USD 60.99 Billion
Report ID: SQMIG35C2003 | Region: Global | Published Date: November, 2022 | Pages: 165 | Tables: 66 | Figures: 65
E-pharmacy Market is valued at USD 60.99 Billion in 2021, and it is anticipated to attain a value of USD 219.8 Billion by 2028, at a CAGR of 20.1 % over the forecast period (2022 - 2028).
The growth of the Online Pharmacy Market has been largely supported by a rise in R&D expenditures globally; however, the current COVID-19 outbreak and economic slump have affected the whole market statistics of numerous industries globally. As a precaution, people throughout the world began taking vitamin and mineral supplements.
In an attempt to stem the fast spread of the COVID-19 virus, governments throughout the world used harsh measures such as lockdowns, border closures, and the introduction of strict social distancing rules. These decisions had a tremendous influence on the global economy, leading many industries to suffer. The influence of COVID-19 on market demand is considered when analysing present and forecast market sizes and growth patterns for all regions and countries.
US E-Pharmacy Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 60.99 Billion
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The global E-pharmacy market is segmented by Drug in Prescription Drugs and Over-the-Counter (OTC). By Product type the E-pharmacy Market is segmented by Skin Care, Dental, Cold and Flu, Vitamins, Weight Loss, Other. Based on region E-pharmacy Market is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
E-pharmacy Market Analysis by Drug Type
OTC leads the market in 2021. Increased internet penetration and increased knowledge of the benefits of online OTC are important elements driving the growing potential in countries like the United States and Germany. The necessity and desire for self-care, such as self-medication, is increasing the importance of pharmaceutical care. The rise in demand for self-care is predicted to boost demand for online services, particularly for over-the-counter (OTC) medications. The function of pharmacists has evolved throughout time.
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In terms of revenue generation, the online pharmacy sector in North America is the most profitable. Because of the ease with which a broad variety of drugs may be bought, rising internet penetration is one of the region's development drivers, resulting in quick acceptance of new technologies as well as a need for digital health platforms. The presence of local online pharmacy providers as well as large industry players in the region will also contribute to market expansion.
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E-pharmacy Market Driver
E-pharmacy Market Restraint
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The e-pharmacy business is relatively competitive, with only a few firms now ruling the roost. CVS Health Corporation, Albertsons Companies Inc., ALTO, and Axelia Solutions (Pharmeasy) are among the market's leading players. These firms are implementing different marketing methods in order to capture a larger portion of the e-pharmacy market, as well as focusing on growing their geographic presence, particularly in developing countries with attractive potential.
E-pharmacy Market Top Players Company Profiles
E-pharmacy Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the main advantage of e-prescription is that it is simple to submit an e-prescription to an e-pharmacy website and get drugs online without any difficulty. As a result of the increased use of e-prescriptions, posting the prescription online has become simpler and less time-consuming. As a result, all of the aforementioned factors contribute to the market's growth.
According to our analysis, with increasing internet penetration, the Global E-pharmacy Market size from the e-commerce segment would expand in terms of distribution channels. Benefits such as ease of access have contributed to the rapid expansion of online purchase in India, China, and Germany. The expanding popularity of e-commerce and thriving retail businesses, which result in higher overall sales, will also fuel category growth.
|Market size value in 2021||USD 60.99 Billion|
|Market size value in 2028||USD 219.8 Billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global E-pharmacy Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global E-pharmacy Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global E-pharmacy Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global E-pharmacy Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Product ID: SQMIG35C2003