Pune, May 13, 2020 (GLOBE NEWSWIRE) -- The global ePharmacy market size is projected to rise with the large patient pool that prefers doorstep delivery of healthcare products. This is further attributed to the uncertainty and unavailability of certain medicines in particular in retail pharmacy stores. The robust expansion of e-commerce has propelled ePharmacy to cover a wider consumer-base in both developing and developed nations, thereby acting as the major ePharmacy market growth driver. According to a recently published report by Fortune Business Insights titled, “ePharmacy Market Size, Share and Industry Analysis By Product (Over-the-Counter Products, Prescription Medicine) and Regional Forecast, 2019 - 2026,” the value of this market was USD 49,727.7 million in 2018 and is anticipated to reach USD 177,794.9 million by the end of 2026, exhibiting a CAGR of 17.3% during the forecast period set between 2019 to 2026.
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What are the Objectives of the Report?
- Competitive landscape of the market and list of key players with the strategies adopted by them to gain a competitive edge in the market.
- Major industry developments of the market, current trends, and other interesting insights
- Impact of stringent regulations imposed on selling prescription drugs via online channels
- Category-wise and regional segmentation of the market with forecasted figures
An Overview of the Impact of COVID-19 on this Market:
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Drivers & Restraints-
Advent of Latest Technologies based on Artificial Technology will Add Impetus to Market
The presence of the high geriatric population and their vulnerability to various diseases have propelled this generation to be reliable on medicines at a regular period. This also increases the dependency on a third person for the purchasing of drugs. The advent of ePharmacy reduces the involvement of third-party for delivering drugs and this is one of the factors responsible for the growth of this market. Besides this, ePharmacy provides medication at a discounted rate than the local retail shops and this is also helping to increase its popularity in the market. Additionally, the rise in penetration of the e-commerce industry is also influencing the positive growth of the market.
On the negative side, government-imposed stringent laws on the selling of prescription drugs through the medium of online channels are likely to cause major hindrance to the market especially in North America and Europe.
Nevertheless, the introduction and implementation of the latest algorithms and technologies based on artificial intelligence are poised to create more growth opportunities for the market in the foreseeable future.
Segment-
Prescription Medicine Segment to take over in Coming Years on Account of Increasing Awareness among People
Based on product, the market is bifurcated into over-the-counter products and prescription medicine. Among these, the over-the-counter segment dominated the market in 2018 but is likely to be overpowered by the prescription medicine segment in the forecast duration. This is attributed to the increasing awareness about health and the importance of prescribed medication around the world.
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Regional Analysis-
Increasing Number of Internet Users to Boost Market in North America
In terms of geography, the market is dominated by North America with a revenue of USD 28,579.2 million earned in 2018. This growth is attributed to the complete reliance of the general population on home delivery services including over-the-counter medical products such as nutrition supplements, vitamin tablets, cosmetics, and others. The rise in healthcare expenditure and the increasing number of patients opting for home care treatment facilities will help this region continue dominating the market in the coming years.
Asia Pacific market on the other side will rise at a significant CAGR in the forecast period on account of the growing penetration of internet and e-commerce websites propelling online shopping including grocery, cosmetics, and medicines.
Competitive Landscape-
Express Scripts Holding, CVS Health Corporation, and Doc Morris Held Largest Share with Strong Distribution Channel
The market for ePharmacy is dominated by Doc Morris, CVS Health Corporation, and Express Scripts Holdings owing to a strong distribution channel. This, coupled with various collaborative efforts such as collaborations, mergers and acquisitions, contracts and agreements, joint ventures, and others are likely to aid in the expansion of the market during the forecast period.
Two of the latest key industry developments of the market include:
- November 2016 – The announcement of acquiring Hyperlocal drugs deliver app called Pluss for an undisclosed amount was made by Netmeds Marketplace Limited for enhancing the online app section of the company.
- January 2019 – Meds, the Swedish online pharmaceutical company invested USD 5.5. million funds for the expansion of its business across the European market.
Fortune Business Insights™ provides the list of prominent vendors in the ePharmacy market. These include:
- The Kroger Co.
- Rowland Pharmacy
- Walmart Stores, Inc.
- Giant Eagle Inc.
- Optum Rx, Inc.
- Walgreen Co.,
- Express Script Holding Company
- CVS Health Corporation
- DocMorris
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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
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