Chicago, Nov. 03, 2022 (GLOBE NEWSWIRE) -- The report "e-Pharma Market by Application (Hospitals, Personal Use, Government Research), Type (Pharmacy Benefit Manager, Legitimate Internet Pharmacy, Illegal or Unethical Internet Pharmacy), Product Type (Generic, Branded) – Global Forecast to 2028", it is projected to grow from USD 50.2 billion in 2021 and is projected to reach USD 142.7 billion by 2028; it is expected to grow at a CAGR of 18.90% from 2021 to 2028.
Major factors accelerating the market growth include growing government initiatives, evolving regulations, increasing the use of e-prescriptions, rising internet penetration in urban and rural areas, and increasing the adoption of cutting-edge technologies like artificial intelligence (AI) and machine learning (ML). Through the use of recommendation engines, these technologies also help to guarantee client pleasure. Additionally, the pharmaceutical business is currently driving market expansion with its increasing use of e-commerce platforms. A growing number of in-app services, such as unique discounts, personalized purchases, speedier delivery, etc., are also helping the global market to grow. The market is expanding due to the expanded use of smart devices and better internet connections. The growth of the e-pharma business would be further hampered throughout the projection period by the rise of illegal online pharmacies and the accessibility of fake pharmaceuticals.
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e-Pharma Market Overview:
Rising government initiatives, changing regulations, rising prevalence of e-prescriptions, increasing internet penetration in urban and rural areas, and rising use of emerging technologies like artificial intelligence (A.I.) and machine learning (ML) are all major factors accelerating the market growth. These technologies also help ensure customer satisfaction by way of recommendation engines. Additionally, the pharmaceutical industry's growing usage of e-commerce platforms is now driving market expansion. The expansion of the global market is also being aided by an expanding range of in-app features, such as exclusive discounts, personalized purchases, faster delivery, etc. The market is also growing due to improved internet access and the extensive usage of smart devices.
Scope Of The Report:
| Report Matrics | Details |
| Market size for available years | 2022-2028 |
| Base year considered | 2021 |
| Forecast period | 2022-2028 |
| Market Segmentation | By Type
|
By Application
| |
By Product Type
| |
| Regions covered | North America, Europe, APAC, MEA, and Latin America |
| Companies covered | Boehringer Ingelheim International GmbH (Germany), AbbVie Inc (U.S.), Aurobindo Pharma (India), Pfizer Inc. (U.S.), Walmart Inc. (U.S.), Walgreen Co. (U.S.), Express Scripts (U.S.), The Kroger Co. (U.S.), L Rowland & Co (U.K.), DocMorris (Germany), Giant Eagle, Inc. (U.S.), OptumRx, Inc. (U.S.), CVS Health (U.S.), Merck & Co., Inc. (U.S.) and Thermo Fisher Scientific Inc. (U.S.) |
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Recent Developments
- In January 2022, WellAway ePharmacy was introduced in the city-state by Hyphens Pharma International Limited, the largest specialty pharmaceutical and consumer healthcare firm in Singapore. Customers can easily get pharmaceutical services through WellAway, and the company also helps doctors with teleconsultation.
- In November 2021, with the introduction of Flipkart Health+, major e-commerce giant Flipkart entered the expanding healthcare industry. For this development, the business has signed contracts to pay an undisclosed transaction value for a majority stake in Sastasundar Marketplace Limited, which owns and operates the online pharmacy and healthcare platform SastaSundar.com. Through this strategic endeavor, Flipkart wants to provide its customers with convenient and affordable healthcare.
- In May 2021, the purchase of Medlife by PharmEasy for an unknown value was revealed. Through this acquisition, the former hopes to strengthen its position in the market by becoming the dominant player in the Indian e-pharma category.
Top Leading Key Players of e-pharma Market:
- Boehringer Ingelheim International GmbH (Germany)
- AbbVie Inc (U.S.)
- Aurobindo Pharma (India)
- Pfizer Inc. (U.S.)
- Walmart Inc. (U.S.)
- Walgreen Co. (U.S.)
- Express Scripts (U.S.)
- The Kroger Co. (U.S.)
- L Rowland & Co (U.K.)
- DocMorris (Germany)
- Giant Eagle Inc. (U.S.)
- OptumRx Inc. (U.S.)
- CVS Health (U.S.)
- Merck & Co. Inc. (U.S.)
- Thermo Fisher Scientific Inc. (U.S.)
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The personal use category in the e-pharma market is expected to be the fastest-growing segment during the forecast period
The personal use segment is projected to grow the fastest during the forecast period. The market is expanding as e-pharma for personal use is becoming more widely used. Patients prefer door-to-door delivery of the medications they can't easily find because some medications are only available online. Millennials, in particular, rely on online shopping for OTC medications and other items. A rise in R&D spending worldwide due to more people using the internet has significantly aided the expansion of e-pharma; yet, the current COVID-19 outbreak and economic downturn have impacted the overall market statistics of several industries globally. People started taking vitamin and mineral supplements for themselves worldwide as a precaution.
Generic category of the e-pharma market to record the highest CAGR from 2022 to 2027
The generic category is expected to account for the highest CAGR of the e-pharma market from 2022 to 2027. Despite having the same composition and strength as branded pharmaceuticals, the generic segment is expected to grow the since it is less expensive. The market is growing due to emerging technologies like machine learning (ML) and artificial intelligence (AI), which employ recommendation systems to guarantee customer pleasure. In terms of consumption, the market is split into over-the-counter and prescribed applications.
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- The report covers all the primary mergers & acquisitions, alliances, and collaborations that have generated additional opportunities for market players or in some cases, challenges
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Segmentation of Global e-Pharma Market
Global e-Pharma Market – By Application
- Hospitals
- Personal Use
- Government Research
Global e-Pharma Market – By Type
- Pharmacy Benefit Manager
- Legitimate Internet Pharmacy
- Illegal or Unethical Internet Pharmacy
Global e-Pharma Market – By Product Type
- Generic
- Branded
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e-Pharma Market Regional Analysis/Insights:
The Asia Pacific is anticipated to grow at a significant rate in e-pharma market share from 2022 to 2027
The Asia Pacific is the fastest-growing region in the e-pharma market. Due to their enormous populations and expanding government programs encouraging digital technology, emerging economies like China and India have high growth potential. In the upcoming years, it is projected that the Asia Pacific market will expand quicker due to a growth in the number of strategic initiatives by various public and commercial organizations. For instance, Reliance Retail announced in August 2020 that it had paid USD 83.0 million for a 60.0% equity position in Netmeds. The acquisition is intended to improve the business's capacity to provide its clients with cost-effective, high-quality healthcare products and services.
Table of Contents:
- Preface
- Market Segmentation
- Executive Summary
- Market Dynamics
- Global e-Pharma Market, By Application
- Global e-Pharma Market, By Type
- Global e-Pharma Market, By Product Type
- Global e-Pharma Market, By Region
- Global e-Pharma Market: Company Landscape
- SWOT Analyses
- Company Profile
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