The global ePharmacy market is expected to reach USD 109.2 billion by 2025, according to a new report by Grand View Research, Inc. The market is primarily driven by a constant increase in the number of internet users, improved access to web-based & online services, and a rapid increase in the aging population who find it difficult to visit pharmacies. Convenience, affordability, and ease in availability of medicines are fueling the market growth.
An increase in the prevalence of chronic conditions and diseases across the globe is resulting in constant growth in demand for various drugs and healthcare products. The high cost of treatment is indicating the need to reduce health care costs. Online pharmacies are gaining popularity owing to lucrative offers such as price discounts that result in cost savings. In addition, an increase in the adoption of e-prescriptions in hospitals and other healthcare facilities is further expected to boost growth.
The high unmet needs of emerging economies are one of the key driving factors. Government initiatives, an increase in investments, changing regulations, and increasing penetration of the 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 online health retailers due to the ever-growing demand for healthcare products and services.
However, growth in illegal online pharmacies is restraining growth. These illegitimate websites may offer counterfeit and unapproved drugs, which make people skeptical about purchasing medicines online.
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EPharmacy Market Report Highlights
• North America held the majority of the share in 2016 due to an 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
• Some of the key players are The Kroger Co., Walgreen Co.; Wal-Mart Stores, Inc.; CVS Health; Express Scripts Holding Company; Giant Eagle, Inc.; DocMorris (Zur Rose Group); Rowlands Pharmacy; and OptumRx, Inc.
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EPharmacy Market Segmentation
Grand View Research has segmented the ePharmacy market on the basis of region:
e-Pharma Regional Outlook (Revenue, USD Million, 2014 – 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
• South Africa
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About Grand View Research
Grand View Research is a market research and consulting company registered in the State of California having its headquarters in San Francisco. The company offers syndicated research reports, customized research reports, and consulting services. With Grand View Research, you get an opportunity to understand market trends, insights, and business statistics from a strategic standpoint. With a deep-seated understanding of many business environments, Grand View Research offers business and market intelligence studies and accomplishes more than 300 multi-country market studies.
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