ePharmacy offers numerous drugs and electronic prescriptions issued by certified pharmacists. They provide drug delivery at the remotest areas at competitive prices with discounts and secure payment gateway. ePharmacy also offers the replacement of certain products.
Currently, over 50 start-ups are operating in India's e-Pharmacy market, providing safe and affordable medicines to approximately 50 million patients per month, serving patients through over 19,000PIN codes. The sector employs around 30,000 qualified professionals. The e-pharmaceutical sector registered over 40 billion FDI from the world's top investors.
The ePharmacy market was valued at USD 49,990 million in 2019 and is expected to grow with a CAGR of 14.82% during the forecast study period.
Online pharmacies offer products at competitive prices with faster delivery, licensed pharmacists verifying medication, and greater security. Increasing use of prescription smartphone devices and smartphone electronic prescription refill services drive the market growth. Companies such as Walgreens and CVS Pharmacy are offering smartphone devices that have the potential to make prescription refilling quick with new features like minute doctors, drug detectors, medication trackers, and non-health programs. For instance, CVS Caremark developed an iPhone app, which offers prescription refilling features.
Increasing demand for healthcare goods & services is pressurizing the offline retail supplier’s in terms of supply, providing a tremendous opportunity for online health retailers to cater to the broad customer base. The increasing prevalence of medical diseases is subsequently intensifying market competition in terms of medications and healthcare products. Shifting customer preference towards online pharmacies has compelled the manufacturers to offer their products online at competitive prices to sustain in the raging competition. Rising use of information technology in the healthcare industry enables physicians to remotely deliver prescriptions, further driving the market growth.
Improving IT technology, rising use of smartphones, and availability of high-speed internet in urban and rural areas drives the market growth. Rising investments and the increasing number of start-ups provide an impetus to the market growth. Safe Medicines India (2016) reports that approximately 60 new start-ups have been established in India in the last 2 years, whereas online pharmacies raised about USD 93 million in funding in 2015.
The over-the-counter drug segment holds the largest market share during the forecast study period. OTC drugs are medicine sold directly to customers without the need for prescription by doctors. In several countries, OTC is regulated by authorized agencies to make sure that they comprise ingredients that are safe and effective when consumed without consulting doctors. These drugs are primarily regulated as per their active pharmaceuticals ingredients (API) instead of the final product. The key factors propelling the development of this segment are easy availability, self-reliance in relieving minor symptoms, and instant relief.
The vitamin segment is projected to witness the fastest growth on account of rising vitamin intake and growing demand for nutritionally enriched packaged food products. Globally, the prevalence of vitamin deficiencies have been increasing at an alarming rate, caused due to food fortification, which is further surging the demand for vitamin-rich products. Vitamins and minerals are essential nutrients that perform vital body functions and maintain optimal health and wellness.
Busy lifestyle often makes it difficult to attain adequate micronutrients through diet, leading to deficiencies and diseases. Online pharmacies provide top-quality nutritional and dietary multivitamins and a variety of vitamins and supplements such as vitamin A, B, B12, C, D, D3 supplements, vitamin K, and supplements for specific conditions such as hair loss, iron deficiency, liver health, and eye health at affordable price.
North America holds the largest market share on account of extensive internet usage, growing acceptance of web services, growth in the eCommerce, and an upsurge in online orders. The region is backed by the presence of well-established players and the increasing geriatric population with specific nutritional needs. The USFDA is raising awareness among people regarding the purchase of prescription from online retailers to prevent the use of unbranded and unsafe medications.
Asia-Pacific is anticipated to register the fastest growth during the forecast period. The region is housing the largest population and patient pool, providing an impetus to the market growth. China and India are at the forefront of the regional ePharmacy market as the governments of these countries are heavily investing in the healthcare sector to provide better quality treatment. Changing policies and increasing demand for consumer healthcare goods drives the market growth. The region is also backed by the presence of national and international players offering fast internet and web-based technology, further driving the regional market growth.
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