The general public benefits from e-pharmacy in several ways, including customer convenience, 24*7 access, and medicine legitimacy. The over-the-counter drug segment witnessed huge lucrative growth over the forecast period 2022-2029. People have now shifted to virtual meets and are becoming dependent on online pharmacies to purchase both over-the-counter and prescription drugs, especially after the COVID-19 pandemic, which is enhancing the market growth.
According to Data Bridge Market Research, the Global E-Pharma Market, which was USD 42,768.85 million in 2021, would rocket up to USD 180,734.73 million by 2029 and is expected to undergo a CAGR of 19.74% during the forecast period 2022 to 2029.
"Increasing Demand of e-Prescriptions Surge the Market Growth"
Several healthcare professionals are now shifting towards e-prescriptions to let patients quickly avail medicine with the help of e-prescriptions. Countries such as the U.K. are putting more effort into implementing e-prescriptions. For instance, Co-op Health, a digital prescription service that enables individuals to obtain medication through an app for feasible pickup at a nearby pharmacy or home delivery, was acquired by Phoenix U.K. in 2021. The app has shown huge development within a short span of time, and PHOENIX UK will utilize its network of Numark and Rowlands to meet that need. Thus, this factor boosts market growth.
What restraints the growth of the Global E-Pharma Market?
"High Rise of Counterfeit Medicines"
Illegal online pharmacies have become a life-threatening issue globally. Online pharmacies in almost every country are operating in an unregulated manner. Medicines sold from infamous websites can be poor quality and dangerous many times. In the U.K., authorities removed more than 3,100 advertising websites for the illegal supply of unlicensed medicines and also disrupted some 3 million fake medicines and devices which cost around more than USD 13 million, and also shut down 43 websites. These all these major factors which impede the growth of the market.
Segmentation: Global E-Pharma Market
The global e-pharma market is segmented on the basis of product type, application and type.
- On the basis of product type, the e-pharma market is segmented into generic, branded.
- On the basis of application, the e-pharma market is segmented into hospitals, personal use, government research
- On the basis of type, the e-pharma market is segmented into pharmacy benefit manager, legitimate internet pharmacy, illegal or unethical internet pharmacy.
Regional Insights: North America is expected to dominate the Global E-Pharma Market
North America dominates the market because of the increase in the number of patients due to unhealthy lifestyles, growing government initiatives, changing regulations, and rising internet penetration in urban and rural areas in this region. The increasing incidence of minor illnesses, such as fever, backache, flu, cough, and cold, increases the demand for OTC medications, and therefore, the huge dependence on online pharmacies to obtain these drugs also increases.
Asia-Pacific is expected to grow in the forecast period of 2022-2029 due to the increasing elderly population and rising government initiatives in this region. Furthermore, the increased concentration of major market players and the incorporation of advanced technologies by manufacturers to enhance the experience of online medicine purchases by customers are anticipated to boost the market's growth.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-e-pharma-market
Recent Developments in Global E-Pharma Market
- In 2022, Medicure Inc. launched its national direct-to-consumer e-commerce pharmacy platform via its subsidiary, Marley Drug Pharmacy, in the U.S. This initiative will help to buy FDA-approved pharmaceuticals at reasonable prices on Marley Drug's new e-commerce website, which provides home delivery to all 50 states.
- In 2022, Walmart Canada entered into a partnership with Canada Health Infoway. Infoway's PrescribeIT electronic prescribing service is now available in 14 Walmart Canada pharmacies in Alberta, Ontario, Saskatchewan, and New Brunswick, with plans to increase to additional locations by year's end.
The Prominent Key Players Operating in the Global E-Pharma Market Include:
- Boehringer Ingelheim International GmbH (Germany)
- AbbVie Inc (U.S.)
- Aurobindo Pharma (India)
- Pfizer Inc. (U.S.)
- Walmart Inc. (U.S.)
- Walgreen Co. (U.S.)
- Express Scripts (U.S.)
- The Kroger Co. (U.S.)
- L Rowland & Co (U.K.)
- DocMorris (Germany)
- Giant Eagle, Inc. (U.S.)
- OptumRx, Inc. (U.S.)
- CVS Health (U.S.)
- Merck & Co., Inc. (U.S.)
- Thermo Fisher Scientific (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global e-pharma market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global E-Pharma Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
