Pharmacy Goes Digital: A Study of the Global ePharmacy Market
e-Pharmacy, also known as an online pharmacy, is a digital platform that allows customers to purchase medications and other healthcare products online. The concept of ePharmacy platforms has been around for over two decades and has evolved significantly over time. These platforms are designed to make it easier and more convenient for patients to access the medications they need, while also providing a new revenue stream for pharmacies and other healthcare providers.
In the early days of e-pharmacy platforms, the main focus was on providing customers with a convenient way to purchase medications without having to visit a physical pharmacy. This meant that customers could order medications online and have them delivered to their doorstep. However, the services offered by E-pharmacies were limited, and the selection of medications was often limited.
In recent years, the global ePharmacy market has evolved to offer a wider range of services. Many now provide customers with access to a wider selection of medications, as well as over-the-counter products, vitamins, and other healthcare products. Additionally, many e-pharmacies now offer a variety of services such as online consultations with healthcare professionals, prescription renewals, and medication management tools.
The Covid-19 pandemic has accelerated the growth of the online pharmacy market, as many people turned to online platforms to purchase medications and other healthcare products. With lockdowns and social distancing measures in place, many people were unable to visit physical pharmacies and chose instead to purchase medications online.
Looking forward, it is expected that e-pharmacy will continue to grow and evolve. The increasing adoption of telemedicine and virtual consultations is likely to drive the growth of e-pharmacies, as more people turn to online platforms for healthcare services.
Additionally, advances in technology, such as the use of artificial intelligence and machine learning, are likely to improve the customer experience and enhance the digitalization of healthcare services.
Market Size of the Global E-Pharmacy Market
The e-pharmacy market is a rapidly growing industry with a large potential for growth in the coming years. With the increasing adoption of digital technologies, growing preference for home delivery, and increasing focus on reducing healthcare costs. As per ePharmacy market report:
- Global Market Size Value in 2021 was US$ 63.5 Bn
- Global Market Forecast Value in 2026 is US$ 191.3 Bn, growing at a CAGR of 16.5% during the forecast period (2021-2026).
- Global Market Forecast Value in 2031 is more than US$ 362.8 Bn, growing at a CAGR of 19.2% during the forecast period (2022-2031)
One of the key drivers of the e-pharmacy market is the increasing adoption of digital technologies in healthcare. With the advent of smartphones and the internet, patients have easy access to health information and can easily purchase medications using online platforms developed by a software product engineering company like Tntra. This is particularly beneficial for patients living in remote or underserved areas, where access to brick-and-mortar pharmacies may be limited.
Additionally, the global ePharmacy market is also driven by the growing preference for home delivery of medications. Many patients find it more convenient to have their medications delivered to their homes, rather than having to physically visit a pharmacy. This is true for patients with critical conditions, such as diabetes or heart disease, who need to regularly refill their prescriptions.
Another factor contributing to the growth of the global ePharmacy market size is the increasing focus on reducing healthcare costs. Online pharmacies often offer lower prices than traditional brick-and-mortar pharmacies, making it more affordable for patients to purchase their medications.
However, there are some challenges that the e-pharmacy market needs to overcome. One of the major concerns is the lack of regulation in some markets. In some countries, online pharmacies operate without proper oversight, which can lead to the sale of counterfeit or expired medications.
Trends in Online Pharmacy Industry
There are many trends that are currently shaping the e-pharmacy platform industry. Some of them have been covered below:
- Increased Adoption: Globally the adoption of ePharmacy has increased. The e-pharmacy platform industry is experiencing significant growth, as more and more patients turn to online options for purchasing medications and other healthcare products. This trend is shaped by factors such as convenience, cost savings, and the ability to access healthcare from the comfort of one’s own home.
- Integration with Telemedicine: Many e-pharmacy platforms are now integrating with telemedicine services, allowing patients to connect with healthcare providers online. This allows patients to receive virtual consultations and prescriptions, which can save time and reduce the need for in-person visits.
- Artificial Intelligence and Machine Learning: E-pharmacy platforms are leveraging the capabilities of artificial intelligence (AI) and machine learning (ML) to improve the customer experience. This is leading to a significant growth of the e-pharmacy market. For example, some platforms use AI to provide personalized product recommendations or to assist customers with medication reminders.
- Increasing use of Blockchain Technology: Blockchain technology is being used to improve the security and transparency of e-pharmacy platforms. By creating a decentralized ledger, blockchain can help to ensure that patient data is secure and that only limited and authorized users have access to it.
- Expanding Global Reach: ePharmacy market share is expanding globally, providing access to healthcare to people in remote and underserved areas. With the rise of digital technology, e-pharmacies are expanding their reach, providing consumers with a wide range of pharmaceutical products and services from the comfort of their own homes.
The growth of the online pharmacy market has also been boosted by the increasing popularity of telemedicine and online medical delivery services.
- Increased Regulations: As the e-pharmacy platform industry continues to grow, governments and regulatory bodies are implementing new regulations to ensure patient safety and protect against fraud. These regulations may include measures such as requiring e-pharmacies to have a physical location or to be licensed in each state where they operate.
ePharmacy platforms have come a long way since its early days and has evolved to offer a wider range of services. The COVID-19 pandemic has accelerated the growth of ePharmacy market share, and it is expected that it will continue to rise and evolve in the future.
With advances in technology and the increasing adoption of telemedicine, e-pharmacies are well-positioned to meet the needs of customers and provide them with convenient and accessible healthcare services.
The e-Pharmacy platform industry is experiencing significant growth and adopting new technologies such as AI, ML and blockchain to improve their services and reach to more patients. However, as the industry grows, regulators are implementing new regulations to ensure patient safety and protect against fraud.
Tntra software product engineering services can help you develop a custom e-pharmacy application that can help you provide the best services to your customers.
Contact Tntra engineers today.