Global ePharmacy Market Synopsis:
As per the new analysis published by Market Research Future (MRFR), the global ePharmacy market outlook report is projected to grow substantially during the forecast period. The primary factor responsible for expediting the adoption of ePharmacies is the vast market presence of smartphones. Furthermore, with the developments in the telecommunication industry, easy access to the internet is projected to further boost the proliferation of the ePharmacy market in the forthcoming years.
The thriving e-commerce sector has inculcated the inclination towards online services. It is anticipated to have a favorable influence on the expansion of the ePharmacy market. The convenience and affordability offered by the ePharmacies are poised to attract a larger customer base over the next couple of years.
Rising prevalence of chronic as well as minor diseases such as flu, conjunctivitis, etc. are projected to fuel demand for ePharmacies in the upcoming years. Additionally, the exponential geriatric population is projected to accelerate revenue creation for the market participants.
The emerging economies of the global market are likely to emerge as promising country-level markets during the assessment period. However, the growth in the dealings of counterfeit drugs is projected to restrict the market expansion through the review period.
Market Segmentation:
By drug types, the global ePharmacy market has been segmented into prescription drugs, and over the counter (OTC) drugs.
By product types, the ePharmacy market has been segmented into dental, skin care, vitamins, cold & flu, weight loss, and others.
Regional Analysis:
The global ePharmacy market size, by region, has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is a lucrative market for ePharmacy. The large-scale market presence of smartphones backed by the availability of high-speed internet is projected to significantly drive the growth of the ePharmacy market in the region. The growth strategy of the regional market is backed by the presence of key players in the region. Furthermore, the region is well equipped for early adoption of novel technologies, which is likely to augment the ePharmacy market in the foreseeable future.
Europe is an important growth pocket and is prognosticated to exhibit substantial growth over the next couple of years. The highly supportive healthcare policies of the region are likely to influence the growth of the market during the forecast period. Additionally, the rising geriatric population in Europe is further anticipated to boost the expansion of the ePharmacy market in the upcoming years.
Asia Pacific is prognosticated to witness rapid growth through the forecast period. The consolidation of fast developing economies couple with evolving healthcare sector is poised to accelerate the adoption of ePharmacies in the region. The region is witnessing healthy economic growth and is home to some of the most populated countries, which is projected to augment the ePharmacy market in the foreseeable future. Other factors responsible for driving the growth of the regional market include massive penetration of smartphones and internet. Meanwhile, Latin America exhibits tremendous potential for growth and is expected to emerge as a promising ePharmacy market by 2027.
Competitive Dashboard:
Some of the key players profiled in this MRFR’s report are Secure Medical, Inc, Lloyds Pharmacy Ltd.,Canada Drugs, drugstore.com Inc., Rowlands Pharmacy, Sanicare AB, Walgreen Co., eDrugstore.com, The Kroger Co., Optum Rx, Inc., Giant Eagle, Inc., Medisave, Express Scripts Holding Company, DocMorris, PlanetRx, CVS Health, and Walmart Stores, Inc.
Industry News:
In March 2018, online pharmacy app Myra by Metarain Software Solutions Pvt. Ltd has raised USD 1.84 Mn from a Tokyo based firm.
In March 2018, first ATM pharmacy has been launched in Alex Plaza, Africa.
In November 2018, Medlife, an online medical store, has become the first ePharmacy in India to cross USD 100 Mn revenue.
In November 2018, Medlife, an ePharmacy company, has announced the acquisition of consumer healthcare startup, EClinic24/7
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