Pune, Oct. 20, 2020 (GLOBE NEWSWIRE) — Fortune Business Insights states that the global ePharmacy market size is projected to reach US$ 177,794.9 Mn by 2026, thereby exhibiting an impressive CAGR of 17.3% during the forecast period (2019-2026). The company further states that the global market was valued at US$ 49,727.7 Mn in 2018. According to a published report by Fortune Business Insights, titled, “ePharmacy: Global Market Analysis, Insights and Forecast, 2019-2026,” the global ePharmacy market will witness notable growth during the forecast period due to the technological advancements based on artificial intelligence.
According to the World Bank, approximately 84% populace in Germany depend on Internet and around 75% populace in the U.S. are subscribers of the Internet, which augments the global ePharmacy market growth.
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Increasing Adoption of E-commerce Websites to Favor Growth in Asia Pacific
Geographically, the global ePharmacy market is grouped into Asia Pacific, North America, the Middle East and Africa, Europe, and Latin America. Out of these regions, North America is expected to remain in the leading position in the global ePharmacy market during the forecast period.
The growth is attributed to the rapid shift of consumers towards online retailers from offline pharmacies. Also, increasing usage of smartphones and high speed of the Internet are expected to aid North America in gaining the highest global ePharmacy market share in the forthcoming years. Furthermore, a rise in geriatric population, increasing online orders, and growing adoption of online platforms will drive the market growth in this region.
Europe and Asia Pacific, on the other hand, are projected to exhibit significantly high CAGR during the forecast period. In Europe, numerous prominent market players have begun offering products at lucrative rates. This will positively impact growth of ePharmacy market in this region.
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Key Industry Developments:
- In January 2019, Swedish online pharmacy company Meds, bagged a US$ 5.5 Mn funding to expand its business across Europe. This funding is estimated to increase the focus of the company in expanding its reach in other European countries.
- In June 2015, Rite Aid Corp acquired Envision Rx Options that provides mail-order pharmacy services including prescription medicines. This acquisition facilitated Rite Aid Corp to enter into the field of ePharmacy.
- In March 2019, 1mg, an Indian online pharmacy garnered LegitScript certification from the National Association of Boards of Pharmacy (NABP), USA making it the first company in India to earn the said certification. The certification will increase the trust of the customers in the company products.
- In November 2016, Netmeds Marketplace Limited announced the acquisition of hyperlocal drugs delivery app named Pluss for an undisclosed amount. This acquisition will enable the company to focus on enhancing the company’s online app.
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List of the prominent players operating in the global ePharmacy market. They are as follows:
- CVS Health Corporation
- Express Script Holding Company
- Walgreen Co.
- Optum Rx, Inc.
- Giant Eagle, Inc.
- Walmart Stores, Inc.
- Rowland Pharmacy
- The Kroger Co.
- Other players
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ePharmacy Market Segmentations:
• Over-the-Counter Products
• Prescription Medicine
• North America (USA and Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Rest of Asia Pacific)
• Rest of the World
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SECONDARY DATA SOURCES THAT WE REFER TO:
- Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market
- Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.
- Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, Clinics
- Industry journals and paid databases
SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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