ePharmacy Market to Reach US$128.02 bn by 2023 Boosted by Greater Internet Penetration

Internet pharmacy or epharmacy is an online platform, which acts as an intermediate between the seller and consumer for the sale of medicines. ePharmacies are gaining popularity across the globe owing to the many benefits they offer, including easy access to complete information on prescribed drugs, low or discounted drug prices, and round-the-clock delivery of drugs. It is not necessary for the patients to be physically present at a store to buy required medicines, making ePharmacies a convenient option. The ePharmacies market is expected to grow rapidly due to the development of government regulations and ethical practices.

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ePharmacies serve many needs such as easy access to medical records and easy availability of medicines in remote areas. Thanks to the development of ePharmacies, consumers can easily procure drugs via a tablet or smartphones. ePharmacies are a boon for patients who are seriously ill and need medicines urgently. However, the rising illegal sale of controlled prescription drugs is expected to hamper the growth of the global ePharmacy market in the years to come. Sales of medicines through ePharmacies can also lead to incidents of self-medication or drug abuse, which can be avoided with the integration of advanced technologies associated with drug delivery procedures.

Based on geography, the global epharmacy market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East. In 2014, in terms of revenue, the global epharmacy market was dominated by North America, followed by Europe. Europe is expected to be the fastest growing market in the global epharmacy market by 2023 due to factors such as the increasing penetration of high-speed internet and the increasing preference for buying medicines online. In the next few years, Asia Pacific is predicted to display lucrative growth due to the increasing spread of the e-commerce industry.

Some of the key players operating in the global epharmacy market are CanDrugstore.com, Lloyds Pharmacy Ltd., Domzdrowia.pl SA, Walgreen Co., Rowlands Pharmacy, CVS Caremark, PlanetRx.com, drugstore.com Inc., The SANICARE Group, eDrugstore.MD, and CanadaDrugs.com. The entry of new ePharmacies is expected to make the global ePharmacy market highly competitive in the years to come.

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From essentials to luxury products, everything is available on the internet via various retail platforms. The healthcare and medical sector are no exception. Over the past few years, there has been an increase in the number of people depending on online retail stores for their medicines. The increasing pool of people buying medicines from renowned epharmacies is expected to thus propel the global epharmacy market in the years to come.

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ePharmacy

ePharmacy or Internet pharmacy or online pharmacy is an online platform which acts an an intermediary between consumer and the seller for the sale of medicines via online retail platforms. ePharmacies are increasingly becoming popular owing to the benefits it offers such as lower price, access to comprehensive information on prescribed drug, round the clock delivery of medicines, and easy availability of drugs that are otherwise difficult to find. Patients do not have to physically visit the pharmacy store to procure medicines; rather, they can just upload the prescription from doctor on the ePharmacy portal and receive the necessary medicines at their doorsteps.

The market for ePharmacies is yet to achieve full potential in with the development of ethical practices and government regulations supporting the growth of ePharmacy market. ePharmacies can address number of concerns such as easy availability of drugs even in remote locations, medical records of patients, and others. With the help of ePharmacies, consumers can procure drugs from the convenience of their homes via smartphone or a tablet. This can largely help patients those who are severely ill and are not in a condition to go to a brick-and-mortar pharmacy. Additionally, ePharmacies can store large amounts of consumer medical data that can be useful in planning public health policies. Ease in procuring the prescription drugs has boosted the market for ePharmacies; however, it also encouraged the illegal sale of controlled prescription drugs. The sale of drugs through ePharmacies may also result in incidents of self-medication and drug abuse, which can be prevented with the integration of most advanced technologies with drug delivery processes.

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The global market for ePharmacies was valued at US$ 29.35 Bn in 2014 and is expected to grow at a CAGR of 17.7% during the forecast period from 2015 to 2023. In 2014, North America was the largest contributor to the global ePharmacy market, in terms of revenue, followed by Europe. Europe is expected to be the fastest growing regional market for ePharmacies, and is estimated to surpass the market size reported by North America in 2023. The major factors driving the growth of ePharmacies market in Europe include increasing penetration of high speed Internet and consumer shift towards online purchase of medicines. Germany is leading the European ePharmacy market attributed by cross border trade which was pioneered by DocMorris. Asia Pacific is projected to display lucrative growth owing to the growing popularity of e-commerce industry, thereby resulting in the market growth of ePharmacies and increasing disposable incomes.

Some of the leading ePharmacies globally, include CanDrugstore.com, drugstore.com Inc., Lloyds Pharmacy Ltd., The SANICARE Group, Domzdrowia.pl SA, eDrugstore.MD, Walgreen Co., CanadaDrugs.com, Rowlands Pharmacy, MediSave, CVS Caremark, CanAmerica Drugs, Inc., and PlanetRx.com. These players are implementing various marketing strategies to increase their share in the market and gain more popularity and consumer acceptance. Marketing initiatives, technological advancements, and switching to different business models are some important strategies adopted by these players. With the potential opportunities displayed by ePharmacies in the untapped markets in Asia Pacific and Latin America, more number of new players are emerging in this segment. The product range offered by these players is expected to increase competition among the players since consumers will have options to choose from.

ePharmacies are a Boon for Patients who are Seriously Ill and Need Medicines Urgently

ePharmacy or Internet pharmacy or online pharmacy is an online platform which acts an an intermediary between consumer and the seller for the sale of medicines via online retail platforms. ePharmacies are increasingly becoming popular owing to the benefits it offers such as lower price, access to comprehensive information on prescribed drug, round the clock delivery of medicines, and easy availability of drugs that are otherwise difficult to find. Patients do not have to physically visit the pharmacy store to procure medicines; rather, they can just upload the prescription from doctor on the ePharmacy portal and receive the necessary medicines at their doorsteps.

The market for ePharmacies is yet to achieve full potential in with the development of ethical practices and government regulations supporting the growth of ePharmacy market. ePharmacies can address number of concerns such as easy availability of drugs even in remote locations, medical records of patients, and others. With the help of ePharmacies, consumers can procure drugs from the convenience of their homes via smartphone or a tablet. This can largely help patients those who are severely ill and are not in a condition to go to a brick-and-mortar pharmacy. Additionally, ePharmacies can store large amounts of consumer medical data that can be useful in planning public health policies. Ease in procuring the prescription drugs has boosted the market for ePharmacies; however, it also encouraged the illegal sale of controlled prescription drugs. The sale of drugs through ePharmacies may also result in incidents of self-medication and drug abuse, which can be prevented with the integration of most advanced technologies with drug delivery processes.

Know the Importance of ePharmacies: http://bit.ly/2cA5qOb

The global market for ePharmacies was valued at US$ 29.35 Bn in 2014 and is expected to grow at a CAGR of 17.7% during the forecast period from 2015 to 2023. In 2014, North America was the largest contributor to the global ePharmacy market, in terms of revenue, followed by Europe. Europe is expected to be the fastest growing regional market for ePharmacies, and is estimated to surpass the market size reported by North America in 2023. The major factors driving the growth of ePharmacies market in Europe include increasing penetration of high speed Internet and consumer shift towards online purchase of medicines. Germany is leading the European ePharmacy market attributed by cross border trade which was pioneered by DocMorris. Asia Pacific is projected to display lucrative growth owing to the growing popularity of e-commerce industry, thereby resulting in the market growth of ePharmacies and increasing disposable incomes.

 Some of the leading ePharmacies globally, include CanDrugstore.com, drugstore.com Inc., Lloyds Pharmacy Ltd., The SANICARE Group, Domzdrowia.pl SA, eDrugstore.MD, Walgreen Co., CanadaDrugs.com, Rowlands Pharmacy, MediSave, CVS Caremark, CanAmerica Drugs, Inc., and PlanetRx.com. These players are implementing various marketing strategies to increase their share in the market and gain more popularity and consumer acceptance. Marketing initiatives, technological advancements, and switching to different business models are some important strategies adopted by these players. With the potential opportunities displayed by ePharmacies in the untapped markets in Asia Pacific and Latin America, more number of new players are emerging in this segment. The product range offered by these players is expected to increase competition among the players since consumers will have options to choose from.