ePharmacy Market Overview
ePharmacy Market was valued at USD 62,587.0 Million in 2019 and is expected to register a CAGR of 12.5% during the forecast period of 2020 to 2027.
Telemedicine, which has provided access to the best doctors at the touch of a button, is one of the progressive technological models that has emerged in the previous few years. E-pharmacy is another new invention that has established itself as a viable healthcare paradigm.
The ePharmacy market is growing due to factors such as the convenience given in the delivery of medication at a lower price, as well as regulations encouraging the use of ePharmacy. In addition, the ePharmacy industry is growing due to increased investment for small businesses. The ePharmacy industry is growing due to a shift in customer preference toward online pharmaceutical purchases and increased high-speed internet adoption. The ePharmacy market is expected to rise due to an increase in the number of online pharmacies and the rising pharmaceutical sector. The ePharmacy market is growing due to factors such as the increasing popularity of e-commerce platforms, increased investments in ePharmacy start-ups, and increased use of digital technologies in the healthcare sector. The leading companies are also driving the growth of the ePharmacy market by adopting a strategy of bringing in acquisitions to increase geographical reach and reduce operating expenses.
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However, the growing number of counterfeit online pharmacies is posing a threat to the ePharmacy market’s expansion.
ePharmacy Market Segmental Analysis
Drug Type, Operating Platform, and Business Model have all been used to segment the global ePharmacy market.
The ePharmacy market has been divided into prescription and over-the-counter (OTC) medicines depending on drug type.
The ePharmacy market has been divided into app and website segments based on operating platform.
The ePharmacy industry is divided into three categories based on business models: marketplace, pharmacy, and direct.
The global ePharmacy market has been split into four regions: the Americas, Europe, Asia-Pacific, and the Middle East and Africa.
Because of the presence of large manufacturers, increased awareness, and increasing product releases by key players in the area, the Americas are expected to dominate the worldwide ePharmacy market. In 2019, the Americas held the highest market share in the worldwide ePharmacy industry, with 48.9%. The existence of significant ePharmacy players, as well as the general public’s dependence on online delivery of consumable items, account for the substantial proportion.
Europe accounted for a sizable portion of the worldwide ePharmacy industry. Increased online orders, fast growth in e-commerce, increased incidence of chronic illnesses, an increase in the elderly population, and well-developed IT infrastructures are projected to push the ePharmacy market in Europe over the forecast period.
The Asia-Pacific region’s rapid rise is attributed to an increase in diabetes incidence, growing per capita income, and government measures to improve healthcare quality. Because of their aging populations, China, India, and Australia are profitable markets for ePharmacy. The growing elderly population will lead to an increase in metabolic diseases, which will increase the number of patients in need of drug delivery, resulting in ePharmacy market growth.
The unique public-private partnerships (PPP) business model, growing healthcare infrastructure, and government backing are all contributing to the Middle East and Africa’s ePharmacy industry growth.
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ePharmacy Market Competitive Dynamics
The Prominent Players in the Global ePharmacy Market are 3M, B. Braun Melsungen AG, Baxter International INC, Smith & Nephew Plc, Cardinal Health, Coloplast Corp., ConvaTec Group Plc, Integra Lifesciences Holdings Corporation, Mölnlycke Health Care AB and Avery Dennison Corporation.
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