A new study by Juniper Research, a company that specialises in research and analytical services within the global hi-tech communications sector, predicts that by the year 2027 the number of e-Pharmacy users will reach 1 billion globally by 2027 – increasing from 795 million in 2022, a growth of 28%.
e-Pharmacy is where online pharmacies sell medication, including prescriptions, over the Internet, with the ability to deliver straight to the consumer.
The reason for this, according to the research, is the surging adoption of new technology resulting from the Covid-19 pandemic, where consumers were unable to leave their homes and turned to receive medication through e-Pharmacies.
Increase in Accessibility of eCommerce Driving Growth
The research predicts that consumers will continue to utilise e-Pharmacies as they realise the benefits they provide them.
These benefits are the affordability of medication, and a wider range of choices compared to brick-and-mortar pharmacies.
Furthermore, the report predicts that ePharmacy growth will be sustained by simplifying the online process. This can be achieved through the more widespread acceptance of e-Prescriptions; eliminating paper copies of prescriptions.
“e-Pharmacy 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,” research author Cara Malone said.
Issues Surrounding Delivery Remain a Barrier
The research anticipates that e-Pharmacy services will continue to be predominantly utilised for OTC 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.
The research suggests that 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 e-Pharmacies, it’s suggested that real-time tracking and stronger regulations for e-Pharmacies should be priorities to secure future growth.
For more information and to read the report, visit: juniperresearch.com
