Newark, NJ, Nov. 03, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global e-pharmacy market is expected to grow from USD 48.9 billion in 2020 to USD 153.79 billion by 2028, at a CAGR of 15.4% during the forecast period 2021-2028.
The global e-pharmacy market is witnessing significant growth from the past years. This growth is attributed to the rising deployment of advanced technology and growing heavily relies on the online supply of the products such as cosmetics and medicines without a prescription. It is believed that new technologies based on artificial intelligence will ensure better customer satisfaction in the market which is helping in emerging various start-ups worldwide due to new information technologies and algorithms. People around the world are adapting online pharmacies with a swiftly growing number of phone users, advanced virtual infrastructure, and online payment methods. Also, rising government healthcare expenditure and quicker adoption of the internet amongst customers fuels the e-pharmacy market expansion. With the developing pharmaceutical industry, drug makers are availing diverse possibilities for growth and use of e-pharmacies to market their products and increase their client base via online channels. Online pharmacies are assisting patients and healthcare professionals to get linked for better treatment and effective outcomes.
An e-pharmacy is a web pharmacy that operates on the internet and gives medicines to purchasers via transport companies or mail. E-pharmacy is also referred to as an online pharmacy, net pharmacy, and mail order pharmacy. In recent periods, one of the progressive techniques in the healthcare industry is telemedicine, which has provided a completely unique manner for humans to get admission to healthcare advice through IT. Many technological advances help increase price transparency, raise awareness, find suitable health provider providers, medication reminders, and alerts. Like telemedicine, e-pharmacy is another technological innovation that is a hassle solver for the delivery of contactless medicinal drug in the course of the pandemic days.
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The global e-pharmacy market is expected to witness significant growth, owing to the increasing humanization, increasing number of online platforms providing home delivery of medicines, busy lifestyle. The factors restraining the market growth are rise in fraud activities, security and privacy concerns among people, the improper packaging, and failure to verify drug interactions are the significant challenges that slows the growth of the e-pharmacy.
Key players operating in the global e-pharmacy market include Giant Eagle, Inc., Walmart Stores, Inc., The Kroger Co., CVS Health Corporation, DocMorris, Optium Rx, Inc., Express Script Holding Company, Walgreen Co., Rowlands Pharmacy, and Banner Health. To gain a significant market share in the global e-pharmacymarket, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. The US Food and Drug Administration in February 2020 converted three prescription drugs to over-the-counter drugs: GlaxoSmithKline’s Voltaren Arthritis Pain, Alcon’s Pataday Twice Daily Relief, and Once Daily Relief.
- Netmeds acquired the hyperlocal drugs delivery app for expanding its business across Europe by funding USD 5.5 million in November 2016,to increase its portfolio in the online pharmacy market.
- In November 2020, acquisition between the envision Rx options and rite aid corp had made many developments in the e-pharmacy industry. Mail-order pharmacies, along with prescription medicines, are provided due to this acquisition. Rite aircorp has entered the online pharmacy market with this acquisition and leading with the most significant shares.
- Tata Digital acquired a majority of stake in the online healthcare marketplace 1MG, an Indian E-pharmacy. The company announced this acquisition in August 2020.
- Reliance Industries Limited, an Indian multinational conglomerate through its retail subsidiary, had acquired a majority equity stake in online pharmacy Netmeds patent company Vitalic in August 2020
Over the counter segment dominated the market and held the largest market share of 58.9% in the year 2020
On the basis of drug type the global e-pharmacy market is segmented into prescription drugs and over the counter drugs. Over the counter segment dominated the market and held the largest market share of 58.9% in the year 2020. This growth is attributed to the reliability and comfort, and absence of prescription for the consumer to buy it.
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Skincare segment dominated the market and held the largest market share of 40.2% in the year 2020
On the basis of product type the global e-pharmacy market is segmented into cold and flu, skincare, dental, vitamins, weight loss, and others. Skincare segment dominated the market and held the largest market share of 40.2% in the year 2020. This growth is attributed to the increasing demand for beauty products.
Regional Segment of Global E-pharmacy Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global e-pharmacy market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region holds the largest market share of 47.6% in the year 2020. This growth is ascertained by the U.S. in the North America region, owing to increasing use of the technology and availability of internet in the country.
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About the report:
The global e-pharmacy market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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