Visiongain has published a new report on Global ePharmacy Market Report Forecast 2021-2031. Forecasts by Product (Prescription Medicine (Rx) and Over-The-Counter (OTC)). PLUS Profiles of Leading ePharmacy Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global ePharmacy market was valued at US$68.65 billion in 2020 and is projected to reach at a market value of US$370.13 million by 2031. This growth can be attributed to the growth in the internet users, rise in adoption of smartphones, increased number of e-prescriptions, and increasing aging population. However, the growing number of illegal online pharmacies and online availability of fake drugs are some of the factors restraining the growth of the ePharmacy market. Artificial intelligence revolutionizing the e-commerce industry, online pharmacies in the era of COVID-19, and allocation and supply of medicines for treatment of COVID-19 are some of the revenue pockets for the major companies in ePharmacy market globally.
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COVID-19 Impact on ePharmacy Market
The year 2020 is marked by rapid night-time changes and the feeling of uncertainty about health, business, education and even life is lost. Nothing is exempted by the globally hit COVID-19 pandemic which has now spread to almost every corner of the globe. The pandemic is becoming uncontrollable by each passing day and the authorities concerned are unable to deal with it. People are also adapting to changing life patterns and adopting the lifestyle of staying at home that the government of different countries is further implementing, imposing smart or full lock down in different parts of the country.
The recent lifestyle of staying home is shifting people's attention to online buying and selling and virtual shopping, which has become a leading and growing trend in the COVID-19 pandemic, thus adding more significance and success to the e-commerce business sector.
In all kinds of companies, people were free to move and interact before the outbreak of CoronaVirus and thus the e-commerce business domain was not in focus as it is nowadays. In this way, it can be stated that the COVID-19 pandemic resulted in either self-imposed or government imposed lock down, which is fully functional in some areas and partially imposed in others, leading to quarantine for people. People are reluctant to return to their workplaces and resume the job from where they left it, because the number of cases of active corona is tipping. The fear of getting sick is the underlying reason behind people's switch to online shopping, and this is actually the reason why the e-commerce industry is advancing by leaps and bounds.
Increase in Internet users
About 4.66 billion people worldwide are now using the Internet – nearly 60 percent of the world's population. The latest data shows that more than 321 million new users have showed up online in 12 months to October 2020. This number is also growing again. Internet users are currently more than 7% growing yearly, averaging more than 875,000 daily new users. Most Internet users (91%) use mobile devices to go online at least sometimes, but computers are also a large part of Internet activity. More than 30 percent of Internet users in the largest economies worldwide use computers and desktops to make their connected businesses at least.
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Increased number of e-prescriptions
In 2017 providers reported a total of 77.33 million e-prescriptions for controlled substances, up against 12.8 million in 2015, a 504 percent growth, according to the article published by Becker's Healthcare. Around 77% of all prescriptions were electronically distributed, up from 73% in 2016. In 2017, the number of electronic prescriber products rose by 8%, and in 2017, the number of electronically prescribed controlled substances allowed by prescribers increased by 59%. The top five specialties for e-prescription are oncologists (84%), sports medicine (82%) nephrologers (80%), cardiologists (80%) and practitioners of the family (79 percent ).
Rise in geriatric population
The growing elderly population is set to drive the demand for ePharma services globally as the ePharma companies have minimise the dependency of chronically-ill and elderly people on third person for procuring medicines.
According to the 2019 Revision of the World Population Prospects, by 2050, one in six people will be over the age of 65 (16%), up from one in eleven in 2019. (9 percent). By 2050, one in every four people in Europe and North America will be 65 or older. For the first time in history, people aged 65 and up outnumbered children under the age of five on a global scale in 2018. The number of people aged 80 and up is expected to triple by 2050, from 143 million in 2019 to 426 million.
Revolutionizing the e-commerce industry with artificial intelligence
In fact, many people now know much about Artificial Intelligence (AI), but a lot of people know what AI defines. For trainees and beginners, the importance of various societies in the AI arena is even more unclear. However, when profitable companies begin to artificially advertise their instruments even if they are not identified, the problem is aggravated. With AI, the e-commerce sector enhances customer experience, directs prospective clients to increase their sales and commends the items on the basis of their buying and navigation models. Today, the e-commerce markets influence AI to help customers understand better and to shorten the many processes. Some of the methods in which AI is revolutionising the e-commerce environment are – a customer-centric method, experiences at chatbot, AI-driven marketing mechanisation for sellers, comprehension of computer-generated mirrors, and improved customer approval.
Allocation and supply of medicines for treatment of COVID-19
With the ever more confirmed cases worldwide and the decrease in availability of APIs, most pharmacies worldwide have to make a serious call. Assignment of and supply of medicinal products for COVID-19 therapy, suggesting that such medicinal products may not be offered in their regular supply for other treatments.
With the coronavirus pandemic clasping the world and the social distance between pharmacies and online, it is essential to change their operating methods both offline and online. Most online pharmacies give priority to essential medicines over others through the logistical nightmare of higher orders and panic purchases. Others are looking for ways of delivering drugs to doorsteps and reducing shop visits.
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Some of the companies profiled in the report include CVS Health Corporation, The Kroger Co., Walgreens Boots Alliance, Inc., Giant Eagle, Inc., DocMorris, Walmart Inc., Optum, Inc., UK Meds Direct Ltd, McKesson Corporation, and Amazon.com, Inc. For example, Amazon Pharmacy, its online and mobile prescription medication ordering and fulfilment service, has finally launched, just over two years after its $753 million acquisition of the prescription medicine delivery service Pill Pack. Following the launch of its own line of over-the-counter drugs in 2019, this is arguably Amazon's most comprehensive move into the healthcare business to date, one that could unlock significant new revenue opportunities for the company, particularly as the ongoing COVID-19 pandemic pushes consumers toward more remote care and the use of online channels for all of their shopping needs.
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