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
Press Release :
- According to Transparency Market Research’s latest report on the global ePharamcy market for the historical period 2017–2018 and forecast period 2019–2027, Increased consumer information and information exchange and Ease, convenience, and increased choice for drugs and over the counter products are projected to drive the global ePharamcy market during the forecast period
- According to the report, the global ePharamcy market was valued at US$ 55.7 Bn in 2018 and is anticipated to expand at a CAGR of 12.3% from 2019 to 2027
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Rising Investments in e-Pharmacy sector in developing countries: Key Drivers
- In a state of the world where billions of people are proactively shopping things from online platforms then how pharmacies could bound up to retail stores. ePharmacy is popular way to get your medicine orders with ease and convenience.
- Although this concept comes with few complexities such as fake medicines, drug abuse, etc. it can be managed well by applying various verifications.
- A steady growth with rising number of deals and increasing funding has been witnessed by the ePharmacy sector. Investor seems confident with ePharmacy sector performance despite of challenges and irregular regulatory framework which would attract more potential investors in near future.
- Rising number of startups in regions like Asia Pacific, Europe would additionally supporting and strengthening the overall ePharmacy market. For instance, around 60 online pharmacy startups have mushroomed in India in last 2 years.
- According to Indian Economic time’s article published, in India $92.6 million funding was raised by 50 ePharmacy startups in year 2016.
- The overall rising investment in healthcare IT would additionally support the growth of ePharmacy market in near future. For instance as per Indian Economic times article published in 2016, $1.2 billion spent on Indian healthcare IT industry which is expected to grow with high rate in near future.
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Cost-effectiveness of drugs to Boost Market Growth
- Purchase of prescription drugs through ePharmacies/online pharmacies reduces the excess cost incurred in the distribution of drugs from the manufacturer to the end consumer by eliminating the long distribution channel
- Online pharmacies provide comprehensive information about the drugs at the consumer’s fingertips and also offer discounted prices in comparison with retail pharmacies. These are major factors driving the shift toward the purchase of drugs through ePharmacies.
Presence of a large number of rogue ePharmacies hampering customer trust
- ePharmacies function similarly to brick-and-mortar stores, depending on prescriptions created by doctors after interacting with patients and analyzing their health conditions. However, a large number of fake ePharmacies or illegitimate ePharmacies have come into existence, which do not abide by the necessary safeguards. Such pharmacies provide medication without actual visits to doctors and require neither prescriptions nor medical histories.
- In 2017, the National Center on Addiction and Substance Abuse at Columbia University (U.S.) estimated that about 581 ePharmacy websites sold controlled prescription drugs. Only two of these ePharmacies were legally certified by the U.S. National Association of Boards of Pharmacy. Out of the total number of ePharmacies selling controlled prescription drugs, nearly 85% of ePharmacies did not require prescription for the purchase of drugs.
- Out of the ePharmacy websites, 57% required only that the prescription be faxed, hence allowing customers to forge documents (prescriptions) or use the same prescription a number of times. As a result, there are increasing instances of falsified drug deliveries, which is hampering the trust of consumers on the desirability of purchasing their prescription drugs online.
Global EPharamcy Market: Competitive Landscape
- This report profiles major players in the global ePharamcy market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global ePharamcy market is highly fragmented, with the presence of a number of international as well as regional players
- Leading players operating in the global ePharamcy market are
- Walgreens Boots Alliance, Inc.
- Wal-Mart Stores, Inc.
- CVS Health
- Dr. Fox Pharmacy
- DocMorris N.V.
- Rowlands Pharmacy
- PlanetRX.com Inc.
- Online Drugstore
- Well Pharmacy
- Lloyds Pharmacy
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Global EPharamcy Market: Key Developments
Key players in the global ePharamcy market are engaged in regulatory approvals, acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global ePharamcy market. A few expansion strategies adopted by players operating in the global ePharamcy market are:
- In July 2017, Amazon announced that company is planning to enter online pharmacy market in the U.S.
- In December 2016, 1mg Technologies acquired MediAngels at undisclosed amount
- In November 2016, Alibaba Health announce to expand its pharma e-commerce business
- In July 2016, ChemistDirect.co.uk and Pharmacy2U announced merger, establishing a clear digital-only leader in the burgeoning UK online pharmacy sector
- In December 2014, Walgreens Boots Alliance was created through the combination of Walgreens and Alliance Boots in the U.S.
The report on the global ePharamcy market discussed individual strategies, followed by company profiles of manufacturers of ePharamcy. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company heat map analysis of key players operating in the global ePharamcy market.
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