ePharmacy Market Size Worth $169.3 Billion By 2028 | CAGR: 18.4%: Grand View Research, Inc.

SAN FRANCISCO, Sept. 6, 2021 /PRNewswire/ -- The global ePharmacy market size is expected to reach USD 169.3 billion by 2028 and is expected to grow at a CAGR of 18.4% over the forecast period, according to a new report by Grand View Research, Inc. Factors driving the adoption of ePharmacy include the improved access to online & web-based services, increasing awareness regarding e-commerce amongst consumers, rise in the number of internet users, and a surge in the aging population experiencing difficulty to visit pharmacies. In addition, benefits, such as affordability, convenience, and ease in the availability of medicines, are boosting the adoption of these platforms. High treatment costs are driving the demand for low-cost healthcare services, which, in turn, is bolstering the adoption of online pharmacies owing to the lucrative offers, such as price discounts, provided by them.

Key Insights & Findings:

• The global market will witness significant growth owing to the rising internet penetration and high adoption of e-commerce platforms
• North America dominated the market in 2020 owing to the increased prevalence of chronic disease, developed healthcare infrastructure, and penetration of IT in healthcare across the region
• Industry players in this market have significantly expanded their customer base as well as their product & service offerings to keep up with the growing needs of the consumers
• The main focus of these players is on increasing the Customer Lifetime Value (CLTV) by catering to their healthcare needs in a comprehensive manner as various online pharmacies have started offering additional services like e-diagnostics, e-consultation, and retailing of health & wellness products
• Furthermore, a rise in the number of strategic initiatives is aiding the market growth. For instance, in August 2020, Amazon India announced the launch of Amazon Pharmacy in Bengaluru, India
• This launch marked the entry of the company in the online medicine segment that has gained significant traction during the COVID-19 outbreak.

Read 150 page market research report, "ePharmacy Market Size, Share & Trends Analysis Report By Region (Middle East & Africa, North America, Europe, Asia Pacific, Latin America), And Segment Forecasts, 2021 - 2028", by Grand View Research.

The COVID-19 pandemic has positively impacted the market growth and transformed the fortunes of ePharma companies owing to increasing consumer switch from traditional buying towards online purchases of general medications and medical devices, .such as oximeters, thermometers, and health supplements. As per the article published by Economic Times, in July 2021, the number of households utilizing ePharmacy services grew 2.5 times to 9.0 million during the pandemic. Thus, ePharmacy segment has also gained significant growth during the lockdown imposed due to the pandemic as the government declared the delivery of medicines through e-commerce platforms as essential services.

Grand View Research, has segmented the global ePharmacy market on the basis of region:

• ePharmacy Regional Outlook (Revenue, USD Million, 2016 - 2028)
• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• Italy
• Spain
• France
• Russia
• Asia Pacific
• Japan
• China
• India
• Australia
• Singapore
• South Korea
• Latin America
• Brazil
• Mexico
• Argentina
• MEA
• South Africa
• Saudi Arabia
• UAE

List of Key Players of ePharmacy Market

• The Kroger Co.
• Walgreen Co.
• Giant Eagle, Inc.
• Walmart, Inc.
• Express Scripts Holding Company
• CVS Health
• Optum Rx, Inc.
• Rowlands Pharmacy
• DocMorris (Zur Rose Group AG)

Check out more studies related to the Global Healthcare IT Industry, conducted by Grand View Research:

• Personal Health Record Software Market – The global personal health record software market size was valued at USD 7.07 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.9% over the forecast period. Factors such as growing demand for centralizing & streamlining healthcare information, increasing demand for cloud-based software for dealing with individual data, and rising initiatives to promote patient-centric care will drive the market.
• Healthcare Contract Management Software Market – The global healthcare contract management software market size was valued at USD 906.0 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 22.8% from 2021 to 2028. The notable growth of the market is attributed to the growing adoption of cloud computing in healthcare and the high demand for remote working in the COVID-19 pandemic.
• Artificial Intelligence in Diagnostics Market – The global artificial intelligence in diagnostics market size was valued at USD 520.3 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 32.8% from 2021 to 2028. Increasing application of AI in various healthcare fields, including diagnostics and rising prevalence of chronic diseases, are some of the key factors driving the adoption of artificial intelligence in diagnostics.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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