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 product type, the market is segmented into hair care, skin care, dental, cold and flu, weight management, vitamins & supplements, toiletries, electrical medical devices, pet medicines, and several others. The skin care sector ruled the foremost market and registered for the maximum share during 2020. The increasing awareness about the countless benefits of utilizing the skin care products has resulted in augmenting demand over the last few years. This has also boosted the requirement for natural and organic skincare products, making it a foremost segment in this market.
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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