The global e-pharma market is projected to grow at a CAGR of 19.3% to reach US$72,694 million by 2024, from US$25,212 million in 2018. With rapid internet penetration across the global economy, the adoption of e-commerce model and digital technologies to the pharmaceutical industry is going to be a big game changer in the pharmaceutical markets across the globe. Increasing demand for common drugs, increasing rate of ingestion of medicines, growth in efficient manufacturing technologies and aging population are some of the factors intensely propelling the e-Pharma industry all over the globe. Europe and North America hold big shares in the market and emerging markets in Asia-Pacific have been showing a high growth rate. This fast growth can be attributed to the availability of skilled labor force and lower labor costs in these markets. However, dealing with stringent government regulations and controlling the sale of unapproved and counterfeit medicines will be some of the challenges this industry is going to face in the coming years.
Growing demand for healthcare products and medicines with the aging population having unmet healthcare needs.
Investments in this sector by many players in fastest growing economies like India and China with high internet penetration.
Illegal ePharmacies selling unapproved and counterfeit medicines will make some consumers skeptical.
Full internet connectivity and robust infrastructure is still a supply-side issue in emerging markets where demand is high
Many firms are going for contract service providers for vertical integration.
In some firms, there is an effort to set up a symbiotic relationship with coordinated suppliers by major players.
Procurements and Incorporation are strategies many key players are using.
Several new e-Pharmacy start-ups are coming up in emerging economies like India and China attracting significant funding.
The global e-pharma market has been analyzed through the following segments:
Middle East and Africa