E-pharmacy denoted to as online pharmacy, internet pharmacy is a form of pharmacies functioning over the internet and conveys drugs, medicines order to the consumers. With the assistance of this technology, patients can order the medicines with the usage of internet and get them conveyed to their doorsteps. E pharmacy demands two operating components for dispensing prescription medicines. It proposes countless advantages such as convenience, time-saving, less expensive, variety of choices, drug approval, and countless others.
According to the report analysis, ‘e-Pharmacy Market: Current Analysis and Forecast
(2021-2027)’ states that the effective growth in geriatric
population is augmenting the chances of chronic diseases and boosting the requirement
for online Pharmacy for the informal delivery of medicines and healthcare
devices. Whereas, some aspects that will restrict the growth of this market
comprise the augmenting fraud activities and strict adherence to regulatory
guidelines. Also, the increasing security and privacy concern among customers
is predicted to limit the growth of this market throughout the forecast period.
Throughout the COVID-19 pandemic, the e-Pharmacy market has witnessed
healthy growth. The lockdown boundaries and social distancing have functioned
as a propelling factor for over the counter and prescription drug buys over the
internet. For instance, on 12 July 2021, the leading pharma entities such as
Sun Pharma, Lupin, Cadila Healthcare, Torrent Pharma, Dr. Reddy's Labs, and
Cipla have come together to contribute in a healthcare services firm ABCD
Technologies (to be renamed as IndoHealth Services) with an aim of digitalizing
healthcare infrastructure around India.
Based on platform, the market is segmented into
business-to-business (B2B) and business-to-consumer (B2C). The business-to-consumer
(B2C) segment gripped the major market during 2020 and accounted for the
maximum revenue throughout the forecast duration. The e-pharmacies works on the
collaboration with foremost companies and deliver the survives direct to
consumers and that is why delivering the medicines at lesser prices which is
the foremost factor propelling the growth of this segment.
For a better understanding of the market implementation of the
e-Pharmacy market is analyzed based on its worldwide existence in the countries
such as North America (United States, Canada, and the Rest of North America),
Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe),
Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), GCC (Saudi
Arabia, UAE, Kuwait, Bahrain, Qatar, Oman) and Rest of World. North America institutes
a major market for e-Pharmacy and created maximum revenue during 2020 due to
the high government funding, robust personal healthcare spending, developed
awareness programs, speedy acceptance of new analytical techniques, and the existence
of skilled workforces.
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