The Mail Order Pharmacy Market Is Expected to See Enormous Growth
Mail-order pharmacies operate over the Internet. They can provide their customers with a great deal of convenience by delivering their products to the latter’s doorsteps, so it should come as no surprise to learn that they are expected to continue seeing good growth for the near future. Still, the extent of that growth can be shocking. One estimate is that eDrugstore.com and other notable players will bring the mail order pharmacy market to $166,384,850,000 in 2027 through a compound annual growth rate of 16.5 percent from 2020 to 2027. Something that stakeholders should pay attention to.
Why Is the Mail Order Pharmacy Market Doing So Well?
The mail-order pharmacy market has recently received a massive boost because of the COVID-19 crisis. After all, concern over the pandemic meant that people bought many healthcare products, which benefited a lot of pharmacies. However, people’s desire to minimize their chances of getting COVID-19 also told them that they chose to shop from home rather than in person, meaning that eDrugstore.com and mail-order pharmacies benefited more than most.
It is important to note that there are also long-term trends driving their growth. For example, an aging population means increased numbers of chronic diseases, resulting in more and more demand for healthcare companies of various sorts. Similarly, there is an increasing acceptance of buying healthcare products and services online rather than offline, meaning that more and more people are opting for the former. Moreover, people have noticed these trends, which is why investments have been pouring into mail-order pharmacies. This is expected to speed up the growth rate because of the increased availability of resources with which to do so.
There are still issues holding back eDrugstore.com and other mail-order pharmacies. To name an example, e-commerce is still most prevalent in high-income economies. Due to that, these businesses have a more challenging time penetrating low to middle-income economies, which they can’t do anything about. Still, the estimate for the market’s overall growth suggests that eDrugstore.com has a bright future ahead of it.