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September 09, 2019 | Healthcare
The Global ePharmacy Market is slated to experience a robust growth owing to the introduction of new market players and rising competition worldwide. As per a report published by Fortune Business Insights, titled, “ePharmacy: Global Market Analysis, Insights and Forecast, 2019-2026,” the global market 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). Fortune Business Insights states that the global market was valued at US$ 49,727.7 Mn in 2018. According to the report, one of the major benefits of ePharmacy is that consumers can easily order the required medicines in a very convenient manner, either from their computer or smartphone.
Availability of Low-cost Medicines to Increase Demand for ePharmacy Platforms
Since the last few years, the demand for mail-order medicine has increased rapidly due to a rise in the adoption of Internet and increasing penetration of e-commerce. The ePharmacy service would aid those patients who are stuck with acute illness and hence, are not able to go to a pharmacy. Moreover, online platforms will aggregate supply as the demand for otherwise hard-to-find medicines would increase from people across the globe.
Often, offline pharmacies possess a limited stock of medicines, which further results in the consumer having to ask for the same at multiple pharmacies. Also, prices in offline pharmacies are quite high as compared to online pharmacies.
This is because ePharmacies don’t need to spend money on maintaining huge staff or sellers as well as renting warehouses and premises. Reduction in these funds enables the owners to sell medicines at low prices. All these factors are anticipated to drive the global ePharmacy market growth during the forecast period.
Rapid Shift of Populace Towards ePharmacy Websites to Favor Growth in North America
The global ePharmacy market is geographically divided into Latin America, Europe, the Middle East and Africa, North America, and Asia Pacific. Amongst these regions, the populace of North America relies more on online delivery of consumable goods as well as over-the-counter healthcare products, namely, cosmetics, nutrition supplements, and vitamin pills.
This is one of the major factors that is expected to propel the ePharmacy market sales during the forecast period in this region. Moreover, there has been a rise in the patient pool who prefer adopting home care services and treatment options because of the extremely high healthcare expenditure in clinics and hospitals. This will also give rise to the increasing number of ePharmacy platforms in this region.
The ePharmacy market in Europe, on the other hand, is strictly regulated by the European Commission. The commission has implemented numerous stringent rules. But, Fortune Business Insights predicts that the ePharmacy market will grow at a rapid rate during the forecast period due to the presence of several prominent market players in the region.
These market players have begun facing immense competition and hence, have started offering medicines at lucrative rates. The report further mentions that Latin America and Asia Pacific are likely to exhibit a notably high CAGR in the coming years. This growth is attributed to a rise in the adoption of e-commerce websites and the Internet.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/epharmacy-market-100238
Huge Discounts from Ecommerce Companies Likely to Boost Global Market Growth
Prominent e-commerce companies operating in the global ePharmacy market have begun developing brand new strategies to provide their consumers with efficient and better services. They have also started offering huge discounts to the consumers to attract their attention and make them shop more than the required items, which in turn, is rapidly increasing sales.
Furthermore, consumers also prefer ePharmacy websites over offline pharmacy due to their easy user interface and opportuneness. They can easily buy their medicines through smartphones or laptops. Additionally, affordability, easy accessibility, discreetness, and availability of rare medicines are projected to fuel the global ePharmacy market revenue during the forecast period.
Fortune Business Insights has profiled some of the prominent companies operating in the global ePharmacy market. They are Giant Eagle, Inc., DocMorris, Rowland Pharmacy, CVS Health Corporation, Walmart Stores, Inc., Express Script Holding Company, The Kroger Co., Optum Rx, Inc., Walgreen Co., and other key market players.
The global ePharmacy market is segmented into: