[197+ Pages Report] The recent publication titled “Global ePharmacy Market” has been added to our long list of market studies that aims to capture a detailed and comprehensive outlook of the respective market. We at Facts & Factors estimate that an initial value of the global ePharmacy Market will be USD 51.20 Billion in the year 2020 and is expected to grow to a final value of USD 111.10 Billion by 2026 with a CAGR growth of 15.10% during the forecast period 2021-2026.
Global ePharmacy Market: Overview
Online pharmacy or ePharmacy is the latest iteration of an extended branch of the pharmacy sector that is aimed to deliver medicines to consumers over the Internet. The delivery part of the business model is often carried out by mail, shipping, or through an online pharmacy web portal. The internet has made it extremely communicable for a variety of services to proceed in the harshest condition in an efficient manner. A rising number of registered pharmacists are now shifting to traditional practices or an online platform for delivering the ordered medicine directly at the doorsteps of the consumers.
Global ePharmacy Market: Growth Factors
The governing factors behind the significant growth of the ePharmacy market can be credited to increased penetration of e-commerce and use of the Internet over the forecast period. Furthermore, a combination of increased efficiency of ePharmacies in delivering low-cost medical products and the integration of e-commerce will further drive the growth of the ePharmacy market. Lowering the dependency of ill-bodied patients and consumers suffering from chronic disorders will further enable the reach of the ePharmacy market to a larger base of consumers. Rising consumer awareness about the benefits of ePharmacies and increasing literacy regarding internet usage will further aid in boosting the growth of the global ePharmacy market to a larger volume of sales.
The rising millennial population, increase of rising ePharmacy startups, and integration of technologies such as AI and ML to carefully analyze consumer needs will further aid in boosting new revenue opportunities for the global ePharmacy market. Rising constraints and regulation for the prescription of medicines over the Internet and increasing government intervention regarding patient concern will further propel the growth of the market. Moreover, factors pertaining to the rising number of internet users increased access to web-based and online services, and rising implementation of e-prescription based services from hospitals and other healthcare services will further boost the growth of the ePharmacy market. However, the rise of phishing attacks and increased online scams can hamper the growth of the ePharmacy market during the forecast to a certain extent.
Global ePharmacy Market: Segmentation
The global ePharmacy market can be segmented into drug type, product, and region.
On the basis of drug type, the global ePharmacy market can be divided into over-the-counter products and prescription medicine. The segment of over-the-counter products is expected to witness the largest market share during the advent of the forecast. Factors responsible for the dominant growth of the segment can be credited to the increased tendency of people to switch to self-medication practice and efficient cost-saving advantages to name a few. However, the segment of prescription medicine is expected to witness the fastest growing CAGR during the forecast period. On the basis of product, the global ePharmacy market can be fragmented into skincare, dental, cold & flu, vitamins, weight loss, and other product types.
Global ePharmacy Market: Regional Analysis
North America is expected to witness the largest market share during the advent of the forecast owing to global revenue contribution. Factors that are responsible for the dominant growth of the market in the region can be attributed to over reliance of the general population on online delivery for a popular range of consumables coupled with rising adoption of patients opting for home care treatment solutions and services due to increased costs of traditional healthcare costs. Asia-Pacific is expected to witness the fastest growing CAGR during the forecast owing to increased penetration of the Internet and higher penetration of e-commerce solutions across the consumer base.
Global ePharmacy Market: Competitive Players
The key participants in the global ePharmacy market are DocMorris, CVS Health Corporation, Express Script Holding Company, Walgreen Co., Optum Rx, Inc., Giant Eagle, Inc., Walmart Stores, Inc., Rowland Pharmacy, and The Kroger Co., among others.
Global ePharmacy Market: By Drug Type Segment Analysis
Global ePharmacy Market: By Product Segment Analysis
Global ePharmacy Market: By Regional Segment Analysis
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