ePharmacy Market Scenario
According to MRFR, the global ePharmacy Market 2020 is anticipated to register a CAGR of 12.5% over forecast period of 2020 to 2027. It was valued at USD 62.58 billion in 2019, thus is likely to surpass the previously-recorded value by 2027, primarily driven by the COVID 19 pandemic.
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ePharmacy Market Highlights
The growth of the ePharmacy industry is motivated by factors such as the ease offered in the distribution of reduced prescription rates, and laws favouring the implementation of ePharmacy. In addition, the growth of the ePharmacy industry is also driven by increasing investment in small businesses. The growth of the industry is motivated by a change in customer preference for online buying of drugs and the penetration of the high-speed internet. Business growth is further expected by an expansion in the number of online pharmacies and the booming pharmaceutical industry.
The growing number of counterfeit online pharmacies, however, presents a threat to business growth.
ePharmacy Market Segmentation
Global ePharmacy Market has been divided based on Drug Type, Operating Platform, and Business Model.
The industry has been divided between prescription medications and medications over the counter ( OTC) based on Treatment Class. In 2019, the prescription drugs segment accounted for the highest market share of 55.6%. As compared to counter drugs, this largest share can be attributed to its preference.
The sector has been divided between software and websites focused on an operating framework. In 2019, the app segment accounted for the highest market share of 57.6%. Due to the growth of this market, the growing number of retail pharmacies launching applications for the distribution of drugs globally is the main reason.
The industry is divided into the marketplace, hospital, and direct, depending on the business model. In 2019, the market segment accounted for the highest market share of USD 33.22 billion owing to the growing number of consumers purchasing and refilling drugs online.
ePharmacy Market Regional Analysis
Global ePharmacy market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
Because of the involvement of major suppliers, growing visibility and growing product releases by major players in the region, the Americas are likely to dominate the worldwide ePharmacy industry. The Americas accounted for the highest market share in the worldwide ePharmacy market of 48.9 percent in 2019. This huge proportion is largely due to the involvement of the key players in ePharmacy and the general population ‘s reliance on the online distribution of consumable goods.
In the worldwide ePharmacy market, Europe had a large share. Due to factors such as increasing online orders, the rapid rise in e-commerce, the increasing prevalence of chronic diseases, the rise in the geriatric population and well-developed IT infrastructures, the e-pharmacy market in Europe is projected to improve during the forecast period.
The Asia-Pacific’s rapid growth is attributed to the cases of diabetes and growing per capita income, along with government efforts to increase the quality of health care. Due to the increasing older population, China, India , and Australia have a lucrative demand for ePharmacy. The Asia-Pacific region would also be home to nearly 66 percent of the older population out of the total global population. The growing geriatric population would lead to a rise in metabolic disorders, which in turn would raise the number of patients in need of medication delivery and contribute to increases in the demand for ePharmaceuticals.
The growth of the Middle East & Africa sector can be attributed to the novel business model of public-private partnerships (PPP), the advancement of healthcare facilities, and government funding. To date, 16 pharmacy dispensing units have been located near shopping malls in the Johannesburg townships of Alexandra, Soweto, and Diepsloot, serving thousands of patients between March and the end of May.
ePharmacy Market: Competitive Dynamics
The eminent Players in the Global ePharmacy Market are B. Braun Melsungen AG, 3M, Baxter International INC, Smith & Nephew Plc, Cardinal Health, Coloplast Corp., Integra Lifesciences Holdings Corporation, ConvaTec Group Plc, Mölnlycke Health Care AB, and Avery Dennison Corporation.
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