E-Pharmacy is an online service that aids consumers to order medicines online and delivers them to the doorstep. Such an order can be placed through e-commerce platforms, shipping companies, or via mail. Increasing penetration of the internet, e-commerce, and a proliferated adoption of smartphones have enabled the healthcare sector to deploy technologically advanced solutions such as E-Pharmacy.
The global E-Pharmacy market is anticipated to grow with a CAGR of 12.5% by the end of the forecast period from 2020-2027. The most crucial market driving factors for the global E-Pharmacy market growth are increasing penetration of the internet and the proliferation of smartphone users. The modern gadgets and the internet facilitate the healthcare sector to deploy technologically advanced healthcare solutions including E-Pharmacy.
Many governments confronted the issue of combating the covid-19 pandemic while also making progress on other healthcare objectives. Countries such as India are turning the urgency of combating the spread of covid-19, into an opportunity to build more robust health systems. Increased government emphasis on development and improvement in the overall healthcare system can help drive market expansion. Regardless of the fact that medical stores were classed as essential services, online pharmacies emerged as one of the most significant benefactors of the pandemic-induced lockdown, as people opted to buy drugs online to minimize the possibility of contracting the virus.
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The global E-Pharmacy market segmentation encompasses drug type and product type. MRFR’s research on the market highlights many factors of the market in-depth.
By Drug Type
- Prescription Drugs
- Over the Counter (OTC) Drugs
By Operation Platform
By Business Model
Some of the noteworthy vendors in the E-Pharmacy market include
- The Kroger Co.
- Giant Eagle, Inc.
- Walgreen Co.
- Express Scripts Holding Company
- Walmart Stores, Inc.
- CVS Health
- Sanicare AB
- Rowlands Pharmacy
- Secure Medical, Inc.
- Optum Rx, Inc.
- DocMorris (Zur Rose Group AG)
- drugstore.com Inc.
- Canada Drugs
- Lloyds Pharmacy Ltd
All the segments covered in the report are sized by their potential in five major regions of Europe, North America, Latin America, Asia Pacific (APAC) and the Middle East and Africa (MEA), with respective country-level analysis.
North America and Europe are expected to be at the forefront of the industry with business models focusing on data science for aggregation of accurate customer insights. Efforts to modernized healthcare infrastructure, shift to digitization, and high data speeds are factors expected to drive regional growth for E-Pharmacies. Stimulus checks provided for unemployed citizens in the U.S. is also likely to ring in sales for the market as they procure medicines for enhancing immunity.
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APAC and Latin America are economies with latent potential for the market. Mergers and acquisitions are on an upswing in India with online pharmacies rushing to gain market share. The effort by E-Pharmacies in providing services outside their core expertise such as online video consultation, patient management, and diagnostic consultation can bode well for the market. China and India are expected to contribute majorly to the APAC E-Pharmacy market. Large potential of the market as well as complemented by a large patient pool can lead to foreign investments.
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