New York, Dec. 08, 2022 (GLOBE NEWSWIRE) -- The ePharmacy market revenues were estimated at US$ 70.4 Bn in 2021 and is anticipated to grow at a CAGR of 21.1% from 2022-2032, according to a recently published Persistence Market Research report. By the end of 2032, the market is expected to reach US$ 569.4 Bn. Market revenue through large ePharmacies are expected to swell at a CAGR of 21.1% during 2022 – 2032.
The ease of ordering medicines online with a prescription makes ePharmacy more convenient than conventional pharmacies. It is a boon for those who live at far distances from a pharmacy, as well as patients with disability, old people, and those who have a busy schedule. Moreover, the shipping charges is also less than the expenses incurred by travelling to conventional pharmacy.
Another advantage of E-Pharmacy is that it offers privacy and confidentiality. This system is among the most beneficial for those who are wary of speaking with health professionals and pharmacists. Consumers also have the ability to order prescription medicine without any embarrassment, for instance, issues relating to sexuality or adolescence that may be offensive.
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Some of the recent developments in ePharmacy market are:
- In January 2022, Hyphens Pharma officially launched first HSA-approved e-pharmacy in Singapore.
- In November 2021, The Majority Stake in epharmacy Sasta Sundar was acquired by Flipkart Health.
- In April 2021, API Holdings Pvt. raised roughly US$ 350 million from Prosus Ventures and TPG Growth LLC. The company was valued at about US$ 1.5 billion.
- In December 2021, Healthplus developed an application of ePharmacy to connect patients with pharmacists without time constraint.
- In June 2021, Tata Digital acquired the majority of stake in e-pharmacy 1MG.
- In August 2020, Amazon launched Amazon pharmacy its online pharmacy service.
Pharmacy establishments with onsite over-the-counter medicine strive to find any corresponding prescription from a physician before providing prescriptions. They fill out a questionnaire on a patient's health after obtaining a prescription for safe and secure distribution. The questionnaire is reviewed and endorsed by a medical doctor prior to being distributed.
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American Association of Homeopathic Pharmacists Makes Revenue Generation Easier for ePharmacy Industry.
The American Association of Homeopathic Pharmacists has enacted a law concerning Coronavirus Aid Relief and Economic Security amid COVID. This law will decrease people's dependence on private medical treatment for self-treatable symptoms, which will also be available through the pre-tax account. Within this framework, the U.S. government is helping individuals respect homeopathy causally via its own medicinal products.
People above the age of 65 years, and those with co-morbidities, were advised to stay at home during COVID-19. About 1 million doctors in India, all are nearly practicing online, on the given guidelines published by the government. All of them are issuing prescriptions using digital means. This leads the more dependency on ePharmacy industries.
Following the lockdown, the Union Ministry of Home India placed a special order for the effective circulation of medical products through the e-commerce sector, especially as an essential service. Therefore, during the COVID-19 crisis, the ePharmacy sector surged significantly.
Competitive Landscape
Some of the key vendors in the global ePharmacy market include The Kroger Co., Walgreen Co., Giant Eagle Inc., Walmart Inc., Express Scripts Holding Company, CVS Health, Optum Rx Inc., Rowlands Pharmacy, and DocMorris (Zur Rose Group AG)
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More Insights Available
Persistence Market Research, in its new offering, presents an unbiased analysis of the ePharmacy market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Pharmacy Type (Large, Medium, Small) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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