[180 Pages Report] The ePharmacy Market size was estimated at USD 53.62 billion in 2023 and expected to reach USD 62.65 billion in 2024, at a CAGR 17.29% to reach USD 163.84 billion by 2030.
ePharmacy offers easier access to medicine purchases that significantly benefit elderly patients from nuclear families and patients not able to go out. The expansion of the healthcare sector, with increasing operational costs, has created the need to cut operating costs by implementing ePharmacy solutions. The ePharmacy model is simple to use and has replaced traditional pharmacies, including medical services, and experienced an increase in site traffic and sales due to the COVID-19 pandemic. The continuous adoption of digital technologies in the healthcare sector for better accessibility and flexibility and the growing geriatric population with chronic and acute conditions across the globe increases the adoption of ePharmacy worldwide. However, the requirement of technical expertise and adequate infrastructure for ePharmacy development and issues about patient data privacy & security due to the emergence of hacking and fishing activities is significantly impeding the adoption of ePharmacy. In addition, companies focus on deploying artificial intelligence (AI) and blockchain technology and introducing virtual assistance in ePharmacy to provide great convenience and offer a wider range of options than a traditional pharmacy.
Regional Insights
The rising adoption of eCommerce, growing geriatric population, increasing online sales, developed healthcare infrastructure, and positive attitude towards adopting new technologies are expanding the utilization of ePharmacy in the United States. Approximately 80% of the population of the U.S. is connected to ePharmacy, and the trend is shifting toward the direct-to-patient model. High caseloads in the United States and regional lockdowns have pushed consumers to adopt the ePharmacy platforms to order medicines online from the comfort of their homes rather than visiting offline pharmacies and diagnostic centers. Emerging economies, such as China and India, possess high growth potential owing to the large population base coupled with increasing government initiatives supporting the adoption of digital technologies. In the UK and Germany, the utilization of ePharmacy is growing significantly due to the rise in inclination toward the online mode of medicine purchase among the people. According to the survey for the General Pharmaceutical Council (2021), 25% of people in the UK are expected to use an online pharmacy in the future. Doctors prefer ePrescriptions for patients to access medicine with the help of ePrescriptions quickly.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the ePharmacy Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the ePharmacy Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the ePharmacy Market, highlighting leading vendors and their innovative profiles. These include Amazon.com, Inc., Apex Healthcare Berhad, Apollo Pharmacies Ltd., Aster Pharmacies Group LLC, BinSina Pharmacy, CareOnGo, Chemist Direct, CVS Health Corporation, De Online Drogist, DOCIB Group, Euro-pharmas, Express Scripts Holding Company by Cigna, Farmacia Internacional, HealthPlus Pharmacy, Healthxchange Pharmacy UK Ltd., Life Pharmacy, LloydsPharmacy Ltd., L?k?rna WPK SRO, Mahendra ePharmacy Pvt. Ltd., mChemist Global Pvt. Ltd., Medexpresspharma by Life Wind Medicare Pvt. Ltd., Medicina Pharmacy, MonCoinSant?, myPOS Software Solutions (Pvt) Ltd., Netmeds by Reliance Retail Ltd., Newpharma by Colruyt Group, OneHealth Nigeria, OptumRx, Inc., Oxford e-Pharmacy, Parafarmacia-online, Pharm24.gr, Pharmacynet, Pharmeasy by Axelia Solutions Pvt. Ltd., Practo Technologies Pvt. Ltd., Rowlands Pharmacy by Phoenix Group, Shop Apotheke Europe N.V., Tata 1mg, The French Pharmacy, The Independent Pharmacy, The Kroger Co., UK Meds Direct Ltd., Vamida s.r.o., Walgreen Co., Walmart Inc., Wockhardtepharmacy, and Zur Rose Group AG.
Market Segmentation & Coverage
This research report categorizes the ePharmacy Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Product
- Cold & Flu
- Dental
- Skin Care
- Vitamins
- Weight Loss
- Drug Type
- Over the Counter (OTC) Drugs
- Prescription Drugs
- Type
- Integrated
- Standalone
- Business model
- Direct
- Marketplace
- Pharmacy
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the ePharmacy Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the ePharmacy Market?
- What are the technology trends and regulatory frameworks in the ePharmacy Market?
- What is the market share of the leading vendors in the ePharmacy Market?
- Which modes and strategic moves are suitable for entering the ePharmacy Market?
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