The restrictions created by the COVID pandemic created a promising situation for the development of the ePharmacy market. Reports created by MRFR detail the developments in the industry that can be expected in the market through the forecast period. The market is predicted to achieve development with a CAGR of 12.5% by 2027.
The enhancement of distribution chains associated with pharmaceutical drugs is predicted to create impetus in the forecast period's ePharmacy market. The cost advantages are estimated to further promote the advancement of the ePharmacy market in the coming period.
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Segment Analysis
Global ePharmacy Market has been divided based on drug Type, Operating Platform, and Business Model.
The market, based on drug type, has been segregated into prescription drugs and over the counter (OTC) drugs.
Based on operating platform, the ePharmacy market has been divided into app and websites.
On the basis of business model, the ePharmacy market is segregated into the marketplace, pharmacy, and direct.
Regional Analysis
The global ePharmacy market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East and Africa. The Americas is likely to hold the largest share of the global ePharmacy market during the assessment period owing to the presence of a large number of ePharmacy in the region. Some of the renowned ePharmacy in the region include Walgreens Boots Alliance, Inc., Wal-Mart, Inc., CVS Health, PillPack, Inc., and others. According to a 2019 survey, 19% of health care providers in the U.S. offer a customer’s web-based prescription refill online program. It was also reported that several retail pharmacies have been offering mobile apps for an online prescription refill. A large number of companies such as Walgreens and CVS Pharmacy offer mobile apps to make prescription refill easy and convenient with a round to clock delivery. The ePharmacy market in Europe is expected to propel during the forecast period, owing to factors such as rising government initiatives, increasing awareness among customers regarding ePharmacy, and the convenience associated with the offered services. The fast growth of the Asia-Pacific region is due to rising investment for ePharmacy startups and the increasing per capita income along with government initiatives to enhance the quality of healthcare. China, India, and Australia have a lucrative market for ePharmacy due to the growing investment. The online pharmacy market in India attracted funding of USD 93 million by 2015. As a result, 60 online pharmacy start-ups emerged in 2017.
Key Players
MRFR recognizes the following companies as the Key Players in the Global ePharmacy Market— Walgreens Boots Alliance, Inc., Wal-Mart, Inc., CVS Health, Dr. Fox Pharmacy, DocMorris N.V., Rowlands Pharmacy, OptumRx, The Online Drugstore, Well Pharmacy, LloydsPharmacy and Others.
Key Findings of the Study
- The Global ePharmacy Market was valued at USD 62,587.0 Million and is expected to register a CAGR of 12.5% during the assessment period
- The Americas accounted for the largest share of the global market due to the increasing preference of customers to buy medications online and growth in the number of ePharmacy. These factors are driving the growth of the ePharmacy market in the region
- Based on the drug type, the prescription drugs segment accounted for the largest market share of 55.6% in 2019
- Based on the operating platform, the app segment accounted for the largest market share of 57.6% in 2019
- Based on the business model, the marketplace segment accounted for the largest market share with a value of USD 28,813.3 Million in 2019
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