The global ePharmacy market is consolidated in nature with a few players operating in it, holding a huge share of the market, quotes a new study that has been published by Transparency Market Research. The key players in the market are focusing on several development strategies so as to increase their market penetration and further maintain their share and position throughout the forecast period.
Technological advancements, expansion of the product portfolio, and innovations are the key strategies that are being adopted by the players to witness high growth in the coming few years. Some of the leading players operating in the ePharmacy market worldwide are MediSave, eDrugstore.MD, The SANICARE Group, Rowlands Pharmacy, CanDrugstore.com, CVS Caremark, Domzdrowia.pl SA, CanadaDrugs.com, drugstore.com Inc., and Walgreen Co. Moreover, the rising mergers and acquisitions and strategic collaborations are expected to offer lucrative opportunities for the leading players in the coming few years.
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As per the research report, the global ePharmacy market stood at US$ 29.35 Bn in 2014 and it is expected to reach a value of US$128.02 bn the end of the year 2023. The market is predicted to exhibit a strong 17.70% CAGR between 2015 and 2023.
North America to Dominate Global ePharmacy Market
Among the major regional segments, North America has been holding a huge share of the global ePharmacy market and as per the study, this segment is expected to maintain its dominance throughout the forecast period. The high inclination of people towards new technology and the presence of several leading players are estimated to boost the market growth in the near future. Europe, which is expected to hold the second largest position is further expected to observe a healthy growth, thanks to the preferential shift of consumers towards online medicine purchasing and the rising penetration of high-speed internet. The rise in the disposable income and the increasing popularity of the e-commerce industry are projected to augment the growth of the ePharmacy market across Asia Pacific in the near future.
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Easy Availability of Medicines to Drive ePharmacy Market
The rising prevalence of several diseases has resulted in a high and constant demand for several drugs and other healthcare products are considered as the major factors supporting the growth of the global ePharmacy market. The rising geriatric population and the rising trend of home healthcare are further expected to boost the demand in the coming few years. The benefits offered by ePharmacy such as access to the information on the prescribed data, easy availability of drugs, and comparatively lower prices, which are further expected to augment the market growth throughout the forecast period.
On the flip side, the presence of a high number of rogue pharmacies is considered as a major challenge, which is likely to curtail the growth of the global ePharmacy market in the next few years. Moreover, the rising unregulated sales of several habit-forming drugs that are made available without a prescription, especially in developing regions that majorly lack modus operandi and further followed by online pharmacies are predicted to result in loss of confidence among people. These factors are estimated to hamper the market growth in the next few years. Nonetheless, the strict rules and regulations imposed by governments and the increasing ethical practices are expected to augment market growth in the next few years.