ePharmacy Market: Information by Drug Type (Prescription Drugs and Over the Counter (OTC) Drugs), Operating platform (App and Website), Business model (Marketplace, Pharmacy and Direct) and Region (Americas, Europe, Asia-Pacific and Rest of the World) - Forecast till 2027
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An E-Pharmacy is a pharmacy that operates over the internet and sends orders to customers through mail or shipping companies. The growth of the online pharmacies can be acknowledged from the following examples. The electronic prescription service (EPS) was aimed at rolling out in November 2019, according to the Department of Health, UK, claiming it would save the NHS through increasing efficiencies, reducing the amount of paper processing required, and reducing prescribing errors. In January 2019, Ping An Good Doctor, a one-stop healthcare ecosystem platform from China, announced that it had placed its One-minute Clinics across 8 provinces and cities in China and signed service contracts for nearly 1,000 units, providing healthcare services to more than 3 million users. Every One-minute Clinic has more than 100 categories of common drugs, all of which are cryogenically refrigerated to ensure their quality. New York in 2016 took the step of requiring prescribers to use electronic transmission of prescriptions to pharmacies.
Factors such as the convenience provided in the delivery of medication discounted price, and laws favoring the adoption of ePharmacy, are driving the growth of the ePharmacy market. Additionally, rising investment for small companies is also driving the growth of the ePharmacy market. However, the rising number of counterfeit online pharmacies is posing as a challenge for the growth of the market.
Global ePharmacy Market was valued at USD 62,587.0 Million in 2019 and is expected to register a CAGR of 12.5% during the forecast period of 2020 to 2027.
Global ePharmacy Market has been divided based on drug Type, Operating Platform, and Business Model.
The market, based on drug type, has been segregated into prescription drugs and over the counter (OTC) drugs.
Based on operating platform, the ePharmacy market has been divided into app and websites.
On the basis of business model, the ePharmacy market is segregated into the marketplace, pharmacy, and direct.
The global ePharmacy market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East and Africa. The Americas is likely to hold the largest share of the global ePharmacy market during the assessment period owing to the presence of a large number of ePharmacy in the region. Some of the renowned ePharmacy in the region include Walgreens Boots Alliance, Inc., Wal-Mart, Inc., CVS Health, PillPack, Inc., and others. According to a 2019 survey, 19% of health care providers in the U.S. offer a customer’s web-based prescription refill online program. It was also reported that several retail pharmacies have been offering mobile apps for an online prescription refill. A large number of companies such as Walgreens and CVS Pharmacy offer mobile apps to make prescription refill easy and convenient with a round to clock delivery. The ePharmacy market in Europe is expected to propel during the forecast period, owing to factors such as rising government initiatives, increasing awareness among customers regarding ePharmacy, and the convenience associated with the offered services. The fast growth of the Asia-Pacific region is due to rising investment for ePharmacy startups and the increasing per capita income along with government initiatives to enhance the quality of healthcare. China, India, and Australia have a lucrative market for ePharmacy due to the growing investment. The online pharmacy market in India attracted funding of USD 93 million by 2015. As a result, 60 online pharmacy start-ups emerged in 2017.
MRFR recognizes the following companies as the Key Players in the Global ePharmacy Market— Walgreens Boots Alliance, Inc., Wal-Mart, Inc., CVS Health, Dr. Fox Pharmacy, DocMorris N.V., Rowlands Pharmacy, OptumRx, The Online Drugstore, Well Pharmacy, LloydsPharmacy and Others.
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