ePharmacy Market Overview
ePharmacy Market was valued at USD 62,587.0 Million in 2019 and is expected to register a CAGR of 12.5% during the forecast period of 2020 to 2027.. The augmenting proliferation of internet is favoring the market growth to a large extent. ePharmacy is one of the online services which operates over the internet and allows the consumers to send orders for medicines via e-commerce platforms, mail, and shipping companies. Also acknowledged as mail-order pharmacy or internet pharmacy, ePharmacy offer pharmacy products to the consumers at their doorsteps.
is deploying technologically advanced healthcare solutions. ePharmacy is considered one such internet solutions that operate over the internet and enables the consumers to order medicine products right at their doorsteps. ePharmacy is predicted to steal the limelight at a rapid pace owing to the increasing demand for healthcare services coupled with the issues faced the offline retail providers meeting the burgeoning needs of the consumers. With the increased incidences of chronic diseases, the rising popularity of e-commerce platforms among the consumers, and accelerating geriatric population prone to such diseases, the ePharmacy Market is considered to flourish across the globe. Moreover, ease of affordability and convenience are some of the other major factors fostering the market growth across the globe.
The market’s course is chiefly directed by the increased investment by the private players coupled with the initiatives taken by the government. Major market players are highly investing in scale-up online pharmacy business which is likely to drive the market. For instance, a Switzerland-based online pharmacy company, Zur Rose AG, in 2017, had invested a significant amount in order to expand its business in Germany.On the contrary, low penetration of advanced technology, especially in the underdeveloped regions, is considered to deter the ePharmacy market growth throughout the estimated period. Moreover, the high cost of doctor visit and treatment have further triggered the demand for online pharmacies as they provide overall cost efficiency and discounts.
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ePharmacy Market Segmentation
- The global ePharmacy market has been segmented on the basis of product type and drug type.
- By mode of drug type, the global ePharmacy market has been segmented into over the counter (OTC) drugs and prescription drugs. For ordering prescription drugs, consumers have to upload prescriptions online. Among these, the over the counter (OTC) segment occupies a maximum share owing to the rising prevalence of chronic diseases resulting in the increased demand for healthcare products and drugs.
- By mode of product type, the global ePharmacy market has been segmented into skin care, dental vitamins, weight loss, cold and flu, and others.
ePharmacy Market Regional Analysis
A geographical outlining of the global ePharmacy market covers North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa (MEA).
North America and Europe are eminent regional markets with well-developed healthcare infrastructure and strong network speeds. These factors support the market growth in this region. Most of the important market players are based in North America. Many healthcare policies in Europe are also supportive of market growth. Other factors that can boost the market in both these regions are the high geriatric population and availability of convenient as well as affordable pharmaceuticals for their healthcare needs. In North America, the strongest economies that can be crucial markets are the USA and Canada. In Europe, the same can be said of France, Germany, and the UK.
In Asia Pacific and Latin America regions, there are many rapidly emerging economies that can become lucrative markets. Not only countries like China and India are going through many economic changes; they also have a high population that can be a ready-made market for many products and services. Japan is another strong economy that has technological advancement and high-speed internet connectivity. Both of these factors can boost the ePharmacy market in this region. In Latin America, the strongest economies that can be suitable markets are Argentina and Brazil. Another factor that can enhance the market growth in both of these regions is the increasing penetration of internet-supported smartphones in urban as well as rural areas as increasing internet coverage can lead to a significant increase in the demand for ePharmacies.
The MEA region holds the least market share due to a lack of healthcare infrastructure, low awareness, and the presence of poor economies. However, in some countries of the Middle East like the UAE and Saudi Arabia, the market is slowly expanding its reach due to government initiatives and increasing investments to improve the healthcare sector. In Africa, the market can increase in the future as many healthcare firms are trying to improve healthcare facilities in this region.
ePharmacy Market Players
- 3M
- Braun Melsungen AG
- Baxter International INC
- Smith & Nephew Plc
- Cardinal Health
- Coloplast Corp.
- ConvaTec Group Plc
- Integra Lifesciences Holdings Corporation
- Mölnlycke Health Care AB
- Avery Dennison Corporation
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