e-Pharmacy Market: Current Analysis and Forecast (2021-2027)
Emphasis on Drug Type (Over-the-Counter (OTC) Drugs, Prescribed Drugs, Others), Product Type (Hair Care, Skin Care, Dental, Cold & Flu, Weight Management, Vitamins & Supplements, Toiletries, Electrical Medical Devices, Pet Medicines, Others); Platform (Business-to-Business (B2B), Business-to-Consumer (B2C); and Region & Country.
The e-Pharmacy is a type of pharmacy working across the internet and deliver drugs, medicines, and healthcare products to the consumers. With the help of e-pharmacy, patients can order the medicines using the internet & get them delivered at their doorsteps. The e-pharmacy offers many advantages such as convenience, time-saving, less price, range of choices, drug approval, and many others. For instance, in August 2020, Amazon launched its online pharmacy service, named “Amazon Pharmacy” for over-the-counter, prescription-based medicines and ayurvedic medicines in Bangalore, India. Moreover, the growing use of the internet & e-commerce podiums and direct-to-patient sales of medical products are also providing a boost to this market. According to the Mayo Clinic in August 2020, convenience was the most motivating factor for over 50% of people who used online pharmacies and 44% of customers said that a lower cost was their primary reason for choosing e-Pharmacies.
Moreover, the increasing cases of chronic diseases are adding pace to the growth of the e-pharmacy market. According to the Office of Disease Prevention and Health Promotion, more than 25 million people in the United States have asthma. And almost 14.8 million adults are diagnosed with COPD, and nearly 12 million people are not yet been diagnosed with respiratory diseases in 2020. Also, as per the American Cancer Society, in 2020, there were approximately 89,500 cancer cases diagnosed and about 9,270 cancer deaths in adolescents and young adults aged between 15 to 39 years in the US. These increasing cases of chronic diseases are also boosting the e-pharmacy industry.
The covid-19 pandemic has impacted the e-Pharmacy market positively. For instance, according to the American Association of Homeopathic Pharmacists (AAHP), an act was passed, the Coronavirus Aid Relief and Economic Security (CARES) Act. This regulation was incorporated in the direction to encourage the consumers to depend more on over-the-counter products for relief of self-treatable symptoms, which can be reimbursed through pre-tax funds. Hence, with the increasing awareness of e-pharmacies, it is anticipated that these initiatives from the government are expected to boost the adoption of e-pharmacy services for the purchasing of the drugs without hassle in the United States market. Also, according to the Hindu news of India in September 2019, the e-pharmacies offer drugs cheaper by about 30-40%, or even higher in some cases, as they can cut down costs in supply chain management and inventory management.
Value Chain of e-Pharmacy Market
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 are some of the prominent players operating in the e-Pharmacy market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.
Insights Presented in the Report
“Amongst Drug Type, Over the Counter (OTC) Drug’s segment holds the major share”
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 3.65 billion USD in 2020.
“Amongst Product type, Skin Care segment is anticipated to grow at the highest CAGR during the analyzed period”
Based on product type, the market is bifurcated into hair care, skin care, dental, cold and flu, weight management, vitamins & supplements, toiletries, electrical medical devices, pet medicines, and others. The skin care segment ruled the major market and accounted for the maximum share in 2020. The rising awareness about the various benefits of using skin care 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.
“Amongst Platform, Business-to-Consumer (B2C) segment holds the major share”
Based on 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.
“North America signifies one of the largest markets of the e-Pharmacy market”
For a better understanding of the market dynamics of the Ventricular assist devices market, a detailed analysis was conducted for different regions across the globe including 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), Rest of World. 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.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
Customization Options:
The e-Pharmacy Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global e-Pharmacy Market were the three major steps undertaken to create and analyze the adoption of e-Pharmacy in different segments across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the e-pharmacy sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detailed secondary study was conducted to obtain the historical market size of the e-Pharmacy through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the e-pharmacy market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are drug type, product type, and platform. Further country-level analyses were conducted to evaluate the overall adoption of e-pharmacy in every region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of e-pharmacy. Further, we conducted factor analysis using dependent and independent variables such as increasing implementation of telemedicine & e-prescriptions and the growing use of internet and e-commerce podiums will upsurge the demand for e-pharmacy. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the e-pharmacy industry across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the e-pharmacy market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (USD) and the adoption rate of e-pharmacy across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the e-pharmacy market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the e-pharmacy market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of drug type, product type, and platform of the e-pharmacy market.
Main Objective of the e-Pharmacy market Study
The current & future market trends of e-pharmacy were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of e-pharmacy in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of drug type, product type, and platform
- Define and analysis of the regulatory framework for the e-pharmacy industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the e-pharmacy market for the major region
- Major regions studied in the report include North America (the United States and Canada), Europe (Germany, France, Italy, Spain, and United Kingdom), Asia-Pacific (China, Japan, India, and Australia), GCC (Saudi Arabia, UAE, Kuwait, Bahrain, Qatar, Oman), and Rest of the World
- Company profiles of the e-pharmacy market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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