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ePharmacy Market to Touch USD 177,794.9 Million with CAGR of 17.3% by 2026; Growth Opportunities Witnessed Around the World to Support Expansion: Fortune Business Insights™

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Pune, India, Nov. 26, 2020 (GLOBE NEWSWIRE) — Fortune Business Insights states that the global ePharmacy market is projected to reach US$ 177,794.9 Mn by 2026, thereby exhibiting an impressive CAGR of 17.3% during the forecast period (2019-2026). The company further states that the global market was valued at US$ 49,727.7 Mn in 2018.Key Industry Developments:In January 2019, Swedish online pharmacy company Meds, bagged a US$ 5.5 Mn funding to expand its business across Europe. This funding is estimated to increase the focus of the company in expanding its reach in other European countries.In June 2015, Rite Aid Corp acquired Envision Rx Options that provides mail-order pharmacy services including prescription medicines. This acquisition facilitated Rite Aid Corp to enter into the field of ePharmacy.In March 2019, 1mg, an Indian online pharmacy garnered LegitScript certification from the National Association of Boards of Pharmacy (NABP), USA making it the first company in India to earn the said certification. The certification will increase the trust of the customers in the company products.In November 2016, Netmeds Marketplace Limited announced the acquisition of hyperlocal drugs delivery app named Pluss for an undisclosed amount. This acquisition will enable the company to focus on enhancing the company’s online app.
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Increasing Adoption of E-commerce Websites to Favor Growth in Asia PacificGeographically, the global ePharmacy market is grouped into Asia Pacific, North America, the Middle East and Africa, Europe, and Latin America. Out of these regions, North America is expected to remain in the leading position in the global ePharmacy market during the forecast period.The growth is attributed to the rapid shift of consumers towards online retailers from offline pharmacies. Also, increasing usage of smartphones and high speed of the Internet are expected to aid North America in gaining the highest global ePharmacy market share in the forthcoming years. Furthermore, a rise in geriatric population, increasing online orders, and growing adoption of online platforms will drive the market growth in this region.Europe and Asia Pacific, on the other hand, are projected to exhibit significantly high CAGR during the forecast period. In Europe, numerous prominent market players have begun offering products at lucrative rates. This will positively impact growth of ePharmacy market in this region.
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Availability of Low-cost Medicines to Increase Demand for ePharmacy PlatformsSince the last few years, the demand for mail-order medicine has increased rapidly due to a rise in the adoption of Internet and increasing penetration of e-commerce. The ePharmacy service would aid those patients who are stuck with acute illness and hence, are not able to go to a pharmacy. Moreover, online platforms will aggregate supply as the demand for otherwise hard-to-find medicines would increase from people across the globe.Often, offline pharmacies possess a limited stock of medicines, which further results in the consumer having to ask for the same at multiple pharmacies. Also, prices in offline pharmacies are quite high as compared to online pharmacies. This is because ePharmacies don’t need to spend money on maintaining huge staff or sellers as well as renting warehouses and premises. Reduction in these funds enables the owners to sell medicines at low prices. All these factors are anticipated to drive the global ePharmacy market growth during the forecast period.
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List of the prominent market players operating in the global ePharmacy market:DocMorrisCVS Health CorporationExpress Script Holding CompanyWalgreen Co.Optum Rx, Inc.Giant Eagle, Inc.Walmart Stores, Inc.Rowland PharmacyThe Kroger Co.Other players
Global ePharmacy Market Segmentation:By Product           •              Over-the-Counter Products•              Prescription MedicineBy Geography      •              North America (USA and Canada)•              Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)•              Asia Pacific (Japan, China, India, Australia, Rest of Asia Pacific)•              Rest of the World
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SECONDARY DATA SOURCES THAT WE REFER TO:Annual reports, investor presentation, SEC filings, and press releases of companies operating in the marketStudies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, ClinicsIndustry journals and paid databasesSECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companiesDetails in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facilityNumber of procedures and average price of proceduresReplacement rate and pricing of capital equipmentMarket dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunitiesMarket & technological trends, new product developments, product pipeline.
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About Us:Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
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