Global Epharmacy Market is Expected to be Worth US$ 81.6 Billion in 2020, Rising to US$ 244.0 Billion by The End of 2027

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Epharmacy
Epharmacy

Epharmacy, also known as electronic pharmacy or Internet pharmacy, is an online retail platform that acts as an intermediary between customers and vendors to enable the sale of medicine. It offers round-the-clock delivery of drugs, access to comprehensive information on prescribed drugs, and transparency in prices. Patients need not physically visit the pharmacies to receive their medication, but can instead order the drugs online.

Drivers of the Global Epharmacy Market

Over the forecast period, increasing Internet adoption is expected to drive growth in the global Epharmacy Market. According to Pew Research Center, the percentage of households in the United States with a broadband connection increased from 68 percent in January 2018 to 77 percent in February 2019. The growing geriatric population is also expected to help the market grow. According to the United States Census Bureau, the geriatric population in the United States is expected to reach 77 million by 2034. North America dominated the global market for epharmacy in 2019, accounting for 35.9 percent of the value share, followed by Europe and Asia Pacific, respectively.

Restriction in the Global Epharmacy Market

Substance abuse is likely to stifle Growth in the Global Epharmacy Market. The easy availability of controlled prescription drugs such as stimulants, anxiolytics, narcotic painkillers, and sedative-hypnotics via online retail platforms is indirectly leading to an increase in substance abuse and raising public health concerns.

Furthermore, the presence of a large number of rogue epharmacies reduces customer trust, stifling Epharmacy Market growth. A large number of false or illegitimate epharmacies have emerged, which do not adhere to the necessary safeguards. Such pharmacies provide medication without requiring a doctor's visit and do not require prescriptions or medical history. As a result, there are an increasing number of instances of falsified drug deliveries, which is undermining consumer confidence in the desirability of purchasing prescription drugs online.

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