Market Research Future (MRFR) proposes that the global ePharmacy market is estimated to experience a sturdy CAGR in the coming years. The augmenting proliferation of internet is favoring the market growth to a large extent. ePharmacy is one of the online services which operates over the internet and allows the consumers to send orders for medicines via e-commerce platforms, mail, and shipping companies.
With the augmenting proliferation of internet and penetration of smartphone users, the healthcare sector is deploying technologically advanced healthcare solutions. ePharmacy is considered one such internet solutions that operate over the internet and enables the consumers to order medicine products right at their doorsteps. ePharmacy is predicted to steal the limelight at a rapid pace owing to the increasing demand for healthcare services coupled with the issues faced the offline retail providers meeting the burgeoning needs of the consumers. With the increased incidences of chronic diseases, the rising popularity of e-commerce platforms among the consumers, and accelerating geriatric population prone to such diseases, the ePharmacy market is considered to flourish across the globe. Moreover, ease of affordability and convenience are some of the other major factors fostering the market growth across the globe.
The market’s course is chiefly directed by the increased investment by the private players coupled with the initiatives taken by the government. Major market players are highly investing in scale-up online pharmacy business which is likely to drive the market. For instance, a Switzerland-based online pharmacy company, Zur Rose AG, in 2017, had invested a significant amount in order to expand its business in Germany.
On the contrary, low penetration of advanced technology, especially in the underdeveloped regions, is considered to deter the ePharmacy market growth throughout the estimated period. Moreover, the high cost of doctor visit and treatment have further triggered the demand for online pharmacies as they provide overall cost efficiency and discounts.
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On May 2018, Walgreens launched their online skincare advisor SkinID in order to offer consumers suffering from acne with personalized skincare regimens.
Some of the key players operating the global ePharmacy market are Medisave, drugstore.com Inc., Secure Medical Inc., Express Scripts Holding Company, Walmart Stores Inc., Optum Rx Inc., CVS Health, Walgreen Co., Lloyds Pharmacy Ltd., Sanicare AB, Rowlands Pharmacy, Canada Drugs, PlanetRx, eDrugstore.com, Giant Eagle Inc., DocMorris (Zur Rose Group AG), The Kroger Co., and others.
The global ePharmacy market has been segmented on the basis of product type and drug type.
By mode of drug type, the global ePharmacy market has been segmented into over the counter (OTC) drugs and prescription drugs. For ordering prescription drugs, consumers have to upload prescriptions online. Among these, the over the counter (OTC) segment occupies a maximum share owing to the rising prevalence of chronic diseases resulting in the increased demand for healthcare products and drugs.
By mode of product type, the global ePharmacy market has been segmented into skin care, dental vitamins, weight loss, cold and flu, and others.
Geographically, the ePharmacy market span across regions namely, Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
Among all the regions, the European and North American regions are considered significant regions with the presence of well-developed healthcare infrastructure coupled with strong network speed which highly support the growth of the market in these regions. Moreover, North America has a high concentration of prominent market players which is further contributing to the growth of the market. Meanwhile, Europe comprises highly supportive healthcare policies in order to improve the healthcare infrastructure, thereby influencing the market to a large extent. Both of the regions have a high concentration of geriatric population which is further leveraging the availability of affordable and convenient pharmaceuticals for healthcare needs.
On the other hand, Latin America and the Asia Pacific are predicted to emerge at a rapid pace. The Asia Pacific region is undergoing massive economic changes and is thus attracting international players owing to its high potential. Emerging nations such as China and India are further contributing to the growth of the market. Moreover, with the increased proliferation of smartphones in rural and urban areas and high-speed internet connectivity, the market for ePharmacy is predicted to flourish.
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