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ePharmacy Market to Reach US$ 158.2 Bn by 2027, TMR Study

Friday, 09 September 2022 10:33 AM

WILMINGTON, DE / ACCESSWIRE / September 9, 2022 / Transparency Market Research Inc. - Healthcare professionals across the world, most prominently in developed countries, are increasingly adopting e-prescription model in a bid to offer patients easy purchase of prescribed medications. As per a recent business intelligence report, the ePharmacy market is anticipated to grow at a CAGR of 12.3 % during the forecast period of 2019 to 2027.

Transparency Market Research inc., Friday, September 9, 2022, Press release picture

Governments in some developed countries are also supporting healthcare facilities and institutions to adopt e-prescription practices. This trend is anticipated to favor the development of the ePharmacy market in coming years. Along with this, rising burden of pain and increasing preference for online pharmacies, owing to their convenience and low cost of medicines, are also fueling the growth of the ePharmacy market.

Additionally, the rising tendency of population from developing countries of self-medication is also supplementing the market's growth. In tune with this trend, various pharmaceutical manufacturers are shifting from Rx (prescribed medications) to OTC or over the counter medications. This trend is also driven by the increasing incidence of expiration of patents. Shifting the labels from Rx to OTCs is one of the key strategies used by pharmaceutical companies to counter this issue.

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ePharmacy Market - Key Findings of the Report

  • Convenience offered by Online Pharmacies: In several developed countries, the key contributor for the growth of ePharmacy market is the convenience offered by online pharmacies. One can order medicines through internet-based platforms from the comfort of their homes. This saves them time and resources if they were to physically visit retail pharmacies. Furthermore, it is impossible for a retail pharmacy to stock every single medicine. They have limited stock; hence a patient might be required to travel several locations to find the correct medicine. Online pharmacies also circumvent this issue.
  • Online Pharmacies offer Medicines at Lower Price: Apart from convenience, another factor that attracts customer attention towards online pharmacies is low price of the medicines. Since online pharmacies do not need to employ large personnel, rent or buy commercial spaces or warehouses, they can offer medicines at lower prices than conventional retail pharmacies.

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ePharmacy Market - Growth Drivers

  • Convenience, affordability, and easy purchase of medicines - three major benefits offered by internet-based pharmacies drive the growth of ePharmacy market
  • Increasing penetration of high-speed internet in developed and developing countries also drives the expansion of the market
  • Focus of market players on using latest technologies to enhance the user experience of customers while buying medicines online is also another key driver for the ePharmacy market

ePharmacy Market - Key Players

Some of the key manufacturers and players operating in the ePharmacy market are MediSave, Rowlands Pharmacy, Giant Eagle Inc., SA, CVS Health Corporation, and Walgreen Co.

ePharmacy Market - Regional Growth Dynamics

North America is anticipated to lead the global market in coming years, accounting for a considerable industry share in coming years. In 2018, the North America ePharmacy market was valued at US$ 20.1 Bn. Some of the key drivers for this attractive positioning of North America in the global market are the rising preference of consumers for online medicine purchases, presence of high-speed internet connections, and fast paced growth of the regional e-commerce industry.

The rising geriatric population is anticipated to bolster the development of Europe in the global ePharmacy market. On the other hand, rapid development of the regional e-commerce sector in Asia Pacific is also expected to stimulate growth of this regional market. Furthermore, the growth in Asia Pacific ePharmacy market is also driven by presence of unmet medical requirements and large population.

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ePharmacy Market: Market Segmentation

ePharmacy Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • Japan
    • China
    • Indian Subcontinent (India, Pakistan, Bangladesh, Sri Lanka)
    • Australasia (Australia, New Zealand, and Guinea)
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC Countries
    • North Africa
    • South Africa
    • Rest of MEA
  • Latin America
    • Brazil
    • Rest of Latin America

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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.

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Rohit Bhisey
Transparency Market Research Inc.
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SOURCE: Transparency Market Research inc.

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