E-pharmacies today are the need of the hour. With technological advancement and advancement of the ecommerce, consumer can access to the world at large and are able to address needs. These are tools make life easier in the modern day world. E-pharmacy is a platform for consumer where they can buy medicine from desired place at desired time with doorstep delivery. E-pharmacy Market allows the customers to shop from the comfort of home or office and save quite amount of time, energy and money. Many e-pharmacies offer overnight shipping, allowing customers to avoid the delay of delivery. The e-pharmacy operates on three business model, market place model, direct delivery and online model. Advantages of e-pharmacy are time saving, money saving, 24/7 access possible, easy accessibility to medicines, increased availability of medicines, refund possible, easy comparison of medicines in terms of cost, increased consumer information and information exchange and delivery of medicines at desired place at desired time possible.
Changing lifestyles and advent of mobile internet are the drivers for global e-pharmacy market growth. In addition, changing disease patterns, growing population, rise in the level of education, increasing spend on healthcare, change in consumer mind-set from ‘reactionary’ approach to ‘preventive’ approach, and improving IT infrastructure are boosting the growth of global e-pharmacy market.
The factors hampering the growth of e-pharmacy market are regulatory issue and increase in number of self-medication. Many countries are working towards proper regulations that will have set of guidelines to operate which is expected to boost the market in upcoming years.
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The e-pharmacy market is segmented on the bases of region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among all regions, the market in North America dominates the global e-pharmacy market owing to reasons such as high adoption of ecommerce and increase in elderly population. In Asia Pacific region, the market in countries such as India and China are expected to register fastest growth due to rising number of people with unmet medical needs due to large population and increasing penetration of internet in both urban and rural areas.
Prominent player in global e-pharmacy market are, Walgreen Co., Express Scripts Holding Company, Giant Eagle, Inc., DocMorris NV, L Rowland & Co Retail Ltd, OptumRx, Inc., CVS Health Corporation, Walmart Stores, Inc., Lloyds Pharmacy Limited and Pharmacy2U