The 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.
North America ePharmacy market, by country, 2014 – 2025 (USD Billion)
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Key Takeways Of The Report :
- 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.
ePharmacy market, by region, 2016 (%)
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Grand View Research has segmented the ePharmacy market on the basis of region:
e-Pharma Regional Outlook (Revenue, USD Million, 2014 – 2025)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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