ePharmacy Market Overview
ePharmacy Market was valued at USD 62.58 billion in 2019 and is expected to record a CAGR of 12.5% during the review period of 2020 to 2027.
One of the advanced technical models that has arisen in recent years is telemedicine, which has enabled access to the top doctors at the press of a button. Another innovative invention that has shown to be a successful healthcare paradigm is e-pharmacy.
The ePharmacy market is expanding as a result of reasons such as the ease of receiving medication at a reduced cost, as well as government policies that encourage the usage of ePharmacy. Moreover, the ePharmacy industry is expanding as a result of increased investment in small firms. Because of a shift in client preferences toward online pharmaceutical purchases and greater high-speed internet use, the ePharmacy sector is booming. Due to an increase in the number of online pharmacies and the growing pharmaceutical sector, the ePharmacy market is predicted to grow. The ePharmacy market is expanding as a result of factors such the growing popularity of e-commerce platforms, greater investments in ePharmacy start-ups, and higher usage of digital technologies in the healthcare sector. Leading organizations are also propelling the ePharmacy market forward by pursuing acquisitions as a means of expanding geographical reach and lowering operating costs.
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The growing number of counterfeit online pharmacies, on the other hand, is posing a challenge to the ePharmacy market’s growth.
The worldwide ePharmacy market has been segmented based on drug type, operating platform, and business model.
Depending on the drug type, the ePharmacy market is segmented into prescription and over-the-counter (OTC) drugs.
Based on operating platform, the ePharmacy market has been split into app and website sectors.
Based on business structures, the ePharmacy industry is classified into three categories: marketplace, pharmacy, and direct.
The Americas, Europe, Asia-Pacific, and the Middle East and Africa are the four regions that make up the worldwide ePharmacy market.
Due to a rising demand among customers to acquire pharmaceuticals online and an increase in the number of ePharmacy, the Americas accounted for the greatest part of the global market. These reasons are propelling the region’s ePharmacy market forward. The Americas are predicted to lead the global ePharmacy market due to the presence of significant manufacturers, higher awareness, and increased product releases by key players in the region. The Americas had the biggest market share in the global ePharmacy sector in 2019, with 48.9%. The presence of major ePharmacy businesses, as well as the general public’s reliance on online delivery of consumables, account for a large share of the total.
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Europe accounts for a significant percentage of the global ePharmacy market. Increased online orders, rapid e-commerce growth, rising chronic illness rates, an aging population, and well-developed IT infrastructures are expected to propel the ePharmacy market in Europe over the forecast period.
The Asia-Pacific region’s rapid rise is being fueled by an increase in diabetes prevalence, growing per capita income, and government efforts to enhance healthcare quality. Because of their elderly populations, China, India, and Australia are feasible ePharmacy markets. The elderly population will result in an increase in metabolic diseases, which will result in an increase in the number of patients in need of drug delivery, leading in ePharmacy market growth.
The Middle East and Africa’s ePharmacy industry is booming owing to a unique public-private partnership business model, expanding healthcare infrastructure, and government support.
The Prominent Players in the Global ePharmacy Market are 3M, B. Braun Melsungen AG, ConvaTec Group Plc, Baxter International INC, Smith & Nephew Plc, Cardinal Health, Coloplast Corp., Integra Lifesciences Holdings Corporation, Mölnlycke Health Care AB and Avery Dennison Corporation.
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