Online pharmacy that a patient can access via his/her mobile device and purchase medicines online is known as ePharmacy. A new report on the global ePharmacy market, published by Market Research Future (MRFR), predicts the market to experience immense growth during the forecast period (2017-2023).
Market Leading Key Players
Big players in the global ePharmacy market are Canada Drugs (Canada), CVS Health (USA), DocMorris (Zur Rose Group AG) (Germany), drugstore.com Inc. (USA), eDrugstore.com (USA), Express Scripts Holding Company (USA), Giant Eagle Inc. (USA), The Kroger Co. (USA), Optum Rx Inc. (USA), Lloyds Pharmacy Ltd. (UK), Medisave (USA), PlanetRx (USA), Rowlands Pharmacy (UK), Sanicare AB (Sweden), Secure Medical Inc. (USA), Walgreen Co. (USA), and Walmart Stores Inc. (USA).
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Market Overview
The most crucial market driving factors for the global ePharmacy market growth are increasing penetration of the internet and the proliferation of smartphone users. The modern gadgets and the internet facilitate the healthcare sector to deploy technologically advanced healthcare solutions including ePharmacy. Ease of use is another important market driving factor as it is easy for patients to order medicine online.
High demand for online availability of medicines and medical devices is also enhancing the market growth. Other factors driving the ePharmacy market growth include the growth of e-commerce, the difficulty faced by offline retail providers to meet the skyrocketing requirements in remote areas, surging demand for healthcare services, rise in geriatric population, and increasing prevalence of chronic ailments. However, some factors that can hurt the market growth include low penetration of advanced technology in underdeveloped regions and limited availability of the internet.
Market Segmentation
The global ePharmacy market segmentation encompasses drug type and product type. MRFR’s research on the market highlights many factors of the market in-depth.
By drug type, this market has been segmented into prescription drugs and over the counter (OTC) drugs. Based on product type, the market has been segmented into cold & flu, dental, skincare, vitamins, weight loss, and others.
Latest Industry News
- Cipla is planning to enter the ePharmacy business with plans to invest USD 2,114,775 – USD 2,396,745 in Medlife,.
Regional Segmentation : ePharmacy market
A geographical outlining of the global covers North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa (MEA).
North America and Europe are eminent regional markets with well-developed healthcare infrastructure and strong network speeds. These factors support the market growth in this region. Most of the important market players are based in North America. Many healthcare policies in Europe are also supportive of market growth. Other factors that can boost the market in both these regions are the high geriatric population and availability of convenient as well as affordable pharmaceuticals for their healthcare needs. In North America, the strongest economies that can be crucial markets are the USA and Canada. In Europe, the same can be said of France, Germany, and the UK.
In Asia Pacific and Latin America regions, there are many rapidly emerging economies that can become lucrative markets. Not only countries like China and India are going through many economic changes; they also have a high population that can be a ready-made market for many products and services. Japan is another strong economy that has technological advancement and high-speed internet connectivity. Both of these factors can boost the ePharmacy market in this region. In Latin America, the strongest economies that can be suitable markets are Argentina and Brazil. Another factor that can enhance the market growth in both of these regions is the increasing penetration of internet-supported smartphones in urban as well as rural areas as increasing internet coverage can lead to a significant increase in the demand for ePharmacies.
The MEA region holds the least market share due to a lack of healthcare infrastructure, low awareness, and the presence of poor economies. However, in some countries of the Middle East like the UAE and Saudi Arabia, the market is slowly expanding its reach due to government initiatives and increasing investments to improve the healthcare sector. In Africa, the market can increase in the future as many healthcare firms are trying to improve healthcare facilities in this region.
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Key Questions Answered In This Report:
- What will the market size and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
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