ePharmacy Market Outlook
The global ePharmacy market was valued at approximately USD 62,587.0 Million in 2019. The report further projects that the market will likely register a healthy CAGR of over 12.5% during the review timeframe from 2020 to 2027.
An E-Pharmacy refers to a pharmacy that functions over the internet and delivers orders to customers via mail or shipping companies. The global ePharmacy market has registered evident growth in the past few years. The market’s growth is accredited to the convenience provided in medication delivery. Furthermore, factors such as rising investment for small companies, laws favoring the adoption of ePharmacy, and discounted price are also estimated to influence the market’s growth over the assessment timeframe positively. On the other hand, the increasing number of counterfeit online pharmacies will likely impede the ePharmacy market’s growth over the coming years.
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ePharmacy Market Segment Analysis
The global ePharmacy market has been bifurcated into numerous segments based on drug type, operating platform, business model, and region.
Based on drug type, the global market for ePharmacy is divided into negative pressure wound therapy drapes, barrier tapes, hydrogel dressings, alginate dressing, hydrocolloid dressings, foam dressings, tissue sealants, collagen dressings, surgical tapes, CHG adhesive dressings, film dressings, and others.
Based on the operating platform, the global market for ePharmacy is divided into ostomy care, surgical and traumatic wounds, diabetic foot ulcers, burns, pressure ulcers, etc.
The ePharmacy market is split into home care settings, hospitals & clinics, and others based on the business model.
ePharmacy Market Regional Analysis
Based on region, the global ePharmacy market is divided across several regions such as the Middle East & Africa, Asia-Pacific, Europe, and the Americas.
According to the MRFR reports, the North American region is estimated to hold the top position in the global ePharmacy market over the review timeframe. The region led the ePharmacy market globally in 2019, with the largest market share of approximately 48.9%. The regional market’s growth is attributed to the rising product launches by major players, raising awareness, and the presence of major manufacturers across the region.
The European region registered for significant market share in the past few years and is estimated to grow rapidly over the assessment era. The regional market’s growth is attributed to the well-developed IT infrastructures, an increase in the geriatric population, the rapid increase in e-commerce, increasing online orders, and the rising prevalence of chronic diseases across the region.
The Asia-Pacific region is projected to register substantial growth in the global ePharmacy market over the assessment era. The regional market’s growth is attributed to the growing per capita income, rising diabetes cases, and government initiatives to enhance healthcare quality. Furthermore, the increasing geriatric population across the region is anticipated to boost the regional market’s growth over the assessment era.
The ePharmacy market for the Middle East & African region is likely to register substantial growth over the assessment era. The regional market’s growth is credited to the growing government support, developing healthcare infrastructure, and the novel public-private partnerships (PPP) business model.
ePharmacy Market Competitive Analysis
The global ePharmacy market has an intensely competitive landscape. The players across the global market are focusing on developing their global market footprint and thus implementing numerous growth policies. The global ePharmacy market has prominent leaders such as Avery Dennison Corporation, Mölnlycke Health Care AB, ConvaTec Group Plc, Cardinal Health, Baxter International INC, 3M, Integra Lifesciences Holdings Corporation, Coloplast Corp., Smith & Nephew Plc, B. Braun Melsungen AG, and several others.
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Recent Developments
Hyphens Pharma, a specialty pharmaceutical and consumer healthcare company, has officially introduced Singapore’s first Health Sciences Authority-approved digital pharmacy.
The company that houses the Tata group’s digital assets, Tata Digital Ltd, has announced that it has acquired a majority stake in online pharmacy 1mg Technologies Pvt. Ltd. The investment follows the company’s vision of creating a digital ecosystem, which deals with consumer needs across categories in a unified manner, it said in a statement.
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