The Global Epharmacy Market Is Forecast To Reach A Value Of US$ 244.0 Bn By 2027 At A CAGR Of 17.0% Between 2020 And 2027

 

Global Epharmacy Market

An online retail platform called ePharmacy, commonly referred to as an electronic pharmacy or Internet pharmacy, serves as a middleman between customers and sellers to facilitate the selling of medications. It provides 24-hour drug delivery, access to in-depth information on prescribed medications, and price transparency. Patients can order medications online so they don't have to go to the pharmacies in person to get them.

Over the course of the forecast period, rising Internet usage is anticipated to drive the expansion of the worldwide Epharmacy Market. For instance, the number of households in the United States with a broadband connection climbed from 68% in January 2018 to 77% in February 2019, according to Pew Research Center. Geriatric population rise is also anticipated to support market expansion. To give one example, the U.S. According to the Census Bureau, 77 million elderly people will live in the United States by 2034. In terms of value, North America retained the top spot in the worldwide ePharmacy market in 2019, with a 35.9% share, followed by Europe and Asia Pacific, respectively.

The expansion of the worldwide Epharmacy Market is anticipated to be constrained by the likelihood of substance abuse. Online retail platforms' easy access to regulated prescription medications such stimulants, anxiolytics, narcotic painkillers, and tranquil hypnotics is indirectly contributing to an increase in drug misuse cases and raising public health concerns.

Additionally, the prevalence of several fraudulent online pharmacies undermines consumer confidence and limits industry expansion. There are a lot of fake or illegal online pharmacies that operate without following the relevant regulations. Such pharmacies don't require prescriptions or a medical history and can supply drugs without actual doctor appointments. As a result, there are more cases of fabricated drug deliveries, which is eroding consumer confidence in the value of ordering prescription medications online.

Read Epharmacy Market Press Release

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