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HEALTHCARE & PHARMACEUTICAL

e-Pharmacy Market Segmentation By Platform Type (B2B and B2C); By Drug Type (OTC, Prescribed and Others) and By Product Type (Hair Care, Skin Care, Dental, Cold and Flu, Weight Management, Vitamins & Supplements, Toiletries, Electrical Medical Devices, Pet Medicines and Others) – Global Demand Analysis & Opportunity Outlook 2028

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Extensive insights into the Growth of e-Pharmacy Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS
  • December 2019: OptumRx, Inc. announced that it has signed an agreement to combine with Diplomat for providing enhanced specialty and infusion services for patients and further help to manage growth in high-cost specialty pharmaceuticals.
  • March 2019: Phoenix UK, part of Phoenix Group, announced that it has acquired 100% stake holding in Pharmassist (Solutions) Limited which is a leading online purchasing solution for community pharmacies.

Introduction to e-Pharmacy 

e-Pharmacy is referred to the online pharmacy business model where pharmaceutical products are sold to customers via an online distribution channel. As similar to conventional stationary pharmacies, customers purchase their required needs online via the platform provided by the e-pharmacy supplier. The online stores generally follow controlled drug distribution systems along with various good distribution practices. As e-pharmacies handle various type of drugs, most of the e-pharmacies also requires submission of prescriptions for selling prescription drugs online.

Market Size and Forecast

The global e-pharmacy market is thriving on the back of growing trend for e-commerce around the globe. Apparently rising awareness amongst consumers for the benefits that can be availed from purchasing via e-pharmacies, for instance, in-depth information on drugs along with competitive pricing and attractive discounts, along with availability of drugs which are not easily available in conventional pharmaceutical stores, and growing pharmaceutical industry, all such factors are anticipated to contribute towards the growth of the global e-pharmacy market.

According to European Federation of Pharmaceutical Industries and Associations (EFPIA), exports in the pharmaceutical industry in the EU grew from USD 96739.36 Mn in the year 2000 to USD 397162.8 Mn in the year 2016.

Exports in the pharmaceutical Industry Image

The market is anticipated to record a CAGR of around 14.22% throughout the forecast period, i.e. 2020-2028. 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 as OTC drugs are the highly preferred drugs for first line of treatment. Additionally, e-pharmacies selling OTC drugs in comparison to prescribed drugs, doesn’t require the need to follow stringent norms regarding controlled drug distribution systems, and can be sold easily without much restrictions. Moreover, OTC drugs doesn’t have critical complexities for shipping, which is most often observed in prescribed drugs, for instance, the need of cold storage transportation system for shipment of insulin drug and several others.CLICK TO DOWNLOAD SAMPLE REPORT

E-pharmacy market share Graph

Growth Drivers

Growing Trend of Digitization in the Healthcare and Pharmaceutical Industry

According to the International Telecommunication Union (ITU), global internet penetration rate increased from nearly 17% in the year 2005 to over 53% in the year 2019.

Internet penetration Rate Graph

Consumers around the globe are increasingly using the internet to avail numerous services available around the world. Moreover, with the help of digital technologies consumers are empowering themselves for seeking information and interact with suppliers. With rising awareness amongst consumers for deriving knowledge on the drug they are purchasing, along with the power of internet, consumers are increasingly shifting towards e-pharmacies, which enable consumers gain an advantage while choosing a good or a service. Moreover, consumers also increasingly find solutions to their issues resolved by the e-pharmacies by providing comprehensive information on the drug or alternatives for the prescription drug, helping the consumer get easy access to medicines that are hard to find. Additionally, e-pharmacies also help consumers to store their medical records which also helps the consumer to avail for online medical consultation services by doctors. Apparently, consumers who are severely ill and are unable to visit the brick-and-mortar pharmaceutical store, are majorly benefitted from e-pharmacies as they can receive the drugs right at their doorsteps. Owing to such factors, consumers are increasingly shifting towards online health services which is anticipated to drive the growth of the global e-pharmacy market in the upcoming years.

Growing Adoption of E-Prescriptions in Healthcare Industry

Several hospitals around the globe are increasingly adopting the electronic prescribing technology so as to reduce paper waste and achieve the growing trend of going paperless. e-Prescriptions allow the hospitals record the historical medical data. Doctors are highly benefitted with the system as they can monitor the patient remotely without meeting the patient physically. Moreover, with the doctors providing e-prescriptions, patients get easy access to medicines directly to their doorsteps as most hospitals have business tie-ups with e-pharmacies who deliver the medicines to the patients. Additionally, it becomes easier for the patient to receive their medicines from e-pharmacies as they can easily upload their e-prescription on the e-pharmacy website without any hurdle.

Restraints

Rising Concern For Counterfeit Medicines And Stringent Regulations For Selling Prescription Drugs

Government of several nations around the globe have restricted sales of pharmaceutical products online due to the fear of consumers receiving counterfeit medicines from online pharmaceutical stores. Unable to meet and comply with the rules adhered for e-pharmacies might impact the sales, which is anticipated to act as a barrier to the growth of the global e-pharmacy market.

Market Segmentation

Our in-depth analysis of the global e-pharmacy market includes the following segments:

By Platform Type

  • Business-to-Business (B2B)
  • Business-to-Consumer (B2C)

By Drug Type

  • Over-the-counter (OTC) Drugs
  • Prescribed Drugs
  • Others

By Product Type

  • Hair Care
  • Skin Care
  • Dental
  • Cold and Flu
  • Weight Management
  • Vitamins & Supplements
  • Toiletries
  • Electrical Medical Devices
  • Pet Medicines
  • Others

By Region

On the basis of regional analysis, the global e-pharmacy market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.

North America market is anticipated to hold the largest market share on the back of growing trend amongst patients in nations such as U.S. and Canada who are adopting home care treatment and services as a result of high healthcare expenditure in hospitals. Moreover, general population of the region rely highly on online delivery of consumable goods which is also anticipated to contribute towards the growth of the market in the region in the upcoming years.

The global e-pharmacy market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis.

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