Pune, India, May 06, 2021 (GLOBE NEWSWIRE) -- The global ePharmacy market size is projected to reach USD 177,794 million by 2026 owing to increased home deliveries as patients need not travel to the pharmacy store. In addition, these e-stores provide medicines at a discounted prices compared to pharmacy stores. Since e deliveries are common in other sectors, many e-commerce giants are also investing in the healthcare sector. For instance, Amazon is set to acquire epharmacy company PillPack for USD 753 million. This information was given by Fortune Business Insights™ in a report, titled, “, 2020-2027.” As per the report, the market stood at USD 49,727.7million in 2018. It is set to exhibit a dramatic growth in CAGR by 17.3% during the forecast period between 2019 to 2026.
COVID-19 Impact
The COVID-19 pandemic has led to a severe economic downturn, impacting industries and businesses in a variety of ways. However, in these difficult times, online pharmacies emerged as one of the biggest beneficiaries during the lockdown. People chose to buy medicines online to reduce the risk of infection. As this sector grew exponentially during pandemic, many retailers acquired in local online pharmacies. For example, Reliance Retail acquired a majority stake in Chennai-based Netmeds for Rs 620 crore. The revenues generated from online pharmacies were doubled in the first few months of the lockdown. In addition, number of people using online pharmacies also increased from 3 million to 6 million in India, reports FICCI.
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Industry Development
January 2019: Swedish Online pharmacy Meds was funded USD 5.5 million to expand its business in Europe.
June 2015: Envision RX Options was acquired by Rite Aid Corp. Envision RX options provide mail-order pharmacy service and prescription medicines.
Rising Home Care Treatment to Boost North America’s Market
North America is expected to hold a significant share in the market owing to the reliance of the maximum population on online deliveries including several nutritional supplements. Moreover, rising number of patients who prefer home care treatment due to high hospital expenditure is also driving regional growth.
On the other hand, Europe is also rising as online healthcare is regulated by the European Commission which offers people to develop trust in the market. Germany is the fastest-growing regional market in Europe as it has high-speed internet availability and awareness of online over-the-counter benefits. France and Italy have established markets and thus contribute significant shares in the European market.
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General Application to Rise Significantly in Upcoming Years: Fortune Business Insights™
Based on the product type, the market is divided into prescription medicine and over the counter product. Over counter product, segment dominated the online medical sector in the year 2018. Prescription medicine is also expected to rise in upcoming years. In terms of geography, market is segmented into, North America, Europe, Asia Pacific, and RoW.
Report Coverage-
This report includes in-depth information about the epharmacy market. The data present in it is associated with drastic changes in material usage, novel product launches, and technological advancements. It offers dynamics based on multiple factors, such as opportunities, challenges, drivers, and restraints. In addition to that, it will deliver a complete insight from the supply side respondents related to market share, distribution, and size.
Dependency on Home Deliveries Services to Propel Growth
The growing eCommerce has facilitated the online pharmacies to attract a wide user base in developing as well as developed countries. Besides, millennials and gen z are highly reliant on online services for buying. Online pharmacies help to lower the dependency of ill and elderly people on others to procure them with healthcare supplies. In addition, the unavailability of certain medicines at pharmacy stores is also driving the market growth.
On the other hand, stringent rules by governments especially in Europe and America is affecting the market as drug sales in these regions are highly regulated and e companies have to comply with many rules.
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Key Players Aim to Broaden Product Portfolios by Increasing Production through Mergers and Acquisitions
The global market houses several companies that are persistently striving to expand their presence and enhance their product portfolios. To do so, they are implementing strategies, such as joint ventures and collaborative production of materials. For example, Temasek Holdings, LGT Group, and the Canadian pension fund CDPQ acquired Medlife in August 2020. US-based private equity firm TPG acquired a minority stake in API Holdings at a valuation of $1.2 billion. Also, South Africa’s Naspers is interested in investing $100 million in the firm at the same valuation. This will intensify completion in key players thus fueling the market growth
The Report Lists the Key Players in this Market:
• 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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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Start-ups and Funding Overview
- Key Industry Developments - Mergers, Acquisitions, and Partnerships, 2018
- Overview of Regulatory Scenario - Key Countries
- Key Industry Trends
- Overview of e-Commerce Penetration – Key Countries
- Global ePharmacy Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Over-the-Counter Products
- Prescription Medicine
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of World
- North America ePharmacy Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis – By Product
- Over-the-Counter Products
- Prescription Medicine
- Market Analysis – By Country
- U.S.
- Canada
- Europe ePharmacy Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis – By Product
- Over-the-Counter Products
- Prescription Medicine
- Market Analysis – By Country/Sub-region
- U.K.
- Germany
- France
- Spain
- Italy
- Scandinavia
TOC Continued….!!!
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