The growth of the ePharmacy market can be attributed to the increasing internet penetration worldwide. This surge in internet usage has resulted in a notable shift in consumer behavior towards online purchases. According to the International Telecommunication Union, there were projected to be 3.2 billion internet users globally by the end of 2015. Furthermore, the Digital 2021 July Global Statshot Report revealed that approximately 4.80 billion individuals worldwide were using the internet as of July 2021. Notably, low- and middle-income countries are experiencing substantial growth in internet users, with emerging economies like India and China leading the way. With the continuous improvement of IT infrastructure and the rising number of smartphone users globally, the ePharmacy market is expected to witness significant growth. Internet pharmacies serve as intermediaries between consumers and sellers, gaining popularity due to various advantages such as easy access to medications, competitive prices, attractive discounts, and the convenience of home delivery. As internet penetration continues to expand, along with advancements in high-speed connectivity and the availability of online products and services, the number of individuals purchasing healthcare products online is expected to increase in the foreseeable future. In the rapidly growing healthcare industry, manufacturers and distributors are actively seeking tools that can enhance supply chain management through e-commerce solutions.
Emerging and developing economies are experiencing a surge in online purchases from smartphones and other web-enabled devices. The growth of e-commerce in various sectors can be attributed to improved IT infrastructure in developing nations and increased investments in technology. Additionally, the rising expenditure on healthcare is expected to drive the market in these countries further. However, these economies face challenges such as a rapidly increasing population, changing lifestyles, and a growing burden of health conditions. To address these challenges, there is a pressing need to ensure the availability of quality medicines and expand access to healthcare treatments in remote regions of developing countries. This has led to the adoption of ePharmacy in the healthcare sector, which is still in its early stages but holds significant potential for future growth. The China FDA's approval of online sales of prescription drugs is also anticipated to contribute to the expansion of the market. Furthermore, the increasing number of start-ups in these countries is fueling market growth, with approximately 140 start-ups operating in the online pharmacy market in India, as reported by The Times of India. These start-ups have also received increased financial support and funding. Moreover, the growing presence of online healthcare providers and government support are expected to further propel the market's growth.
The availability of attractive offers and price discounts has facilitated the proliferation of illegal online pharmacies. Unfortunately, many consumers who purchase medicines online are unaware of the legality of the websites they are buying from. Consequently, there is a constant risk of receiving counterfeit and contaminated medications that may contain incorrect active ingredients or unapproved drugs. A survey conducted by the U.S. FDA among internet users revealed that 29% of online buyers need clarification about the safe procurement of medicines from internet pharmacies, and over 20% of respondents admitted to purchasing prescription medicines online. The World Health Organization (WHO) estimates that counterfeit and substandard medicines amount to approximately USD 431 billion. In January 2016, the National Association of Boards of Pharmacy (NABP) released a report called the Internet Drug Outlet Identification Program Progress Report, which highlighted that in 2015, more than 10,668 internet drug outlets were identified as "Not Recommended" by the NABP. These websites do not provide a listed location and offer medicines that are either not approved by the U.S. FDA or are foreign drugs. The report also revealed that 90% of these websites appear to have some affiliation with rogue networks of internet drug stores. However, the U.S. FDA has launched a public education campaign to raise consumer awareness about the risks associated with purchasing medicines online. This campaign is expected to help reduce the dangers related to online medicine purchases.
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Market drivers and restraints
Key market opportunities prioritized
Latest strategic developments
Market size, estimates, and forecast from 2017 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance
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