ePharmacy and is expected to surpass the North America ePharmacy market in terms of market size by 2023. In Europe, increasing popularity of high speed internet and increasing shift of consumers for online shopping are driving the ePharmacy market. Germany is the leading domestic market for ePharmacy in Europe owing to cross border trade pioneered by DocMorris.

The rising popularity of e-commerce in Asia Pacific is expected to bode well for the ePharmacy market in this region.

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