Pune, India, Feb. 22, 2021 (GLOBE NEWSWIRE) -- ePharmacy Market Overview:
Market Research Future (MRFR) evaluates that the Global ePharmacy Market is anticipated to acquire a market value of USD 164,829.5 Million while expanding at a CAGR of 12.5% by 2027.
The increasing penetration of e-commerce and the usage of internet are expected to drive the global ePharmacy market during the analysis term. Various online pharmacies offer doorstep delivery, which provides comfort to the consumer that can augment the market in the coming time. The growing reach of e-commerce has allowed the ePharmacy to expand its consumer base in developing countries. There are several startups entering the market due to the rising demand for medicines. All these factors cumulatively are anticipated to augment the global ePharmacy market growth during the review time.
On the contrary, the strict rules and regulations for selling prescribed drugs through online channels are expected to hamper the market growth in the coming time. Furthermore, not all countries in the world have legalized sales of prescription drugs through online sites. The unmonitored sale of prescription medicines is likely to prohibit online pharmacy and negatively impact the global revenue in the assessment tenure.
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COVID-19 to Boost ePharmacy Culture:
The outbreak of COVID-19 has brought a positive impact on the market during the forecast period. The lockdown imposed across the globe resulted in the increased popularity of ePharmacies. The players such as mChemist, SaveMyMeds, Zigy, and others earned profit during the COVID-19 era. The reluctance caused among consumers owing to the fear of the virus aided significantly in driving the market in the pandemic period. The key players of the market are making an active contribution during the COVID-19 era. In recent news, Kroger, a US-based company, will be the first federal pharmacy to partner in Indiana for the COVID-19 vaccine.
ePharmacy Market Competitive Outlook:
The increasing launch of new products, growing cases of mergers and acquisitions are anticipated to fuel the competition in the industry. The advent of COVID-19 enhanced the prevailing competition due to the reliance of consumers on e-commerce for their medicines. Furthermore, the increasing number of startups entering the market is anticipated to grow the market competition in the analysis timeframe. Startups such as; GoodRx, Alto, Pharmacy2U, Netmeds, among others, are likely to propel the competition in the industry. In recent news, Amazon’s new strategy to enter the healthcare sector is anticipated to change the current scenario of the industry. In another recent news, the healthcare alliance among giants Amazon, Berkshire Hathaway, and JPMorgan is expected to fuel the competition and enhance the competition prevailing in the industry in assessment tenure.
The prominent players in the global ePharmacy market are:
- B. Braun Melsungen AG
- 3M
- Baxter International INC
- Cardinal Health
- Smith & Nephew Plc
- Coloplast Corp.
- ConvaTec Group Plc
- Mölnlycke Health Care AB
- Integra Lifesciences Holdings Corporation
- Avery Dennison Corporation
Browse In-depth Market Research Report (148 Pages) on ePharmacy: https://www.marketresearchfuture.com/reports/epharmacy-market-6615
ePharmacy Market Segmentation:
The global ePharmacy market has been segmented on the basis of operating platform, drug type, and business model. In the operating platform segment of the global ePharmacy market, the app segment is anticipated to acquire the largest market share in the analysis timeframe. The expansion of the segment can be attributed to the increasing launch of apps for the delivery of products. In the drug type segment of the global ePharmacy market, the prescription segment is expected to acquire the largest market share in the forecast tenure. The expansion of the segment can be attributed to the increasing preference of prescriptions to counter the misuse of drugs. In the business model segment of the global ePharmacy market, the marketplace segment is projected to acquire the largest market value during the forecast period. The development of the segment can be attributed to the growing number of customers buying medications and refilling it online.
ePharmacy Market Regional Insights:
As per the regional analysis performed by MRFR, the Americas is anticipated to dominate the market during the forecast period owing to the presence of established key players. The increasing number of product launches is projected to be another salient cause that can augment the market in the assessment period. The increasing involvement of the government is expected to offer significant opportunities in the regional market expansion. In a recent update, Uber launched the New York pharmacy delivery service. The partnership will allow the Uber East Users to arrange prescriptions for delivery in the same app they order their food from. The association is likely to offer various lucrative opportunities. The US and Canada are predicted to make a significant contribution in developing the regional market during the forecast period.
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Amazon recently launched their online pharmacy in India, which is expected to grow the market in the region in the coming time. APAC is anticipated to witness significant growth in the assessment time. The growth-centric countries such as; India, China, and Japan are likely to make a substantial contribution to strengthen the industry. The increasing funding in the players of the region are anticipated to augment the market size. In recent update, Bengaluru-based startup, a B2B e-commerce marketplace for pharmacies, has secured a funding of USD 4 million, co-led by Matrix Partners India and RTP Global, with participation from Incubate Fund and India Quotient. In another news, the Malaysia Healthcare Travel Council (MHTC) signed an MoU with DoctorOnCall, a Malaysian startup, to facilitate patient care online during the pandemic period. Such initiatives are anticipated to bolster the regional market and popularize ePharmacies culture in the region. Furthermore, MFine, an Indian startup, raised USD 16 million in new funding round, led by Heritas Capital that saw participation from the Singapore-based family office of Y’S Investment Pvt. Ltd.
Europe is projected to acquire significant market share during the forecast period owing to the rising popularity of ePharmacies. The UK is anticipated to make the most significant contribution in the forecast period.
MEA is expected to procure significant market value during the forecast period. The expansion of the regional market can be attributed to the Public-Private Partnerships (PPP) and the increasing initiatives taken by the government of the region that can augment the regional market during the analysis timeframe.
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