Market Highlights
One of the progressive technology models, which have evolved in the last few years, is telemedicine that has enabled access to the finest doctors at the tap of a button. Another recent innovation that has positioned itself as an attractive model in the healthcare space is e-pharmacy. The ePharmacy cuts down the long chain of distributors and directly provides medicine to the end user at a lesser price. E-pharmacy is an online pharmacy, which operates over the internet and provides medicines to consumers through mail or shipping companies.
Global ePharmacy Market is expected to register a CAGR of 12.5% during the forecast period and expected to hit USD 164,829.5 Million by 2027.
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Market Scope
The global ePharmacy market is anticipated for a huge windfall owing to the convenience it offers to customers. The proliferation of smartphones and the Internet has made it possible for customers to procure medicines with ease. Slashed discounts on medicines and the aim to lower healthcare costs can propel the market growth. Availability of medicines, prevalence of chronic diseases, and popularity of online platforms can foster growth as well. Moreover, the surge in online platforms as well as change in shopping habits of consumers can elevate the prospects of the global ePharmacy market.
Unmet needs of patients in remote areas and the entry of new players in the market is expected to encourage market growth. Government initiatives and investments in healthcare IT can lead to many players entering the global ePharmacy market. Strategic agreements between pharmacy benefit managers, health insurance companies, and online pharmacies can bode well for the market in the coming years.
However, unclear operating procedures and aversion by brick-and-mortar pharmacies are challenges faced by the market.
Segmentation
The global ePharmacy market report is segmented by drug type and product type.
By drug type, it is segmented into prescription drugs and over the counter drugs. The product types that are covered in the report are weight loss, skin care, dental, vitamins, cold and flu, and others.
Regional Analysis
All the segments covered in the report are sized by their potential in five major regions of Europe, North America, Latin America, Asia Pacific (APAC) and the Middle East and Africa (MEA), with respective country-level analysis.
North America and Europe are expected to be at the forefront of the industry with business models focusing on data science for aggregation of accurate customer insights. Efforts to modernized healthcare infrastructure, shift to digitization, and high data speeds are factors expected to drive regional growth for ePharmacies. Stimulus checks provided for unemployed citizens in the U.S. is also likely to ring in sales for the market as they procure medicines for enhancing immunity.
APAC and Latin America are economies with latent potential for the market. Mergers and acquisitions are on an upswing in India with online pharmacies rushing to gain market share. The effort by ePharmacies in providing services outside their core expertise such as online video consultation, patient management, and diagnostic consultation can bode well for the market. China and India are expected to contribute majorly to the APAC ePharmacy market. Large potential of the market as well as complemented by a large patient pool can lead to foreign investments.
Competition Outlook
CVS Health, Giant Eagle, Inc., drugstore.com Inc., Sanicare AB, Secure Medical, Inc., Medisave, Walgreen Co., Canada Drugs, PlanetRx, The Kroger Co., Lloyds Pharmacy Ltd., Rowlands Pharmacy, Express Scripts Holding Company, DocMorris (Zur Rose Group AG), eDrugstore.com, Optum Rx, Inc., and Walmart Stores, Inc. are noteworthy players of the global ePharmacy market.
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