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The global ePharmacy market size was valued at USD 49,727.7 Million in 2018 and is projected to reach USD 177,794.9 Million by 2026, exhibiting a CAGR of 17.3% in the forecast period (2019-2026).
There is an ever-increasing demand for mail-order medicines with the increasing penetration of e-commerce and use of the Internet. Many online pharmacies, otherwise known as ePharmacy around the globe offer doorstep delivery and dispensing of prescription medicines and over-the-counter products. However, ordering and dispensing of a prescription drug through online channel requires a prescription from a medical practitioner. With the onset of ePharmacy, patients do not have to travel to the pharmacist.
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bbin体育Additionally, major ePharmacy companies provide medicines in discounted rates compared with other traditional brick and mortar pharmacy stores. The ePharmacy market trend is estimated to experience an exponentially growing CAGR of 17.3% in the upcoming 6 -7 years owing to the increasing investment of e-commerce giants in the field of healthcare. For Instance, in June 2018, Amazon.com, Inc. announced the company’s plans to acquire ePharmacy company PillPack, Inc. for approximately US$ 753 Mn.
"The efficiency of ePharmacies in delivering low-cost medical products, and combined with the increasing penetration of e-commerce is driving the global ePharmacy market growth"
A large patient pool globally prefers doorstep delivery of healthcare products owing to unavailability of certain medicines in retail pharmacy stores. Additionally, ePharmacies lower the dependency of chronically ill patients and elderly citizens towards third person for procurement of medicines and healthcare supplies. Additionally, the increasing penetration and literacy regarding internet resources are projected to boost the market sales.
bbin体育The growing reach of e-commerce has facilitated the ePharmacy to capture a wide customer base in the developed and developing countries of the world. Millennials of this generation are highly reliant on the online procurement of goods like cosmetics and over the counter medicines. There are also various startups springing up around the globe due to the advent of new information technologies and algorithms that offer better consumer experience and satisfaction. New technologies based on artificial intelligence is estimated to ensure better customer satisfaction in market. All these factors cumulatively are expected to drive the global ePharmacy market growth.
Conversely, there are stringent regulations for selling prescription drugs through online channels. Prescription drug sales through ePharmacy in North America and Europe are highly regulated, and the companies have to comply with various rules, which could impact the market growth in these regions. Additionally, not all the countries in the world have legalized sales of prescription drugs through online sites. Factors such as unregularised sale of prescription medicines that could lead to prohibition of online pharmacy are estimated to restrain the global market revenue.
Based on the product, the global market segments include prescription medicine and over-the-counter products. The over-the-counter segment dominated the ePharmacy industry in 2018. The prescription medicine segment accounted for a lower share of the market in 2018 but is estimated to grow at a faster CAGR during the forecast period. Based on geography, the market segments include North America, Europe, Asia Pacific, and Rest of the World.
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"A rising number of internet users and higher dependency on e-commerce goods are anticipated to boost the ePharmacy industry growth in the North America"
In North America, the over-reliance of the general population on the online delivery of consumable goods including over-the-counter healthcare products like vitamin tablets, nutrition supplements, and cosmetic among others are projected to positively influence the ePharmacy market trend. A rise in the number of patients adopting home care treatment and services owing to high healthcare expenditure in hospitals are estimated to increase the online procurement of medicines in North America.
The market in North America is well established and have captured wide population base owing to high penetration of the Internet. Additionally, the Food and Drug Administration (FDA) in the U.S focuses on actively informing the citizens regarding the rules and regulations of ePharmacy and making them aware about the safety of buying drug online. The Europe market is highly regulated by the European Commission with stringent guidelines; however, the global market is estimated to witness growth owing to the lucrative price offering by major companies operating in the market.
North America ePharmacy Market Size, 2018
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bbin体育The market in Asia Pacific are projected to demonstrate a comparatively higher CAGR during the forecast period, owing to rising penetration of the Internet and higher adoption of e-commerce websites. The market in the rest of the world that includes countries of Latin America and Middle East & Africa accounted for a comparatively small ePharmacy market share for the year 2018 owing to lower literacy regarding ePharmacy however, it is expected to experience a considerable CAGR owing to the unmet needs of online distribution of medicines.
"CVS Health Corporation, Doc Morris, and Express Scripts Holding Company dominated the global ePharmacy market in 2018
The market is a semi-consolidated market with the top five players accounting for a significant share of the market in 2018. A deep-rooted product presence in the ePharmacy, along with a strong distribution channel, has been contributory to the dominance of these players in the market. Additionally, the established market presence and trust of the consumers have facilitated the dominance of the top market players in ePharmacy.
bbin体育On the flip side, other market players are expanding their presence in ePharmacy, combined with a focus on the expansion through the geographic presence and strengthening their distribution channel with mergers and acquisition with local players. These players are expected to gain significant ePharmacy market share during the forecast period. The rising completion within the companies operating in the ePharmacy industry is estimated to affect the market share of the key players.
bbin体育According to the World Bank, around 75% of the population in the U.S are internet subscribers, and around 84 % population in Germany are reliant on internet. This large population dependent on internet for the procurement of commodities combined with the lucrative price offerings by major players are leading to rising demand for ePharmacy globally. The introduction of new players in the ePharmacy market combined with rising competition globally is projected to further augment the growth for ePharmacy during the forecast period.
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The report provides qualitative and quantitative insights on the ePharmacy industry trends and detailed analysis of market size and growth rate for all possible segments in the market. The market segments include product and geography. On the basis of the product, the market segments include prescription medicines and over-the-counter products. Geographically, the global market is segmented into four major regions, namely, North America, Europe, Asia Pacific, and rest of the world. The regions are further categorized into countries.
Along with this, the report analysis includes ePharmacy industry dynamics and competitive landscape of the market. Various key insights provided in the report are key start-ups and funding overview, recent industry developments such as mergers & acquisitions for 2018, an overview of regulatory scenario – key countries, key industry trends, and an overview of e-commerce penetration – key countries.
bbin体育Fortune Business Insights says that the value of the global ePharmacy Market was USD 49,727.7 Million in 2018.
The ePharmacy Market is projected to reach USD 177,794.9 Million by 2026.
The ePharmacy Market will grow at the rate of 17.3% CAGR.
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