ePharmacy Market (By Geography - North America, Europe, Asia Pacific, Middle East and Africa, Latin America) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 - 2027
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ePharmacy refers to an intermediate between seller and consumer for the purpose of selling of medicine. It is an online platform for the sale of medicines and is also widely known as mail order pharmacy and internet pharmacy. The main benefit of ePharmacy for the consumers is that it enables the consumers to order medicines in a hassle-free and convenient fashion, right form their computer or mobile phone. This is likely to assist patients who are down with some kind of sickness and are not in a condition to go out and buy medicines from pharmacies. In addition, online platforms can aggregate supplies that are difficult to find otherwise and are made available to consumers across the country. Offline pharmacies are able to stock limited supplies, which result in consumer having to visit several stores to get it all. All these benefits are likely to support growth of the global ePharmacy market in the years to come.
The global ePharmacy market is expected to register a double-digit growth rate of 17.7% CAGR over the projection period, from 2015 to 2023. The value of the market is likely to
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Expanding at a growth rate of 17.7% CAGR over the projection period, from 2015 to 2023, the valuation of the market is expected to touch US$ 128.02 billion by the end of this period.
Some of the key players in the global ePharmacy market comprise Domzdrowia.pl SA, MediSave, CVS Health Corporation, Rowlands Pharmacy, Walgreen Co. and Giant Eagle Inc.
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Convenience of e-prescriptions to Shoot up Demand in the Market
The growth of the global e-pharmacy market is mainly due to the augmented access to online and web-based services, increased use of e-prescriptions in various healthcare and hospital facilities, and widespread use of internet.
E-prescription refers to the technology of electronic prescribing that enables healthcare professionals to send prescriptions electronically in lieu of handwritten ones. Doctors are now opting for e-prescriptions in an attempt to enable patients to have hassle-free access to medications with e-prescriptions. In various countries like the UK, increased efforts are made to accelerate the use of e-prescription. The NHS hospitals in the UK are already on their way to go paperless by the end of 2020.
The primary benefit of e-prescription is that it is easy to upload e-prescription on the website of ePharmacy and order medicines over the internet. This is likely to increase the popularity of e-prescription technology in the years to come, thereby driving the growth of the global e-pharmacy market.
In addition to ease and convenience, price of medicines in online pharmacies are substantially low. It is so because there is no need to spend money on renting of warehouses and premises, and on the maintenance of a large workforce. All these factors lower the price of medicine, which is likely to encourage expansion of the global e-pharmacy market over the projection period. E-commerce companies are trying to figure out new strategies to meet up with the demand of consumers in a much efficacious and better way.
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High Penetration of Internet to Propel Growth of North America Market
In the global e-pharmacy market, North America is estimated to exert dominance over the market with a sizeable share of the market. Such territorial dominance of the regions is owing to the shift in consumer preference toward online purchase of medicines and augmented penetration of high-speed internet. Furthermore, rapid growth of the e-commerce sector together with rapid expansion in the pool of elderly population is likely to influence growth of the e-pharmacy market in the region. Europe is likely to trail North America both in terms of revnue and market share.
Phenomenal rise of the e-commerce industry in Asia Pacific is likely to remain at the forefront for rapid growth of the e-pharmacy market in Asia Pacific over the projection period. Large base of population together with presence of high medical needs is expected to open up new growth avenues for the market in the region.
TMR’s report on the global ePharmacy market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2019 to 2027. The report provides revenue of the global ePharmacy market for the period 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global ePharmacy market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global ePharmacy market.
Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global ePharmacy market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global ePharmacy market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global ePharmacy market.
The report delves into the competitive landscape of the global ePharmacy market. Key players operating in the global ePharmacy market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global ePharmacy market that have been profiled in this report.
Key Questions Answered in Global ePharmacy Market Report
- What is the scope of growth of product companies in the global ePharmacy market?
- What will be the Y-o-Y growth of the global ePharmacy market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global ePharmacy market?
- Will North America continue to be the most profitable market for ePharmacy providers?
- Which factors are anticipated to hamper the growth of the global ePharmacy market during the forecast period?
- Which are the leading companies in the global ePharmacy market?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global ePharmacy market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary methods referred to by analysts during the production of the global ePharmacy market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the ePharmacy market as primary methods.
These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the ePharmacy market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global ePharmacy market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global ePharmacy market more reliably and accurately.
Regional Segmentation of ePharmacy Market
- North America
- Rest of Europe
- Asia Pacific
- Indian Subcontinent (India, Pakistan, Bangladesh, Sri Lanka)
- Australasia (Australia, New Zealand, and Guinea)
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- North Africa
- South Africa
- Rest of Middle East & Africa
Global ePharmacy Market - Segmentation