Pune, India, Feb. 17, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the ePharmacy market size is anticipated to reach USD 177,794 million by 2026 owing to increased home deliveries as patients need not travel to the pharmacy store. 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 2020-2027.
The report incorporates careful aggregation of the quantitative examination of the. Bits of knowledge on explicit income figures created are additionally given in the report, alongside extended income toward the finish of the estimate time frame. This study incorporates a broad examination of the critical sections of the business. This examination reveals insight in the latest things and potential open doors in the ePharmacy market.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2019 to 2026 |
| Forecast Period 2021 to 2028 CAGR | 17.3% |
| 2028 Value Projection | USD 177,794 Million |
| Base Year | 2018 |
| Market Size in 2020 | USD 49,727.7 Million |
| Historical Data for | 2015 to 2017 |
| No. of Pages | 100 |
| Segments covered | Product and Geography |
| Growth Drivers | A rising number of internet users and higher dependency on e-commerce goods are anticipated to boost the ePharmacy industry growth in the North America |
| CVS Health Corporation, Doc Morris, and Express Scripts Holding Company dominated the global ePharmacy market in 2018 | |
| The efficiency of ePharmacies in delivering low-cost medical products, and combined with the increasing penetration of e-commerce is driving the global ePharmacy market growth |
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Market Growth Factors:
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.
The blast in the medical services area combined with high functional expenses has made the need to reduce functional expenses with the execution of ePharmacy arrangements. The expanding commonness of persistent circumstances is prompting an ascent in the interest for different medical services items, including drugs.
E-prescription is the electronic prescribing technology that allows healthcare professionals to go paperless, by sending prescriptions in the digital format, instead of handwritten prescriptions. Doctors are now preferring e-prescriptions, to allow patients to get easy access to medicine with the help of e-prescriptions.
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Market Segments:
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.
Regional Analysis:
North America represented the biggest piece of the pie of more than 41% in 2020. Rising reception of internet business, developing geriatric populace, expanding on the web deals, created medical care foundation, and uplifting perspective towards the reception of new advances are a portion of the main considerations adding to the territorial market development.
Asia Pacific is expected to enroll the quickest CAGR during the gauge time frame. Arising economies, like China and India, have high development potential attributable to the enormous populace base combined with expanding government drives supporting the reception of computerized innovations.
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Competitive Analysis:
The worldwide market houses a few organizations that are constantly endeavoring to extend their essence and upgrade their item portfolios. To do as such, they are carrying out systems, like joint endeavors and cooperative creation of materials. For instance, Temasek Holdings, LGT Group, and the Canadian benefits store CDPQ obtained Medlife in August 2020.
List of 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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