ePharmacy Market Overview
Global ePharmacy Market is expected to register a CAGR of 12.5% during the forecast period and expected to hit USD 164,829.5 Million by 2027.
One of the progressive technology models, which have evolved in the last few years, is telemedicine that has enabled access to the finest doctors at the tap of a button. Another recent innovation that has positioned itself as an attractive model in the healthcare space is e-pharmacy. The ePharmacy cuts down the long chain of distributors and directly provides medicine to the end user at a lesser price. E-pharmacy is an online pharmacy, which operates over the internet and provides medicines to consumers through mail or shipping companies.
Factors such as the rise in popularity of e-commerce platforms, increasing investments in ePharmacy start-ups and rising adoption of digital technologies in the healthcare sector are, are driving the growth of the ePharmacy market. Additionally, the key players adopting the strategy of bringing in acquisition for expanded geographical reach as well as optimization of operational costs are also driving the growth of the ePharmacy market size. However, a rise in pricing pressure by regulatory agencies and the availability of counterfeit online pharmacies is posing as a challenge for the growth of the market.
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ePharmacy Market Segmentation
Global ePharmacy Market has been divided based on drug Type, Operating Platform, and Business Model.
- The market, based on drug type, has been segregated into prescription drugs and over the counter (OTC) drugs.
- Based on operating platform, the ePharmacy market has been divided into app and websites.
- On the basis of business model, the ePharmacy market is segregated into the marketplace, pharmacy, and direct.
ePharmacy Market Regional Analysis
The global ePharmacy market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East and Africa. The Americas is likely to hold the largest share of the global ePharmacy market during the assessment period owing to the presence of a large number of ePharmacy in the region. Some of the renowned ePharmacy in the region include Walgreens Boots Alliance, Inc., Wal-Mart, Inc., CVS Health, PillPack, Inc., and others. According to a 2019 survey, 19% of health care providers in the U.S. offer a customer’s web-based prescription refill online program. It was also reported that several retail pharmacies have been offering mobile apps for an online prescription refill. A large number of companies such as Walgreens and CVS Pharmacy offer mobile apps to make prescription refill easy and convenient with a round to clock delivery. The ePharmacy market in Europe is expected to propel during the forecast period, owing to factors such as rising government initiatives, increasing awareness among customers regarding ePharmacy, and the convenience associated with the offered services. The fast growth of the Asia-Pacific region is due to rising investment for ePharmacy startups and the increasing per capita income along with government initiatives to enhance the quality of healthcare. China, India, and Australia have a lucrative market for ePharmacy due to the growing investment. The online pharmacy market in India attracted funding of USD 93 million by 2015. As a result, 60 online pharmacy start-ups emerged in 2017.
ePharmacy Market Players
- Globus Medical, Inc. (U.S.)
- Depuy Synthes Inc. (Johnson Johnson) (U.S.)
- Smith Nephew plc. (UK)
- NuVasive, Inc. (U.S.)
- Stryker Corporation (U.S.)
- Integra LifeSciences Holdings Corporation (U.S.)
- Zimmer Biomet Holdings, Inc. (U.S.)
- Medtronic, plc (Ireland)
- Wright Medical Group N.V. (Netherlands)
- The Orthopedic Implant Company (U.S.)
- Aesculap Implant Systems (U.S.)
- Conmed Corporation (U.S.)
- BioTek Instruments, Inc. (U.S.)
- Arthrocare Corporation (U.S.)
among others are some key companies in the global ePharmacy that are listed by MRFR for market research.
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