Pune, India, Feb. 01, 2021 (GLOBE NEWSWIRE) -- According to the World Bank, approximately 84% populace in Germany depend on Internet and around 75% populace in the U.S. are subscribers of the Internet, which augments the global ePharmacy market growth. Fortune Business Insights states that the global ePharmacy market is projected to reach USD 177,794.9 Million by 2026, thereby exhibiting an impressive CAGR of 17.3% during the forecast period (2019-2026). The company further states that the global market was valued at USD 49,727.7 Million in 2018.
In North America, the over-reliance of the general population on the online delivery of consumable goods including over-the-counter healthcare products like vitamin tablets, nutrition supplements, and cosmetic among others are projected to positively influence the ePharmacy market trend. A rise in the number of patients adopting home care treatment and services owing to high healthcare expenditure in hospitals are estimated to increase the online procurement of medicines in North America.
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Key Industry Developments:
- In January 2019, Swedish online pharmacy company Meds, bagged a US$ 5.5 Mn funding to expand its business across Europe. This funding is estimated to increase the focus of the company in expanding its reach in other European countries.
- In June 2015, Rite Aid Corp acquired Envision Rx Options that provides mail-order pharmacy services including prescription medicines. This acquisition facilitated Rite Aid Corp to enter into the field of ePharmacy.
- In March 2019, 1mg, an Indian online pharmacy garnered LegitScript certification from the National Association of Boards of Pharmacy (NABP), USA making it the first company in India to earn the said certification. The certification will increase the trust of the customers in the company products.
Since the last few years, the demand for mail-order medicine has increased rapidly due to a rise in the adoption of Internet and increasing penetration of e-commerce. The ePharmacy service would aid those patients who are stuck with acute illness and hence, are not able to go to a pharmacy. Moreover, online platforms will aggregate supply as the demand for otherwise hard-to-find medicines would increase from people across the globe.
Often, offline pharmacies possess a limited stock of medicines, which further results in the consumer having to ask for the same at multiple pharmacies. Also, prices in offline pharmacies are quite high as compared to online pharmacies. This is because ePharmacies don’t need to spend money on maintaining huge staff or sellers as well as renting warehouses and premises. Reduction in these funds enables the owners to sell medicines at low prices. All these factors are anticipated to drive the global ePharmacy market growth during the forecast period.
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Increasing Adoption of E-commerce Websites to Favor Growth in Asia Pacific
Geographically, the global ePharmacy market is grouped into Asia Pacific, North America, the Middle East and Africa, Europe, and Latin America. Out of these regions, North America is expected to remain in the leading position in the global ePharmacy market during the forecast period. The growth is attributed to the rapid shift of consumers towards online retailers from offline pharmacies.
Also, increasing usage of smartphones and high speed of the Internet are expected to aid North America in gaining the highest global ePharmacy market share in the forthcoming years. Furthermore, a rise in geriatric population, increasing online orders, and growing adoption of online platforms will drive the market growth in this region.
Europe and Asia Pacific, on the other hand, are projected to exhibit significantly high CAGR during the forecast period. In Europe, numerous prominent market players have begun offering products at lucrative rates. This will positively impact growth of ePharmacy market in this region. Asia Pacific, on the other hand, has been witnessing higher adoption of e-commerce websites and increasing patient pool. Moreover, the healthcare infrastructure in this region is on the verge of becoming prosperous. All these factors are anticipated to fuel ePharmacy market growth in Asia Pacific in the coming years.
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Fortune Business Insights has profiled some of the prominent market players operating in the global ePharmacy market. They are as follows:
- DocMorris
- CVS Health Corporation
- Express Script Holding Company
- Walgreen Co.
- Optum Rx, Inc.
- Giant Eagle, Inc.
- Walmart Stores, Inc.
- Rowland Pharmacy
- The Kroger Co.
- Other players
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Global ePharmacy Market Segmentation:
By Product
• Over-the-Counter Products
• Prescription Medicine
By Geography
• North America (USA and Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Rest of Asia Pacific)
• Rest of the World
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