[March 23, 2018] |
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Pharma E-Commerce Market in Europe - Growth Analysis and Forecast | Technavio
Technavio
market research analysts forecast the pharma
e-commerce market in Europe to grow at a CAGR of nearly 14%
during the period 2018-2022, according to their latest report.
This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180323005412/en/
Technavio has published a new market research report on the pharma e-commerce market in Europe from 2018-2022. (Graphic: Business Wire)
This market research report segments the pharma e-commerce market in
Europe into the following products (Rx and OTC) and key regions (UK,
Germany, and ROE). It provides an in-depth analysis of the prominent
factors influencing the market, including drivers, opportunities,
trends, and industry-specific challenges.
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In this report, Technavio analysts highlight the availability of
internet providing convenience to consumers as a key factor contributing
to the growth of the pharma e-commerce market in Europe:
Availability of internet providing convenience
to consumers
The availability of internet is one of the key driving forces behind the
growth of the pharma
e-commerce market in Europe. This is because it provides
convenience to the consumers for ordering medicines. The consumers can
order medicines easily with their mobile or computer. In offline
purchase criteria, a consumer may need to go to multiple stores to get
the prescribed medicine. But an online platform can aggregate supplies
and makes it easy for consumers to find the required medicine and order
it. It is also beneficial for the governments to form policies as the
data generated from the online platform can be analyzed and used for
planning public health policies.
Consumers can get additional information such as side effects,
information on low-cost substitutes of the medicine, medicine reminders,
and drug interactions by using online platform. This will help them in
making decisions for better online purchases.
According to a senior analyst at Technavio for retail
systems, "It is estimated that in around 17 European
countries, there are over 350 million internet users and over 7,000
authorized pharmacy e-commerce websites. Among these authorized
pharmacies, many are multi-channel leading pharmacy chains, some are
small-scale enterprise businesses, and others are larger cross-border
pure play mail-order pharmacies. The European countries are trying to
improve security, consumer safety, and trust in mail order and internet
pharmacies. This will increase the adoption of e-commerce pharmacies
among consumers."
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Pharma e-commerce market in Europe -
segmentation analysis
Of the two major products, the Rx segment held the largest market share
in 2017, accounting for nearly 57% of the market. However, the market
share for this product is expected to decrease slightly by 2022.
The UK was the major revenue contributor to the pharma
e-commerce market in Europe, accounting for more than 67% of the
market share. This is because the region is an early adopter of advanced
technology because of the availability of high-speed internet and
awareness about e-commerce.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20180323005412/en/
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