The global epharmacy market is anticipated to grow at a CAGR of around 14.5% during forecast period 2019 to 2026 and expected to reach the market value of around US$ 155.4 Bn by 2026.
Epharmacy is an online platform where vendors sell medicines and send orders to consumers via shipping companies. It is becoming popular due to the benefits it offers such as consumers buy medicines conveniently without visiting any brick and mortar pharmacy stores, easy availability of medicines, on-time delivery of medicine, and low price as compared to offline pharmaceutical stores. It is simple to use as a customer have to upload the prescription on the epharmacy site and medicines will be delivered at their doorsteps.
The growth of the epharmacy market is mainly driven by the penetration of the internet, ecommerce, increasing awareness related to chronic diseases, improved healthcare infrastructures, rise in the aging population, growth in a number of patients, and large customer base in developed and developing countries are driving the growth of the market. Moreover, change in the behavior of consumers with a rising demand for convenience, fast adoption of technologies in healthcare industry, continuously rising healthcare burden in developing countries, and growing demand for healthcare services and product which is difficult for brick and mortal pharmacy stores to fulfill the need of customers are also driving the growth of market. People are moving towards the use of epharmacy due to lucrative offers like home delivery, discounts, and availability of large numbers of drugs, and consumers don’t have to visit offline pharmacy stores to purchase medicines. In addition, rise in unfulfilled needs in developing countries and emerging market rise in the number of internet user in rural and urban region, increase in smartphone users, rise in enhanced IT infrastructure, and government has taken initiative by this nation to make medicine affordable and available are anticipated to drive the growth of market during the forecast period. However, the presence of a large number of counterfeit epharmacy across the globe which negatively impact the growth of the market in the coming years.
By drug type, over the counter (OCT) segment dominated the pet food packaging market
Based on drug type, the market has been segmented into prescription drugs and over the counter drugs. The over the counter drug segment accounts for the largest market share during the forecast period. Over the counter drugs are medicine sold directly to consumers without prescription by doctors. In many countries, OCT is regulated by authorized agencies to make sure that they contain ingredients that are effective and safe when consumed without consulting physicians. These drugs are mainly regulated as per their active pharmaceuticals ingredients (API) rather than the final product. The major factors that are driving the growth of this segment are easily accessible and convenient, self-reliance in relieving minor symptoms reduces the economic burden as there is no need to consult doctors, and it gives immediate relief are some factors driving the global market throughout the forecast period.
The market research study on “ePharmacy Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight into the global epharmacy market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global epharmacy market, its drug type, product type, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global epharmacy market size and volume, and segment markets by drug type, product type, and geography along with the information on companies operating in the market. The epharmacy market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
In 2018, North America dominated the regional market with a maximum market share
North America accounted for the high market share of the epharmacy market and the region is also anticipated to maintain its dominance over the forecast period. Increasing online orders, the rapid increase in ecommerce, rising prevalence of chronic diseases, increase in geriatric population, lucrative offers like price discounts, increasing disposable income, authenticity, availability, assistance, rise in high-speed internet, and well developed IT infrastructures. This is expected to contribute to the growth of the global market during the forecast.
Asia Pacific is expected to hold the highest CAGR in the global market over the forecast period. Increase in the high-speed internet in both rural and urban areas, the existence of large patient population, increasing disease awareness among people, higher adoption of ecommerce site, growing GDP, and strong economic growth in counties like China and India are anticipated to grow at the fastest pace in the coming years.
The players profiled in the report include CVS Health Corporation, Giant Eagle, Inc., Walmart Stores, Inc., The Kroger Co., DocMorris, Optium Rx, Inc., Express Script Holding Company, Walgreen Co., Rowlands Pharmacy, and Banner Health. The companies are involved in mergers and acquisitions and new product development for expanding their market share and also for gaining competitive advantages over its competitors.
Market By Drug Type
Market By Product Type
Market By Geography
Middle East & Africa
Epharmacy is an online platform where vendors sell medicines and send orders to consumers via shipping companies.
The penetration of the internet, ecommerce, increasing awareness related to chronic diseases, improved healthcare infrastructures are driving the growth of the ePharmacy market.
Acumen Research and Consulting says that, the epharmacy market value is anticipated to be worth around US$ 155.4 billion in 2026.
The epharmacy market is anticipated to grow over 14.5% CAGR during the forecast period 2019 to 2026.
North America held maximum share in 2018 for epharmacy market.
CVS Health Corporation, Giant Eagle, Inc., Walmart Stores, Inc., The Kroger Co., DocMorris, Optium Rx, Inc., Express Script Holding Company, and Walgreen Co. are the top players operating in the hybrid valve market.
There are two types of drugs prescription drugs and over the counter (OCT) drugs.