Pune, India, Sept. 26, 2022 (GLOBE NEWSWIRE) -- Fortune Business Insights has published latest forecast for ePharmacy market in their report titled, “ePharmacy Market Forecast, 2019-2026”. As per the report, the global market size was USD 49,727.7 million in 2018. The global ePharmacy market size is projected to 177,794.9 million in 2026 at a CAGR of 17.3% in the forecast period, 2019-2026. According to the World Bank, approximately 84% populace in Germany depend on Internet and around 75% populace in the U.S. are subscribers of the Internet, which augments the global ePharmacy market growth
Key industry developments of the market include:
- In March 2019, 1mg, an Indian online pharmacy garnered LegitScript certification from the National Association of Boards of Pharmacy, USA making it the first company in India to earn the said certification.
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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.
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 figure
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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.
| Segmentation | By Product
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By Geography
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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.
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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.
Key Market Players to Focus on Bagging Funds for Expanding Online Platforms
Several key market players operating in the global ePharmacy market have begun exploring and implementing new strategies to provide the consumers with smooth service.
- Meds, a Swedish online pharmacy announced in January 2019 that it raised US$ 5.5 million in a funding round conducted by Inbox Capital, a family-owned venture capital company, headquartered in Sweden. The total amount of the startup has increased to US$ 10.5 million. Meds sells healthcare, beauty products, prescription, and non-prescription drugs. They have received permission from the Swedish Medical Product Agency to sell those. According to the company, approximately 40% of the sales come from the households in the Stockholm area as the home delivery service takes less than two hours. After receiving the funds, the company declared that it would soon expand their area of delivery to both Gothenburg and Malmö. Also, the company has planned to expand its warehouse area.
- Rite Aid Corp, a drugstore chain in the U.S., announced that it acquired Envision Rx Options, a pharmaceutical company, headquartered in Ohio in June 2015. The acquisition would aid Rite Aid in expanding its retail healthcare platform and boost its health and wellness products. The mixture of Envision Rx’s pharmacy-related businesses and Rite Aid’s online platform would provide the consumers with vast offerings across mail-order, specialty, and retail channels.
The Report Lists the Key Players in this Market:
- The Kroger Co.
- Rowland Pharmacy
- Walmart Stores, Inc.
- Giant Eagle Inc.
- Optum Rx, Inc.
- Walgreen Co.,
- Express Script Holding Company
- CVS Health Corporation
- DocMorris
Table of Content:
- 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
- North America ePharmacy Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis – By Product
- Over-the-Counter Products
- Prescription Medicine
- Market Analysis – By Country
- U.S.
- Canada
- Europe ePharmacy Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis – By Product
- Over-the-Counter Products
- Prescription Medicine
- Market Analysis – By Country/Sub-region
- U.K.
- Germany
- France
- Spain
- Italy
- Scandinavia
- Rest of Europe
- Asia Pacific ePharmacy Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis – By Product
- Over-the-Counter Products
- Prescription Medicine
- Market Analysis – By Country/Sub-region
- Japan
- China
- India
- Australia
- Rest of Asia Pacific
- Rest of World ePharmacy Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis – By Product
- Over-the-Counter Products
- Prescription Medicine
- Competitive Analysis
- Key Industry Developments
- Global Market Share Analysis (2018)
- Competition Dashboard
- Comparative Analysis – Major Players
- Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability))
- 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
TOC Continued….!!!
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