E-Pharmacy is the online podiums for purchasing via mobile technology means which are provided at the consumer’s location. Online pharmacy developed the customer’s easiness and admittance amongst the individuals who cannot go out for buying the medicines. Apart from this, the E-pharmacy also proposes the competitive pricing which thereby allows the less affluent individual to afford medicines.
According to the report analysis, ‘GCC E-Pharmacy Market: Current Analysis and Forecast (2021-2028)’ states that with the effective augment in implementation of information technology in the healthcare industry and lockdown limitations around the region, several pharmacies are going online and are linking the patients and retail pharmacy stores to plan or order their medications through the webpage or application of that pharmacy.
In addition, the growth of the e-pharmacy market is accredited to an increment in the number of internet consumers, augmented admittance to web-based and online services, and the increasing implementation of e-prescriptions in hospitals and several other healthcare services.
The effective growth in penetration of the internet around the globe, advancing the digitalization of healthcare services, and an augment in number of tech-savvy consumers are the foremost factors booming the market growth. The effective growth in consumer preference for online purchases with an augmented aim on convenience is also supporting the market growth. In addition, growing implementation of digital technologies and e-commerce in the healthcare segment is projected to influence the entire growth as it offers informal access that suggestively benefits chronic elderly patients from nuclear families, as well as patients that are not in a disorder to go out.
Although, the boom in the healthcare segment coupled with high operational price has created the require to cut functional costs with the implementation of e-Pharmacy solutions. The augmenting prevalence of chronic circumstances is leading to an augment in the requirement for several healthcare products, comprising drugs. This signifies the growing penetration of online modes of drug procurement around the globe.
Furthermore, the proficient growth in geriatric population is projected to propel the growth of the market. Affluence of operation, growing digitalization, and increasing number of beneficiaries record-keeping under Medicare are some of the aspects helping the growth. Moreover, for a better understanding of the market adoption of the e-pharmacy market, the market is analyzed based on its presence in the countries such as Saudi Arabia, United Arab Emirates, Qatar, Oman, Bahrain, and Kuwait. Saudi Arabia is one of the major countries which constitutes a major e-pharmacy market in GCC over the past few years and generated significant revenue in 2020.The effective growth in adoption of e-commerce, increasing geriatric population, growing online sales, developed healthcare infrastructure, and positive attitude towards the implementation of new technologies are some of the foremost factors investing to the regional market growth. The moving trend towards the direct-to-patient model as the digital world has opened doors to consumer-friendly online involvements and other advanced services is further propelling the entire market growth around GCC countries.
In the near future, it is anticipated that the E-pharmacy market in the GCC region is predicted to register the greatest CAGR throughout the review period. This majorly due to it is expected that there will be an augment in the number of strategic initiatives by several public and private organizations, and the market across the GCC region is projected to augment at a speedy pace around the coming years.
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Ankur Gupta, Head Marketing & Communications