A prominent research firm, Cognizance Market Research added a cutting-edge industry report on “ePharmacy Market”. The report studies the current as well as past growth trends and opportunities for the market to gain valuable insights during the forecast period from 2023 to 2030.
ePharmacy Market Analysis
According to cognizance market research the ePharmacy Market is valued at US$ 60.5 Billion and is anticipated to reach US$ 250.7 Billion by the end of 2030 with CAGR of 19.5% from 2023to 2030.
What is ePharmacy?
E-Pharmacy is a term used to describe a drugstore that accepts postal orders and mainly uses an online platform to deliver prescription drugs and other pharma products. It primarily operates through autonomous online-only businesses, online extensions of physical pharmacies, and businesses that support pharmacy associations. Without involving the extensive chain of distributors, e-pharmacy helps send orders directly to consumers via mail, online pharmacy web portals, or shipping companies. Additionally, web-based or mobile apps for e-pharmacies offer details on product descriptions, recommended dosages, side effects, etc.
ePharmacy Market Outlook
The main drivers of market growth are the increasing use of the internet across the world, improved healthcare service digitalization, and a rise in tech-savvy consumers. Convenience-focused consumers who prefer to make purchases online are also contributing to the rise. Overall development is anticipated to be fuelled by the growing use of digital technologies and e-commerce in the healthcare industry. Smartphone adoption is expanding, which is helping the market develop. Smartphone adoption was 65.0% in 2019 and is predicted to hit 80.0% by 2025, according to The Mobile Economy 2020. The booming healthcare industry and high operational costs have made it necessary to adopt ePharmacy solutions to reduce operational costs. Demand for various healthcare goods, including drugs, is rising as chronic conditions become more common. This represents the growing global adoption of internet drug purchasing methods.
The development of the market is, however, being constrained by the existence of some fraudulent online pharmacies. The likelihood of obtaining fake and adulterated drugs from these unlicensed pharmacies with incorrect active ingredients rises because they offer drugs that have not been approved by the FDA.
The ePharmacy market has been segmented into drug type, product type and geography. Based on type the ePharmacy market is further segmented into prescription drugs and over the counter( OTC) drugs. OTC drugs segment is the leading segment in the ePharmacy Market owing to increased awareness and education regarding the common diseases among the population. Based on product type the ePharmacy market has been bifurcated into skin care, dental, cold and flu, vitamins, weight loss and other product types.
Based on geography the ePharmacy market has been segmented into five main regions namely, North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. North America accounted for the largest market share in the ePharmacy market. A few of the key factors influencing the expansion of the regional market are the rising adoption of e-commerce, rising geriatric population, rising online sales, developed healthcare infrastructure, and favourable attitude toward the adoption of new technologies.
During the forecast period, Asia Pacific is expected to have the fastest CAGR. Due to their large populations and expanding government initiatives encouraging the use of digital technologies, emerging economies like China and India have a high potential for development. In the upcoming years, it is anticipated that the market in Asia Pacific will expand at a faster rate thanks to an increase in the number of strategic initiatives by different public and private organizations.
The report offers the revenue of the ePharmacy market for the period 2020-2030, considering 2020 & 2021 as a historical year, 2022 as the base year and 2023 to 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the ePharmacy market for the forecast period. The ePharmacy market report provides insights and in-depth analysis into developments impacting enterprises and businesses on a regional and global level. The report covers the ePharmacy market performance in terms of revenue contribution from several segments and comprises a detailed analysis of key drivers, trends, restraints, and opportunities prompting revenue growth of the ePharmacy market.
The report has been prepared after wide-ranging secondary and primary research. Secondary research included internet sources, numerical data from government organizations, trade associations, and websites. Analysts have also employed an amalgamation of bottom-up and top-down approaches to study numerous phenomena in the ePharmacy market. Secondary research involved a detailed analysis of significant players’ product portfolio. Literature review, press releases, annual reports, white paper, and relevant documents have been also studied to understand the ePharmacy market. Primary research involved a great extent of research efforts, wherein experts carried out interviews telephonic as well as questioner-based with industry experts and opinion-makers.
The report includes an executive summary, along with a growth pattern of different segmented included in the scope of the study. The Y-o-Y analysis with elaborate market insights has been provided in the report to comprehend the Y-o-Y trends in the ePharmacy market. Additionally, the report focuses on altering competitive dynamics in the global market. These indices serve as valued tools for present market players as well as for companies interested in participating in the ePharmacy market. The subsequent section of the ePharmacy report highlights the USPs, which include key industry events (Type launch, research partnership, acquisition, etc.), technology advancements, pipeline analysis, prevalence data, and regulatory scenario.
ePharmacy Market Competitive Landscape
The “ePharmacy Market” study report will provide a valuable insight with an emphasis on global market. To increase their market share in the e-pharmacy sector, the market competitors are implementing a variety of marketing tactics. Some of the major players in the ePharmacy market are:
Amazon announced in September 2022 that it intended to start selling prescribed drugs online in Japan. It hopes to work with small and medium-sized pharmacies to develop a platform where patients can get internet directions on how to take medications. Customers could have their medications brought to their homes without going to a pharmacy.
Walmart Canada and Canada Health Infoway partnered in September 2022. 14 Walmart Canada pharmacies in Ontario, Alberta, Saskatchewan, and New Brunswick now offer access to Infoway’s PrescribeIT electronic prescribing program, with plans to add more locations by the end of the year.
The report explores the competitive scenario of the ePharmacy market. Major players operating in the ePharmacy market have been identified and profiled for unique commercial attributes. Company overview (company description, Type portfolio, geographic presence, employee strength, Key management, etc.), financials, SWOT analysis, recent developments, and key strategies are some of the features of companies profiled in the ePharmacy market report.
ePharmacy Market, by Drug Type
ePharmacy Market, by Product Type
ePharmacy Market, by Region
The key drivers of growth in the ePharmacy market include:
The key challenges facing the ePharmacy market include:
North America is currently the largest market for ePharmacy, due to the rising adoption of e-commerce, rising geriatric population, rising online sales, developed healthcare infrastructure, and favorable attitude toward the adoption of new technologies.
Asia Pacific is expected to experience the fastest growth in the ePharmacy market during the forecast period, due to their large populations and expanding government initiatives encouraging the use of digital technologies.
ePharmacy is a term used to describe a drugstore that accepts postal orders and mainly uses an online platform to deliver prescription drugs and other pharma products.
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