by E-prescription is a type of electronic prescribing technology that enables doctors to become paperless by transmitting prescriptions in a digital format rather than handwriting them. Doctors are increasingly favoring e-prescriptions in order to provide patients with convenient access to drugs. Countries like the UK are investing greater effort towards e-prescription adoption. By the year 2020, all NHS hospitals in England intend to be paperless. This might lead to a significant growth in the demand for e-prescription technologies in the future. The main benefit of an e-prescription is that it allows you to effortlessly submit your prescription to an e-pharmacy website and get drugs without any hassle. As a result of the growing use of e-prescriptions, posting prescriptions to the internet has become simple and time-saving. As a result, all of the aforementioned variables are contributing to the expansion of the global ePharmacy market.
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Over-the-counter drugs are expected to rise at a healthy clip over the next few years. Major industry trends like as pharmaceutical manufacturers switching from Rx to OTC, a growing tendency of individuals in developing countries to self-medicate, an increase in the burden of pain, and a preference for internet pharmacies are all driving segmental expansion in the global ePharmacy market.
As a result of the rising incidence of patent expiration, firms are transitioning from Rx to OTC as a counter-strategies. Furthermore, the savings on prescription costs and the cost of a clinical visit are linked to OTC drug use’s economic benefits. In emerging nations, this element has a considerable impact on vertical expansion.
In addition, the convenience of ordering medications from the comfort of one’s own home is predicted to propel the e-pharmacy industry in North America, particularly in the US. In addition, the market in North America is predicted to rise due to high concentration of market participants in the region. Use of modern technologies by major companies to improve the consumer experience of online medication buying to drive regional market.
ePharmacy refers to an intermediate between seller and consumer for the purpose of selling of medicine. It is an online platform for the sale of medicines and is also widely known as mail order pharmacy and internet pharmacy. The main benefit of ePharmacy for the consumers is that it enables the consumers to order medicines in a hassle-free and convenient fashion, right form their computer or mobile phone. This is likely to assist patients who are down with some kind of sickness and are not in a condition to go out and buy medicines from pharmacies. In addition, online platforms can aggregate supplies that are difficult to find otherwise and are made available to consumers across the country. Offline pharmacies are able to stock limited supplies, which result in consumer having to visit several stores to get it all. All these benefits are likely to support growth of the global ePharmacy market in the years to come.
Expanding at a growth rate of 12.3% CAGR over the projection period, from 2019 to 2027, the valuation of the market is expected to touch US$ 158.02 billion by the end of this period.
Some of the key players in the global ePharmacy market comprise Domzdrowia.pl SA, MediSave, CVS Health Corporation, Rowlands Pharmacy, Walgreen Co. and Giant Eagle Inc.
Convenience of e-prescriptions to Shoot up Demand in the Market
The growth of the global e-pharmacy market is mainly due to the augmented access to online and web-based services, increased use of e-prescriptions in various healthcare and hospital facilities, and widespread use of internet.
E-prescription refers to the technology of electronic prescribing that enables healthcare professionals to send prescriptions electronically in lieu of handwritten ones. Doctors are now opting for e-prescriptions in an attempt to enable patients to have hassle-free access to medications with e-prescriptions. In various countries like the UK, increased efforts are made to accelerate the use of e-prescription. The NHS hospitals in the UK are already on their way to go paperless by the end of 2020.
The primary benefit of e-prescription is that it is easy to upload e-prescription on the website of ePharmacy and order medicines over the internet. This is likely to increase the popularity of e-prescription technology in the years to come, thereby driving the growth of the global e-pharmacy market.
In addition to ease and convenience, price of medicines in online pharmacies are substantially low. It is so because there is no need to spend money on renting of warehouses and premises, and on the maintenance of a large workforce. All these factors lower the price of medicine, which is likely to encourage expansion of the global e-pharmacy market over the projection period. E-commerce companies are trying to figure out new strategies to meet up with the demand of consumers in a much efficacious and better way.
High Penetration of Internet to Propel Growth of North America Market
In the global e-pharmacy market, North America is estimated to exert dominance over the market with a sizeable share of the market. Such territorial dominance of the regions is owing to the shift in consumer preference toward online purchase of medicines and augmented penetration of high-speed internet. Furthermore, rapid growth of the e-commerce sector together with rapid expansion in the pool of elderly population is likely to influence growth of the e-pharmacy market in the region. Europe is likely to trail North America both in terms of revnue and market share.
Phenomenal rise of the e-commerce industry in Asia Pacific is likely to remain at the forefront for rapid growth of the e-pharmacy market in Asia Pacific over the projection period. Large base of population together with presence of high medical needs is expected to open up new growth avenues for the market in the region.
Key Questions Answered in Global ePharmacy Market Report
- What is the scope of growth of product companies in the global ePharmacy market?
- What will be the Y-o-Y growth of the global ePharmacy market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global ePharmacy market?
- Will North America continue to be the most profitable market for ePharmacy providers?
- Which factors are anticipated to hamper the growth of the global ePharmacy market during the forecast period?
- Which are the leading companies in the global ePharmacy market?
Global ePharmacy Market – Segmentation
Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- Japan
- China
- Indian Subcontinent (India, Pakistan, Bangladesh, Sri Lanka)
- Australasia (Australia, New Zealand, and Guinea)
- Rest of Asia Pacific
- Middle East & Africa
- GCC Countries
- North Africa
- South Africa
- Rest of MEA
- Latin America
- Brazil
- Rest of Latin America
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