According to the latest research by SkyQuest Technology, The Global E-pharmacy Market is valued at USD 60.99 Billion in 2021, and it is anticipated to attain a value of USD 219.8 Billion by 2028, at a CAGR of 20.1 % over the forecast period (2022 – 2028).
E-pharmacy Market can be defined as a digital platform, often known as an internet pharmacy or an online pharmacy, that sells medications or medication to customers. The platform is intended to offer online pharmacy services, such as medicine delivery. E-pharmacy allows patients to refill prescriptions and get over-the-counter (OTC) and specialized medications.
In the E-pharmacy industry, Customers’ choice for e-pharmacy platforms has altered due to the ease of purchase, excellent services, availability of a wide selection of pharmaceuticals, and increased internet connectivity. Furthermore, large growth in the number of smartphone users is predicted to propel the worldwide industry, allowing e-pharmacy providers to grab a diverse consumer base across established and emerging nations.
The E-pharmacy analysis provides insights into that During the COVID-19, the e-pharmacy market grew significantly in developing nations, notably India. Regional blockades and travel limitations have prompted the use of e-pharmacy mobile applications that provide online drug delivery services. Furthermore, government actions promoting digital technology to promote pharmaceutical access have had a favorable influence on the expansion of the e-pharmacy sector. As a result, some industry participants in the e-pharmacy market saw a rise in the number of application subscribers during the epidemic.
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Based on our analysis of the E-pharmacy market, we found that there is a significant expansion in the number of online service providers that has improved access to internet pharmacies in developing countries. The significant growth in the number of internet users in recent years has resulted in a high adoption rate. According to a survey issued by the International Telecommunication Union (ITU), internet users are expected to account for approximately 63 percent of the world’s population in 2021, a 17 percent rise from 2019. As a result, the convenience of access to online pharmacies via smartphones, as well as the availability of a wide selection of pharmaceutical items, are important drivers driving the expansion of the e-pharmacy industry. Collaborations between manufacturers and e-pharmacies to increase product accessibility and client base via online channels will also drive market expansion over the forecast period.
Read market research report, ” Global E-pharmacy Market Segmented By Drug (Prescription Drugs, Over-the-Counter (OTC)), By Product Type (Skin Care, Dental, Cold and Flu, Vitamins, Weight Loss, Others) & By Region – Forecast And Analysis 2022-2028” by SkyQuest
The e-pharmacy market is divided into two product categories: over-the-counter (OTC) items and prescription medications. The OTC products category represented more than 70% of the market in 2021 and is expected to rise significantly throughout the forecast period. The sector demand will benefit from increased public awareness and education about the principal prescription for common ailments.
Based on a Global E-pharmacy market study, the availability of a wide selection of over-the-counter medications for various common disorders such as colds and flu will drive e-pharmacy industry figures. Furthermore, a legislative framework that encourages Rx to OTC switching will improve category sales growth. According to the Customer Healthcare Products Association, switching from prescription allergy treatments to over-the-counter (OTC) medications increases consumer preference due to improved accessibility and cost-effectiveness. As a result of the causes, there will be more product availability on the market.
The E-pharmacy industry is also benefiting due to increasing internet penetration and quick acceptance of digital technologies among the population, the North American e-pharmacy market will lead the global sector with a revenue share of more than 36.5% in 2021. Furthermore, the presence of key industry companies providing services in the worldwide market, as well as the number of local pharmacy drugstores offering online services, is expected to boost North America’s market predictions during the forecast period.
The E-pharmacy growth is also attributed to the rising demand for and use of telemedicine is one of the primary trends driving the market. Telemedicine is used by those who are interested in technology. There is increased openness, awareness, and access to various health care providers as a result of this. This is one of the factors contributing to the market’s expansion. Another factor that is boosting market growth is the increased adoption of e-commerce. Some drugs are only accessible online, and as a result, patients prefer door-to-door delivery of medications that are difficult to locate. Millennials rely on internet purchases of OTC medications and other items. The expansion of the Online Pharmacy Market has been substantially driven by an increase in worldwide R&D expenditures; nevertheless, the present COVID-19 epidemic and economic recession have damaged the whole market statistics of various sectors internationally. This is also true in the market for internet pharmacies. The worldwide online pharmacy sector has benefited from it.
Report Findings
● Drivers- The rising customer acceptance of E-commerce shopping is expected to drive demand for the E-pharmacy market.
● Restraint- The high operational and transportation cost of E-pharmacy is a major restraining factor for the E-pharmacy market.
What does this Report Deliver?
• Market Estimation for 20+ Countries
• E-pharmacy Market demand by Region, Sub-Region, and Country
• Customization on Segments, Regions, and Company Profiles
• 100+ tables, 150+ Figures
• Global, Regional, and Country specific E-pharmacy Market Trends
• Comprehensive Mapping of E-pharmacy Industry Parameters
• Attractive Investment Proposition in the Global E-pharmacy Industry
• Competitive Strategies Adopted by E-pharmacy Market Key Players
• Drivers, Restraints, Opportunities, Challenges, and the impact on the E-pharmacy Market Size
• Market growth rate till 2028
• Regulatory scenario, regional dynamics, and E-pharmacy market insights of leading countries in each region
• In-depth Market insights by Region and Country
• Market Segmentation Trend Analysis, Opportunities, and Growth
• Porter’s five force analysis to know the market’s condition
• Pricing Analysis and E-pharmacy Market Sales
• Parent market analysis
• Product portfolio benchmarking
SkyQuest has segmented the Global E-Pharmacy Market based on Drug Type, Product Type, and Region:
• Global E-pharmacy Market by Drug Type (Revenue, USD Billion, 2021 – 2028)
• Prescription Drugs
• Over-the-Counter (OTC)
• Global E-pharmacy Market by Product Type (Revenue, USD Billion, 2021 – 2028)
• Skin Care
• Dental
• Cold and Flu
• Vitamins
• Weight Loss
• Others
• Global E-pharmacy Market by Region (Revenue, USD Billion, 2021 – 2028)
o North America
U.S.
Canada
• Europe
Germany
France
UK
Italy
Spain
Rest of Europe
• Asia Pacific
China
India
Japan
Rest of Asia Pacific
• Central & South America
Brazil
Rest of CSA
• Middle East & Africa
GCC Countries
South Africa
Rest of MEA
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List of Key Players in the E-pharmacy market
• 1mg (India)
• DocMorris (Germany)
• Netmeds Marketplace Ltd. (India)
• Express Scripts (US)
• Medlife International Pvt. Ltd. (India)
• Walmart stores (US)
• CVS health corporation (US)
• Walgree.co (US)
• Rowlands Phamacy (UK)
• Optum Rx. Inc (US)
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