ALBANY, New York, Feb. 27, 2020 /PRNewswire/ -- Some of the most significant factors of growth in the global ePharmacy market over the forecast period are increase in internet penetration, use of mobile apps, and easy availability of medicines at the convenience of a click. Increase in adoption of e-prescriptions is also underlying growth in ePharmacy market over the forecast period.
As per Transparency Market Research, "The global ePharmacy Market is set to grow at a Compound Annual Growth Rate of 12.3% from 2019 to 2027, reaching market valuation of USD 158.2 bn. by the end of the period. The growth is attributable to a growing preference for buying medicines, both prescription and over-the-counter, online. As people experience hectic work schedules and increasingly rely on mobile apps for a number of everyday needs, the convenience of having medicines delivered at the doorstep gains massive popularity."
Key Findings of the ePharmacy Market Study
- One of the major factors of growth of ePharmacy market is increasing internet penetration and use of mobile apps
- North America to gain benefits of high internet penetration over the forecast period; 88% of population using internet in the region
- Europe to also witness growth owing to high internet penetration – 73.5%
- Factor that would support growth of e-Pharmacies is increasing adoption of e-prescriptions
Explore 58 pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on global ePharmacy market by Geography - North America, Europe, Asia Pacific, Middle East and Africa, Latin America.
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ePharmacy Market: Key Driving Factors
A number of factors are underlying growth of global ePharmacy market over the forecast period, states Transparency Market Research. The most prominent ones among them are outlined below:
- A massive shift in consumer preference towards online purchase of medicines is marked by better internet access, development of technology in the domain, and a notable tilt of the millennial consumer towards convenience
- Availability of certain medicines which might not be easily available in local offline pharmacies is also contributing to the growth of global ePharmacy market
- Increasing use of mobile apps is also a factor that is contributing to growth in popularity of ePharmacies; mobile apps are highly preferred not just for buying medicines but also for prescription refills; benefits of buying medicines quickly and easily mark high adoption rate
- A number of retail pharmacies are providing medicines on online channels; CVS Pharmacy and Walgreens are cases in point with mobile apps introduced to tap into the pool of online buyers
Key Impediments for ePharmacy Market Players
Despite a positive projection of growth for the global ePharmacy market, certain factors hamper growth, restraining the market from reaching its real potential. One major factor is presence of ePharmacies that are illegitimate. In the year 2015, NABP marked some 10,668 online pharmacies as 'Not Recommended'. This puts the patients at risk of contaminated or counterfeit medicines.
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ePharmacy Market: Region-wise Analysis
- In 2018, North America led the global ePharmacy market and as per Transparency Market Research, the trend will continue into the forecast period, ending 2027; Europe to follow North America in terms of growth owing to growing preference of online shopping
- Growth in the North American region will be underscored by presence of robust healthcare industry, high penetration of internet, high adoption rate of the trend of online shopping, availability and rapid advancement of technology, and presence of strong market players
- Asia Pacific would grow at a significant CAGR, creating impressive growth opportunities for global ePharmacy market players; factors growth is owed to include increase in disposable incomes, improvement in internet penetration, and growth of e-commerce industry
- In Asia Pacific, countries such as Philippines, Vietnam, China, South Korea, India, and Indonesia will contribute massively to the growth rate
Analyze ePharmacy market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
The global ePharmacy market is a vendor landscape that is both fragmented and competitive. Some of the significant players that are leading growth in the market and are also profiled in the market report by Transparency Market Research include 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, and Lloyds Pharmacy among others.
Some of the strategic moves the players resort to in order to gain a competitive edge include mergers and acquisitions, and partnerships and collaborations. Synergistic alliances often lead to better market penetration, combining of resources, and better market position. Technology also plays an important role in the growth of global ePharmacy market.
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Transparency Market Research has segmented the global ePharmacy market report based on region.
Global ePharmacy Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Indian Subcontinent (India, Pakistan, Bangladesh, Sri Lanka)
- Australasia (Australia, New Zealand, and Guinea)
- Rest of Asia Pacific
- Middle East & Africa
- GCC Countries
- North Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
Explore Transparency Market Research's award-winning coverage of the global Healthcare industry:
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