E-Pharmacy Market – What Future Holds for Industry Players Across The Globe?
Zion Market Research has published a new report titled “E-Pharmacy Market by Drug Type (Prescription Drugs and Over The Counter Drugs): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global e-pharmacy market was approximately USD 42.32 billion in 2018 and is expected to generate around USD 107.53 billion by 2025, at a CAGR of around 14.26% between 2019 and 2025.
E-pharmacy, also known as an online pharmacy, internet pharmacy, or mail-order pharmacy, is an online service that is available via the use of the internet and serves customers by sending them online prescriptions to allow patients to get access to online medicines. It operates online and delivers products to the customers through various shipping channels. It delivers all types of pharmaceutical drugs, such as over the counter (OTC) drugs and prescription drugs. Growing applications of e-prescriptions have reduced access to pharmacy, which is contributing to the growth of the global e-pharmacy market.
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Increasing penetration of internet worldwide, growing investments made by private companies, and the rising number of steps taken by government bodies are some major factors propelling the global e-pharmacy market development. Moreover, the rising burden of diseases and escalating adoption IT in the healthcare sector are anticipated to further propel the growth of the e-pharmacy market. However, increasing practice of illegal online pharmacy, strict regulatory policies imposed by governments of various countries for improved quality of drugs and the increasing use of e-prescriptions and prescription drugs may hamper the e-pharmacy market growth globally over the forecast time period.
The global e-pharmacy market is segmented on the basis of drug type and by region. Based on drug type, the e-pharmacy market is fragmented into over the counter (OTC) drugs and prescription drugs. Due to the high increasing prevalence of chronic diseases and the growing demand for various drugs and other healthcare products, over the counter (OTC) drugs held the maximum share in 2018. For instance, various initiatives, such as Safe Medicine India (2016) supported around 60 startups for online pharmacies.
North America is expected to dominate the global e-pharmacy market over the forecast timeframe, owing to the growing number of internet users and increasing adoption of online services by the regional population. Moreover, government involvement in creating awareness among the customers regarding illegal online services is the major factor contributing to the North American e-pharmacy market. The existence of prominent players and the booming pharmaceutical industry are further anticipated to propel this regional market. Initiatives are taken by the government, availability of hi-speed internet, rising consumer interest toward the purchase of online medicine, and increasing awareness among the people are fuelling the European e-pharmacy market.
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Some key players of the global e-pharmacy market include The Kroger Co., The Walgreen Company, Express Scripts Holding, CVS Health, Doc Morris, Giant Eagle, Wal-Mart Stores, OptumRx, 1mg, and Netmeds.
This report segments the global e-pharmacy market into:
Global E-Pharmacy Market: By Drug Type
- Over The Counter (OTC) Drugs
- Prescription Drugs
Global E-Pharmacy Market: By Region
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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