Published By : 29 Dec 2016 | Published By : QYRESEARCH
With the widespread outreach of the Internet in the past decade, there has been a dramatic shift in the buying behavior of customers owing to increased online purchasing. From essentials such as groceries and apparel to luxury products, almost everything is available for purchase on online retail platforms. The healthcare sector is no exception to this online retail trend, with pharmacies punching on the emergence of e-commerce. With advantages such as round-the-clock availability and delivery of drugs, access to comprehensive information on the prescribed drugs, and knowledge of cost-effective substitutes, the global market for ePharmacy is expected to experience a surge in growth in the near future.
According to a recent study by Transparency Market Research (TMR), the global market for ePharmacies was valued at US$29.35 bn in 2014. Rising at a robust CAGR of 17.5% during the forecast period of 2015 to 2023, the TMR report estimates the valuation to reach US$128.02 bn by the end of 2023.
Asia Pacific and Latin America Presenting Lucrative Market
Changing consumer lifestyle, a growing number of tech-savvy people and the ease of access are some of the important factors driving the growth of ePharmacies globally, particularly in Europe and North America, the North American countries that have robust data connectivity. However, this industry is yet to get on its feet in Asia Pacific, Latin America, and the Middle East. Incessant technological innovations and growing investment in research and development activities have resulted in the discovery of a number of drugs. Moreover, globalization and free trade policies have creased huge growth potential for the pharmaceutical industry. With deepening Internet penetration and the emergence of new companies in this segment, the product range offered by companies would increase and provide more purchasing options for consumers.
Plenty of Opportunity Available for Current and New Players
Some of the key players dominating the global ePharmacy market include CVS Caremark and Walgreen Co., while other players such as Rowlands Pharmacy and DocMorris NV Ltd are identified as emerging players. Players such as Lloyds Pharmacy and eDrugstore.MD are amongst the promising players in the BIM market with strong market position and relatively median growth as compared of market leaders. Other players such as Medisave and Dr. Fox Pharmacy have been identified as niche players and expected to exhibit good market position and hold significant market share over the forecast period of 2015–2023.