Convenience and availability push e-Pharma market growth
The global e-pharma market is expected to reach U.S. $109.2 billion by 2025, according to a new report by Grand View Research Inc. (grandviewresearch.com). The market is primarily driven by constant increase in the number of internet users, improved access to web-based & online services, and rapid increase in aging population who find it difficult to visit pharmacies. Convenience, affordability and ease in availability of medicines are fueling market growth.
Increase in prevalence of chronic conditions and diseases across the globe is resulting in constant growth in demand for various drugs and healthcare products. High cost of treatment is indicating the need to reduce health care cost. Online pharmacies are gaining popularity owing to lucrative offers such as price discounts that result in cost savings. In addition, increase in adoption of e-prescriptions in hospitals and other healthcare facilities are further expected to boost growth.
High unmet needs of emerging economies is one of the key driving factors. Government initiatives, increase in investments, changing regulations, and increasing penetration of internet and broadband in urban as well as rural areas are contributing to the growth of the market. Many new players are entering the market as the healthcare sector is offering huge potential to the online health retailers due to the ever growing demand for healthcare products and services.
However, growth in illegal online pharmacies is restraining the growth. These illegitimate websites may offer counterfeit and unapproved drugs, which make people skeptical about purchasing medicines online.
Further key findings suggest:
- North America held majority of the share in 2016 due to increase in online purchases, growing elderly population, and high adoption of IT in healthcare
- The U.S. is the largest market in North America owing to the presence of various key players and a large tech-savvy population
- Asia Pacific is expected to be the fastest growing segment due to the presence of emerging economies like China & India and improving infrastructure