June 29, 2022 10:14 ET | Source: Precedence Research Precedence Research
Ottawa, June 29, 2022 (GLOBE NEWSWIRE) -- The rapidly growing geriatric population, rising penetration of e-commerce, rising prevalence of diseases, and rapidly growing adoption of the digital technologies across the globe are the most prominent factors that are driving the growth of the global ePharmacy market. According the International Telecommunications Union, the around 64% of the global population were using internet in 2021 and most of them operated through their smartphones. The rising government spending on the development of digital infrastructure and boost the digital businesses have led to the market growth significantly. Moreover, the global geriatric population is projected to reach 1.5 billion by 2050, as per the United Nations.
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The significantly rising adoption of the smartphones, e-commerce, and internet among the population owing to the ease and conveniences of shopping the desired products and brands from the comfort of their home is driving the growth of the global ePharmacy market. The growing popularity of the e-commerce channels among the Gen Z and the millennials are expected to boost the adoption of the ePharmacy in the upcoming future. The ePharmacy platforms offers a huge variety of pharmaceutical products, huge discounts and cashbacks, quick and free home deliveries, easy replace and refund options, and easy payment options.
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North America has a positive attitude towards the innovative and technologically advanced products and services, which has led to the significant growth of the ePharmacy market in the past few years. Nearly 80% of the US population is connected to the ePharmacy platforms. The significant shift towards the direct-to-patient model has driven the market growth. The presence of well-established transportation and digital infrastructure in the regions has led to the rapid adoption of the e-commerce channels among the consumers. The increasing online sales, rising geriatric population, growing prevalence of diseases, and rising penetration of telehealth platforms are the major factors that are supporting the growth of the ePharmacy market. More than half of the population is US is suffering from chronic diseases and it is also expected that the geriatric population will constitute 24% of the US population by 2060. The ease and conveniences of buying medicines from ePharmacy will contribute significantly towards the market growth in the upcoming years.
Asia Pacific is expected to be the fastest-growing market during the forecast period. The presence of huge population in the region, growing geriatric population, and rising prevalence of diseases are boosting the demand for drugs across Asia Pacific region. The rising technological advances, rising government initiatives to boost the adoption of digital technologies, growing popularity of e-commerce, and rising penetration of the ePharmacies are the major factors that are expected to drive the growth of the Asia Pacific ePharmacy market during the forecast period.
The higher efficiency of the online pharmacies in providing low cost medical products
The rapidly growing patient population across the globe is boosting the demand for the medicines. The ePharmacies allows the chronically ill and elderly people to conveniently order and receive the drugs without depending on any third person. The ePharmacies specializes in the procurement and supply of medicine at low costs. The rising penetration of internet and growing digital literacy among the population is expected to drive the demand for the ePharmacies across the globe in the forthcoming future.
Stringent regulations on online sales of prescription drugs
The online sales of the prescriptions drugs in the developed markets like North America and Europe are highly regulated by the government. The market players face a challenge to comply strictly with the various regulations and rules. Moreover, there are several countries that do not legalize the sales of the prescription drugs through online channels. These factors may hamper the growth of the ePharmacy market.
The market has witnessed an increasing number of market players across the globe. The rising advances in the IT and telecommunications infrastructure has led to the increased penetration and adoption of internet among the global population. According to the International Telecommunications Union, a rise of around 17% has been noticed in the number of internet users from 2019 to 2021. Around 64% of the global population had access to the internet in 2021 and majority of them operated through their smartphones. The rising penetration of internet is expected to offer growth opportunities to the market players in the undeveloped and developing markets.
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Risk of counterfeit drugs through online pharmacies
The e-commerce platforms are vulnerable to the counterfeit products especially in the developing and underdeveloped economies. The presence of various counterfeit drug providers in the market may hamper the growth of the market and countering these illegal drug suppliers are the major challenge for the ePharmacy providers.
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