More and more people are becoming wise to the convenience of buying their medications online. Changes in consumer habits, coupled with recent innovation in the space, have led to a significant increase in interest in the global e-commerce market, which according to a new report, will more than double in value by 2028.
An “ePharmacy” is a pharmacy that operates entirely through the Internet. It has the same functionality as a physical pharmacy, but allows customers to buy medicines online that will then be delivered to their homes. All orders are verified and verified by registered pharmacists, who then send the validated prescriptions to the stores from where the drugs are dispensed.
The benefits of ePharmacies include that they are convenient and safe for customers. In addition, they can often offer low prices and a wide variety of options. Electronic pharmacies have become increasingly popular along with a broader rise in interest in e-commerce. Today’s consumers seek convenience around every corner.
The online pharmacy market was valued at $ 60.5 million globally as of 2020, according to a new study from Zion Market Research.
The market is expected to more than double by 2028. Globally, the ePharmacy market is on track to reach a whopping $ 132.3 billion by the end of the forecast period, according to the report. This will follow expansion, which will reach 18.3% annual growth at its peak.
Reasons for growth
The growth is partly driven by the COVID-19 pandemic, which has pushed more people to rely on services online, rather than in person. The onset of the pandemic “has resulted in the strict implementation of social distancing norms and face-to-face interactions, thus driving the growth of the electronic pharmacy market,” the report explains, noting that these impacts will likely persist over the period. forecast.
Cultural factors are also playing an important role. For example, Canada and North America are seeing increased interest in e-pharmacies due to increasing geriatric populations and improved healthcare infrastructure facilities. For low- and middle-income countries, e-pharmacies make life easier for those who would not otherwise have immediate access to medicines. This is helped by a growing trend towards the use of smartphones around the world.
There is also the role of an increase in the occurrence of chronic diseases, which has led to increased demand for healthcare products and a broader increase in demand in the healthcare industry.
The global ePharmacy market is comprised of a number of large brick-and-mortar pharmacies that have expanded into the space, along with startups that have gained prominence.
The report names The Walgreens Company, CVS Health, Walmart, The Kroger Co., OptumRX, and Express Scripts Holdings Company as some of the largest companies in the electronic pharmacy industry. A reflection of the competition in this market today, both Walmart and Amazon recently implemented customer benefit programs offering savings on prescription drugs in an effort to stand out.
The significant growth of this market has also opened the door for entrepreneurs, with a handful of startups taking advantage of the momentum with great success. For example, Capsule, an online pharmacy started in 2015, surpassed a valuation of $ 1 billion in April this year after a new round of equity financing.