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Global E-pharmacy Market Size to Cross US$ 70 billion by 2026 at a CAGR of 10%

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Global E-pharmacy Market Size to Cross US$ 70 billion by 2026 at a CAGR of 10%

February 15
17:03 2021
Global E-pharmacy Market Size to Cross US$ 70 billion by 2026 at a CAGR of 10%
The “GLOBAL E-PHARMACY MARKET 2020-2026,WITH BREAKDOWN DATA OF CAPACITY, SALES, REVENUE, PRICE, COST AND GROSS PROFIT” report has been added to reportocean.com offering.

E-pharmacy market is projected to cross US$ 70 billion by the end of 2026. The market is estimated to grow at a CARG of 10% during the forecast period of 2020-2026. Adoption of online channels for buying medicines and implementation of e-prescriptions in hospitals and other healthcare services is estimated to proliferate the market growth during the prognosis period.

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Increased internet penetration has led to a digital revolution across the globe. Underdeveloped and developing countries are also seen to have adoption of internet at a considerable rate. Moreover, convenience of managing data over the internet is possible thus, rising the adoption of E-pharmacy market6 throughout the forecast period. Additionally, Technological awareness among the individual is observed due to penetration of internet. Thus, the customer expects better, convenient, and digital user experience. Shift in consumer behavior and gaining traction of digital environment is estimated to drive the market at a considerable rate. Additionally, customers inclination towards online channels to buy medicines with ease and convenience is projected to affect the market positively. Spread of COVID-19 pandemic in 2020 led to lockdown in several countries and public gatherings were restricted to stop the spread of diseases. During this period online delivery channels were open for the essential services. Thus, E-pharmacies witnessed skyrocketing growth in the market in the year 2020.

Growing digitization for increasing operational efficiency and save time on paperwork is estimated to drive the E-pharmacy market. Implementation of electronic health records across hospitals and clinics is another major reason for the growth E-pharmacies across the globe. With the help of HER E-prescriptions are generated which can be easily used to fetch medicines from E-pharmacies. Several healthcare collaboration platforms are available in the market that bridge the gap between the doctors, patients, pharmacies, laboratories, and other administrators in the healthcare infrastructure. Technological advancements implemented in the healthcare industry to provide better and feasible infrastructure to the patients is the crucial reason for the market growth.

However, presence of illegitimate pharmacies that sell fake or expired medicines might affect the market negatively in the coming years. In 2015, more than 10,668 online drug stores were market “Not recommended” by the National Association of Boards of Pharmacy (NABP) of the U.S.

Competitors of the global e-pharmacy include, CVS Health, DocMorris, Express Scripts, Giant Eagle, Optum Rx, Rowlands Pharmacy, The Kroger, Walgreen, Walmart Stores, Online Pharmacy, Medino, Farmacia.bio, Apotek 365, Newpharma. Companies are implementing strategies of providing offers and free delivery to the customers. Additionally, several companies are also implementing faster delivery services to provide faster services in case of emergency need of medicines.

Segmentation

  • By Products:
    • Over the counter
    • Prescription Medicines
  • By Application
    • Hospital
    • Clinic
  • By Region
    • North America
      • The U.S.
      • Canada
      • Mexico
    • Europe
      • The U.K.
      • Germany
      • France
      • Spain
      • Russia
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
      • Australia & NZ
      • Rest of Asia Pacific
    • South America
      • Brazil
      • Argentina
      • Rest of South America
    • Middle East & Africa
      • U.A.E.
      • Saudi Arabia
      • South Africa
      • Egypt
      • Rest of Middle East & Africa

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