The ****** ePharmacy Market size is expected to reach USD 169.3 billion by 2028 and is expected to grow at a CAGR of 18.4% over the forecast period, according to a new report by Grand View Research, Inc. Factors driving the adoption of ePharmacy include the improved access to online & web-based services, increasing awareness regarding e-commerce amongst consumers, rise in the number of internet users, and a surge in the aging population experiencing difficulty to visit pharmacies. In addition, benefits, such as affordability, convenience, and ease in the availability of medicines, are boosting the adoption of these platforms. High treatment costs are driving the demand for low-cost healthcare services, which, in turn, is bolstering the adoption of online pharmacies owing to the lucrative offers, such as price discounts, provided by them.
The COVID-19 pandemic has positively impacted the market growth and transformed the fortunes of ePharma companies owing to increasing consumer switch from traditional buying towards online purchases of general medications and medical devices, such as oximeters, thermometers, and health supplements. As per an article published by Economic Times, in July 2021, the number of households utilizing ePharmacy services grew 2.5 times to 9.0 million during the pandemic. Thus, the ePharmacy segment has also gained significant growth during the lockdown period imposed due to the pandemic, as governments declared the delivery of medicines through e-commerce platforms as essential services.
ePharmacy Market Report Highlights
- The ****** market will witness significant growth owing to the rising internet penetration and high adoption of e-commerce platforms
- North America dominated the market in 2020 owing to the increased prevalence of chronic diseases, developed healthcare infrastructure, and penetration of IT in healthcare across the region
- Industry players in this market have significantly expanded their customer base as well as their product & service offerings to keep up with the growing needs of the consumers
- The main focus of these players is on increasing the Customer Lifetime Value (CLTV) by catering to their healthcare needs in a comprehensive manner, as various online pharmacies have started offering additional services like e-diagnostics, e-consultation, and retailing of health & wellness products
- Furthermore, a rise in the number of strategic initiatives is aiding market growth. For instance, in August 2020, Amazon India announced the launch of Amazon Pharmacy in Bengaluru, India
- This launch marked the entry of the company in the online medicine segment that has gained significant traction during the COVID-19 outbreak.