E-pharmacy Market Size USD 67930 Million By 2026 At A CAGR of 8.4% - Valuates Reports
BANGALORE, India, Feb. 10, 2021 /PRNewswire/ -- E-pharmacy Market is Segmented by Type - Over-the-counter drugs, Prescription drugs, by Application - Hospital, Clinic, by Regions & Key players Regional Growth: Global Opportunity Analysis and Industry Forecast, 2021–2026. This report is published on Valuates Reports in the Software Category.
The global E-pharmacy market size is projected to reach USD 67930 Million by 2026, from USD 38400 Million in 2019, at a CAGR of 8.4% during 2021-2026.
Major factors driving the growth of e-pharmacy market size are high adoption of e-commerce, increased online orders, growth in the elderly population, and rising implementation of e-prescriptions in hospitals and other healthcare services. In addition, the recent outbreak of COVID-19 has considerably influenced the utilization of online pharmacy platforms, thereby increasing the e-pharmacy market size.
TRENDS INFLUENCING THE E-PHARMACY MARKET SIZE
Increased implementation of emerging technology has contributed to digitalization in the healthcare industry, which in turn is expected to fuel the growth of the e-pharmacy market size. The ability to capture a larger client base and appeal to unmet pharmaceutical distribution needs would fuel the growth of the e-pharmacy market size during the forecast period. Furthermore, the increasing use of information technology in the healthcare sector enables physicians to send prescriptions electronically, which is expected to fuel the growth of the industry.
The constant rise in the burden of healthcare costs in developing economies suggests the growing need to cut costs. The ever-increasing demand for healthcare goods & services makes it difficult for offline retail suppliers to meet the rising needs on a demographic basis and therefore provides a tremendous opportunity for online health retailers to meet the broad customer base. This is because there is no need for e-Pharmacies to spend money on keeping enormous workers or vendors as well as renting warehouses and premises. This cost-effective feature of e-pharmacy is expected to increase the growth of the e-pharmacy market size.
The growing chronic diseases and the need for long-term scheduled medication in such patients are expected to boost the e-pharmacy market size. The e-pharmacy service will support patients trapped with acute illness and cannot go to a pharmacy. In addition, online channels will aggregate supply as people around the globe will boost the market for otherwise difficult-to-find medicines.
The presence of a large number of illegitimate e-pharmaceuticals worldwide has a negative impact on the market. These illegal pharmacies are selling medicines that are not approved for sale. There is always a risk of receiving counterfeit & contaminated medicines containing incorrect active ingredients from these e-Pharmaceuticals.
E-PHARMACY MARKET SHARE ANALYSIS
The OTC (Over the Counter) segment accounted for the largest e-pharmacy market share in 2018. It is expected that the inclusion of different medicines within the OTC group, coupled with a preference for self-medication, would drive the growth of the OTC segment in the e-pharmacy market. However, it is predicted that the prescription drugs segment is expected to grow with the highest CAGR during the forecasted period.
Based on the operating platform, the app-based segment held the largest market share in 2019. The growing number of retail pharmacies launching apps for the distribution of medical products lobally is the main factor driving the growth of the segment.
Based on region, North America dominated the e-Pharmacy market in 2017 with the largest market share. High acceptance of e-commerce, increased online orders, and the number of elderly people are key factors contributing to North America's market share. The presence of well-established players and an increase in pharmaceutical needs, especially baby boomers, are also expected to drive market growth. On the other hand, the Asia Pacific region is expected to witness the highest growth during the forecast period due to the presence of a large patient pool and an increase in the target population.
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SEGMENTAT BY DATA TYPE
SEGMENTAT BY APPLICATION
SEGMENTAT BY REGIONS
SEGMENTAT BY KEY PLAYERS
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