Research Nester has released a report titled “e-Pharmacy Market – Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global e-pharmacy market in terms of market segmentation by platform type, by drug type, by product type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global e-pharmacy market is segmented by drug type into over-the-counter (OTC) drugs, prescribed drugs and others, out of which, OTC drugs segment is anticipated to hold the largest market share owing to OTC drugs being the most preferred drug for first line treatment, along with lower stringent norms for selling OTC drugs online easily by online pharmaceutical stores. Additionally, OTC drugs are less complicated when it comes to their shipping thereby making it one of the most preferable choices of products for selling amongst the e-pharmacies.
The global e-pharmacy market is anticipated to record a CAGR of 14.22% during the forecast period, i.e. 2020-2028. Growing trend for e-commerce around the globe along with increasing awareness for purchasing pharmaceutical products online amongst the consumers and availability of drugs which are not that easily available in conventional pharmaceutical stores are some of the factors that are anticipated to contribute towards the growth of the global e-pharmacy market during the forecast period. Moreover, growing pharmaceutical industry along with attractive discounts provided by e-pharmacies are also some of the factors that are adding towards the growth of the global e-pharmacy market.
In the statistics by European Federation of Pharmaceutical Industries and Associations (EFPIA), exports in the pharmaceutical industry in the EU peaked to USD 397162.8 Mn from USD 96739.36 Mn in-between 2000-2016.
Regionally, the global e-pharmacy market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is anticipated to hold the largest market share owing to the presence of nations such as U.S. and Canada, where there is a growing trend amongst the patients for adopting home care treatment on the back of increasing healthcare expenditure in hospitals. Additionally, high reliability amongst the general population for online delivery of consumable goods is also anticipated to drive the growth of the market in the region throughout the forecast period.
Growing Trend of Digitization in the Healthcare and Pharmaceutical Industry
In the statistics by the International Telecommunication Union (ITU), internet penetration rate across the globe peaked to 53% from 17% in-between the years 2005-2019.
With rising internet penetration, internet-based services are also increasingly become beneficial to consumers around the globe. Consumers are able to empower themselves by gathering information on products which were unavailable to them erstwhile. With developments in the healthcare industry, consumers are also shifting towards adopting digital healthcare services, such as purchasing pharmaceutical products from e-pharmacies owing to greater number of benefits provided by the system. By providing in-depth details on products along with storing medical records of patients, e-pharmacies are excelling ahead with several services which were not available earlier to consumers in conventional pharmaceutical stores. Moreover, delivery of medicines to the doorstep of consumers, especially when they are severely ill and are unable to visit the brick-and-mortar pharmaceutical store is also contributing towards greater number of consumers shifting towards purchasing medicines from e-pharmacies. Such a factor is anticipated to drive the growth of the global e-pharmacy market during the forecast period.
However, increasing concern for restriction in sales of pharmaceutical products on the back of stringent regulations by governments to avoid sale of counterfeit products online, along with concerns regarding the inability of e-pharmacies to adhere to stringent norms required for controlled drug distribution system is also anticipated to limit the growth of the global e-pharmacy market.
The market also provides the existing competitive scenario of some of the key players of the global e-pharmacy market, which includes company profiling of DocMorris NV, CVS Health Corporation (NYSE: CVS), Express Scripts Holding Company, Walgreen Co. (NASDAQ: WBA), The Kroger Co. (NYSE: KR), Rowlands Pharmacy (Phoenix Group) (LON: PHNX), Giant Eagle, Inc., Walmart Inc. (NYSE: WMT), OptumRx, Inc., Lloyds Pharmacy Limited. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global e-pharmacy market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.