SEATTLE, March 26, 2019 (GLOBE NEWSWIRE) -- The global e-pharmacy (BPC) market was values at US$ 7.69 billion in 2018 and is projected to exhibit a CAGR of 11.4% during the forecast period (2019–2027).
Key Trends and Analysis of the E-pharmacy (BPC) Market:
E-pharmacy or online pharmacy is an online distribution channel that offers healthcare products and medical services over the internet. Consumers across all age groups prefer purchasing healthcare products online. Increasing use of beauty products by younger generation for improving aesthetic appeal and preference to buy these products over the internet is expected to boost the market growth. Elderly population mainly prefers buying from e-pharmacy due to ease of access and home delivery services.
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Growing e-commerce industry is further expected to contribute to increasing demand for e-pharmacy services over the forecast period. According to U.S. Census Bureau published in January 2019, the U.S. online retail sales have grown promptly, increasing from US$ 5 million in 1998 to US$ 389 million in 2016. Moreover, various e-commerce websites are focused on offering personalized experience to customers by catering to their precise requirements and interests depending upon their location, and choice of products or websites. Moreover, e-commerce websites are also introducing e-Wallet service to ensure convenient payment options for consumers. This scenario is expected to propel sales of the e-pharmacy (BPC) industry over the forecast period.
Factors such as free home delivery along with free returns are playing vital role in attracting more consumers towards online pharmacy channels. Therefore, the development of e-pharmacy channels and availability of products at door steps with comparatively lower prices is driving growth of e-pharmacy industry.
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Key Market Takeaways:
- The global e-pharmacy beauty and personal care (BPC) market is expected to exhibit a CAGR of 11.4% during the forecast period (2019–2027). Factors such as increasing internet penetration, rising millennial population coupled with growing awareness pertaining to e-commerce is leading to high expenditure on online personal and beauty care products. According to the World Bank Statistics, in 2017, 42.0% of the global population was under 25 years of age.
- North America held significant market share in the global e-pharmacy market in 2018 and contributed 43.30%, in terms of revenue. The market growth in the region is driven by the presence of large number of e-pharmacy companies and increasing consumer spending on healthcare and personal care products.
- Some of the major players operating in the global e-pharmacy (BPC) market include, Newpharma, LLOYDS Pharmacy Limited, Pharmacy2u Ltd., Gordons Direct, Shop Apotheke, McCabes Pharmacy, Pharmacy Store.Ie, CVS Health, Walgreen Company, Familymeds, Inc., The Medicine Shoppe Pharmacy, H E Butt Drug Stores, Publix Pharmacies, Cardinal Health, and Rite Aid Corporation.
- Several companies are undertaking various mergers and acquisitions and business expansion activities in order to enhance their market share. For instance, in September 2018, NetMeds acquired JustDoc—a telemedicine portal. This acquisition is expected to expand the scope of NetMeds’ offering including diagnostics, lifestyle-related consulting, and a patient ‘peer-to-peer’ social media
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