Increasing prevalence of IoT across world and growing use of smartphones and Tablets are key factors driving the global online pharmacy market demand. COVID-19 impact upon the e-pharmacy market is that coronavirus has favoured growth of global online pharmacy market during its outbreak. Customers prefer online medical stores than physical stores, to stay safe from getting sick with this coronavirus.
From March 2020, the market has seen a surge in the growth rate due to lockdown instructions; around 30% to 40% orders have developed and leveled up in the digital platform since pandemic time. In India 1.5 to 2% of sales belong to online pharmacies investments in pharmacy have also raised.
Today, many companies are investing in start-ups to escalate need for India’s market during covid-19. According to survey, it is estimated that the market size of e-pharmacy will grow steadily even after covid-19 crisis, according to a research report. As per Global data market e-Pharmacy market (online Pharmacy Market) size at a worldwide level is estimated at USD 42.32 billion in 2020 and will reach USD 107.53 billion by 2025 at a CAGR of 14.2 % during forecast period.
The new technologies based on artificial intelligence provide better customer satisfaction in the market. All these factors stand to escalate the growth of global pharmacy market. The rising incidence of chronic diseases and increasing awareness over the online pharmacies – is to surge growth opportunity for this global market.