Let’s start with interesting data!
According to Grand View Research, the market size value of the e-pharmacy industry was USD 50.85 billion in 2020. And, the revenue forecast is estimated to be USD 109.2 billion in 2025.
Rapid internet penetration, shifting consumer behaviors, and increased use of smartphones play a pivotal role in contributing to the e-pharmacy market growth. However, there are several other reasons why the concept of ‘Online Medicine Delivery’ is the next big thing!
Let’s have a look at a few of them!
Here we go!
- Rising Adoption Of Ecommerce
The majority of individuals prefer to buy things online within the comforts of their homes. With the help of smartphones, the internet of things, and various other smart devices, one can easily purchase a product or service and get them delivered at their doorsteps.
Due to this, the pharma industry has incredibly adopted eCommerce platforms to survive in the competition. As a plethora of pharmacy stores have already turned online, especially due to COVID-19 restrictions, the concept of online medicine delivery has shown drastic growth and is strongly expected to grow in the future as well.
- Increased Use Of Digital Technologies In Healthcare Sector
Due to rising internet consumers, increasing implementation of e-prescriptions, and rising demands of e-consultation services, healthcare sectors have deployed various digital technologies and algorithms.
Pharma stores are developing their own applications with incredible features like uploading e-prescriptions. Moreover, the advent of new technologies based on artificial intelligence is believed to provide a better consumer experience as well as satisfaction in the future. As internet consumers will rise day by day, the e-pharma industry will also bloom.
- Rise In Demands Of Healthcare Products
In the past few years, the world has witnessed a significant increase in the demand for healthcare products. Especially in the current pandemic, we can see a certain section of people who are more aware of their health than before. The pandemic has also increased the demand for sanitizers, masks, multivitamins, oximeters, and thermometers, so much so that there aroused a shortage of supply in local stores. Moreover, it becomes difficult for offline retailers to meet the increasing needs demographically.
Therefore, a huge potential was brought to the online health retailers, who could sell the healthcare products at every corner. As the economies are emerging rapidly and will continue to grow in the future, the high demands for healthcare products can only be fulfilled by online medicine delivery platforms.
- Increasing Chronic Health Conditions
There has been a significant increase in the incidents of chronic diseases like diabetes, arthritis, asthma, heart disease, etc. Such illnesses can drain out many pockets and put many in never-ending debt. In a society, where surging prices and stagnant incomes are dominant issues, the concept of online medicine delivery can allow people to save a lot on their pharmacy bills.
Online medical stores usually offer lucrative discounts, bonuses, cash coupons, and loyalty programs, etc. With such money-saving opportunities, no one would like to buy from the costly brick-and-mortar medical stores, especially when one’s illness is long-hauling.
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