INCREASING USE OF INTERNET AND E-COMMERCE PODIUMS WILL UPSURGE THE E-PHARMACY MARKET. NORTH AMERICA TO WITNESS THE HIGHEST GROWTH
Global e-Pharmacy Market is expected to expand at a significant CAGR during the forecast period (2021-2027). The rising awareness about e-pharmacies in delivering low-cost medical products and easy accessibility of drugs for different indications has stimulated the demand for e-pharmacy across the world. The field of e-pharmacy has rapidly grown worldwide due to the impact of Covid-19 and the implementation of lockdown in different countries. The augmented access to web-based and online services will upsurge the e-pharmacy market in the forecast period.
The various factors driving the e-Pharmacy market include the increasing implementation of telemedicine and e-prescriptions across the world and the direct-to-patient sales of medical products will upsurge the demand for the e-Pharmacy market. Further, the growing utilization of internet and e-commerce podiums is also anticipated to drive the market. For instance, in August 2020, the online retail giant “Amazon” has launched an e-pharmacy in India. The service offered by Amazon Pharmacy is prescription, over-the-counter and traditional Ayurveda medication as well as basic health devices. Moreover, the Easy accessibility of drugs for different indications will further boost this market at a huge pace.
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The e-Pharmacy market has observed a drastic expansion during the COVID-19 pandemic. The lockdown and implementation of social distancing, along with the fear of getting infected by the Covid-19 virus, headed to an increased dependency on e-pharmacies for the purchase of both medicines and health-related products. Further, the in-person doctor visits have been canceled and being replaced by virtual or teleconsultation platforms, which results in the growing implementation of e-prescriptions around the globe. Also, the key players are approaching several new tactics to combat the pandemic. For instance, in May 2021, Walgreens Corporation is offering customers more convenient, safer, and easy shopping solutions through the launch of “Same Day Delivery” in under two hours for retail products. The customers nationwide will now be able to order more than 24,000 items directly from Walgreens for same-day delivery. Moreover, as the inclination of non-contact delivery has been in progress, the COVID-19 pandemic has increased the demand for e-pharmacy over the world.
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Based on drug type, the market is bifurcated into over-the-counter (OTC) drugs, prescribed drugs, and others. The over-the-counter (OTC) drugs segment grabbed the major market in 2020 as OTC refers to a class of medication that can be sold without the need for a prescription and anyone can easily buy medicines with just a click. Moreover, according to Statista, the total sales value of over-the-counter (OTC) drugs in Great Britain amounted to US$ 3.65 billion in 2020.
Based on product type, the market is bifurcated into haircare, skincare, dental, cold and flu, weight management, vitamins & supplements, toiletries, electrical medical devices, pet medicines, and others. The skincare segment ruled the major market and accounted for the maximum share in 2020. The rising awareness about the various benefits of using skincare products has resulted in rising demand over the last few years. This has also boosted the demand for natural and organic skincare products, making it a major segment in this market.
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Based on the platform, the market is bifurcated into business-to-business (B2B) and business-to-consumer (B2C). The business-to-consumer (B2C) segment grabbed the major market in 2020 and accounted for the maximum revenue during the forecast period. The e-pharmacies works on the collaboration with key companies and provide survives direct to consumers and that is why providing medicines at lesser prices is the major factor driving the growth of this segment.
Additionally, the report provides detailed initiatives that are being taken in the field of e-Pharmacy. The market is classified into distinct regions North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), GCC (Saudi Arabia, UAE, Kuwait, Bahrain, Qatar, Oman), and Rest of World has been conducted. North America constitutes a major market for e-Pharmacy and generated maximum revenue in 2020 owing to the high government funding, robust personal healthcare spending, developed awareness programs, rapid acceptance of new analytical techniques, and the presence of skilled workforces.
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Some of the major players operating in the market include CVS Health Corporation, DocMorris NV, Express Scripts Holding Company, Walgreen Co., The Kroger Co., Rowlands Pharmacy (Phoenix Group), Giant Eagle, Inc., Walmart Inc., OptumRx, Inc., Lloyds Pharmacy Limited, etc. Several M&As along with partnerships have been undertaken by these players to develop single-cell analysis in the market.
Global e-Pharmacy Market Segmentation
Market Insight, by Drug Type
- Over the counter (OTC) Drugs
- Prescribed Drugs
Market Insight, by Product Type
- Hair Care
- Skin Care
- Cold and Flu
- Weight Management
- Vitamins & Supplements
- Electrical Medical Devices
- Pet Medicines
Market Insight, by Platform
- Business-to-Business (B2B)
- Business-to-Consumer (B2C)
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Saudi Arabia
- Rest of World
Top Company Profiles
- CVS Health Corporation
- DocMorris NV
- Express Scripts Holding Company
- Walgreen Co.
- The Kroger Co.
- Rowlands Pharmacy (Phoenix Group)
- Giant Eagle, Inc.
- Walmart Inc.
- OptumRx, Inc.
- Lloyds Pharmacy Limited