ePharmacy Users to Reach 1 Billion Globally by 2027; Capitalising on COVID-19 Surge
Hampshire, UK – 10th October 2022: A new study from Juniper Research found that the number of ePharmacy users will reach 1 billion globally by 2027; increasing from 795 million in 2022, a growth of 28%. The research identified this increase as the culmination of surging adoption resulting from the COVID-19 pandemic, where consumers were unable to leave their homes and turned to receiving medication through ePharmacies. Growth will continue, as vendors focus on retaining and expanding their customer bases by refining the efficiency and simplicity that ePharmacy provides.
ePharmacy is where online pharmacies sell medication, including prescriptions, over the Internet, with the ability to deliver straight to the consumer.
Increase in Accessibility of eCommerce Driving Growth
The research predicts that consumers will continue to utilise ePharmacies as they realise the benefits they provide them, including affordability of medication, and a wider range of choice compared to bricks‑and-mortar pharmacies.
Furthermore, the report predicts that ePharmacy growth will be sustained by simplifying the online process. This can be achieved through more widespread acceptance of ePrescriptions; eliminating paper copies of prescriptions.
Research author Cara Malone remarked: “ePharmacy vendors have the ability to further simplify the process through the use of solutions, including consumers receiving their prescribed medication, sorted into daily pouches containing information regarding dosage, date and time to be taken.”
Issues Surrounding Delivery Remain a Barrier
The research anticipates that ePharmacy services will continue to be predominantly utilised for OTC (Over-the-Counter) medication. OTC transactions will reach 8.9 billion globally in 2027; accounting for 64% of total global transaction value. This is compared to 5 billion prescription transactions globally in the same year. Prescription digitisation will lag behind due to consumer concerns around delivery accuracy, timing and missed deliveries. In order to allay these concerns and offset the abundance of illegitimate ePharmacies, real-time tracking and stronger regulations for ePharmacies should be priorities to secure future growth.
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