Knowledge Sourcing Intelligence announces the publication of a new report on “E-Pharma Market - Forecasts from 2020 to 2025” to their offering.
The rise in the global burden of chronic diseases, the rising incidences of infection, the growing geriatric population, increasing healthcare investments are a few of the major factors which are estimated to thrust the market to new heights.
As per the report, the market pertaining to E-Pharma Market is expected to reach US$117,500.247 million by 2025, from US$ 29,829.714 million in 2019.
Currently, the world is coming up with a pandemic of an epic proportion that was last witnessed 100 years ago, making it a reminder that despite all the technological advances and innovation in medicine globally there is always room for succumbing to the inevitable. Thus, the incidence of infection simply rocketed during the past few months. Further, the growing elderly population who are continuous in need of both therapeutic and prophylactic medical intervention. Furthermore, the risk brought about by unhealthy dietary habits, hectic lifestyle, behavioral risks like smoking, and drinking is expected to further the increase in the prevalence of diseases. Besides the in comparatively the market of penetration is also rising that has contributed to the increased share of netizens globally. All the aforesaid are collectively expected to drive the e-pharma market globally during the next few years.
Additional strict adherence to policies that enables the market players to communicate the degree of transparency to both regulators and consumers is expected to thrust the e-pharma market to a new height in the coming years. The increasing acknowledgment of opportunities in the e-pharma space is leading investments as exemplified in April 2019, when Gurugram-based 1mg Technologies Pvt. Ltd, which known for its eponymous online pharmacy, has reportedly raised $10.32 million (Rs 65.37 crore) in a fresh round of funding led by Redwood Global Healthcare Fund, which is south Korean ingvestment firm, with rest received from ES Investor Co. Ltd, NewFlight Co, and PinPoint Ventures, which is venture capital fund based out of the USA, among others. The facilities offered by the online pharmacy include order medicines, consult doctors, buy products related to healthcare as well as schedule diagnostic services and lab tests.
Moreover, the proclivity of market players to disrupt a market and replace the outdated systems and bring in a fresh competition is another reason that is expected to stimulate the growth of the market growth. To this end, it is important to note that in March 2020, e-Surgery was founded in the UK which is an online pharmacy and prescriber to minimize the greenhouse gas emissions and delineate an ecosystem that will aid the promotion of electronic prescriptions and augment the practice that is already in force in the UK. Besides the aforesaid, the primary rationale that forms the basis of the launch is to empower patients by proving them access to prescription medication concomitantly eliminating the need to pay a visit to their doctors. As a result, the patients received their respect medication delivered to them in completely recyclable and biodegradable packaging.
Another factor that is estimated to drive the growth of the market is the segment of Over-the-Counter-drugs (OTC). The prime reasons that are expected to drive rapid customer adoption are (1) prescriptions for OTC drugs are not required, (2) the convenience that is extended by that the e-Pharma facility allowing it become the most preferred means of purchasing OTC drugs in the future, and (3) a myriad of products that falls within the ambit of dermatology and their continuous launch. For instance, in November 2019, it has been reported that GMEDES Pte Ltd & GMEDES Sdn Bhd (GMEDES) raised a pre-series A funding of an undisclosed amount to establish partnerships across China, Indonesia, Malaysia, Philippines, among others to facilitate the implementation of G-Meds service for medical institutions. The organization claims to be the developer of the world’s first global e-pharmacy delivery service the G-Meds app to empower licensed healthcare practitioners and various healthcare institutions to prescribe and deliver medications and raise invoices for the same with customs clearing and tracking facilities among others.
As a part of the report, the major players operating in the E-Pharma market, which have been covered are 1mg, Canada Health Infoway, DocMorris, Express Scripts Holding Company, Giant Eagle, Inc., The Kroger Co., Netmeds Marketplace Ltd., OptumRx, Inc., Rowlands Pharmacy, Walgreen Co., and Walmart.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-e-pharma-market
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