New York, April 04, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "E-Pharmacy Global Market Report 2023" - https://www.reportlinker.com/p06323452/?utm_source=GNW
, Apex Healthcare Berhad (Apex Pharmacy), Apollo Pharmacy, Doctors Rowlands Phamacy, Optus Rx Inc., and Healthkart.
The global e-pharmacy market grew from $75.04 billion in 2022 to $91.33 billion in 2023 at a compound annual growth rate (CAGR) of 21.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The e-pharmacy market is expected to grow to $193.73 billion in 2027 at a CAGR of 20.7%.
The E-pharmacy market includes revenues earned by entities by taking orders online and sending the drugs to their destination by post.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
E-pharmacy refers to a business model that operates similarly to traditional pharmacies in that it deals with the preparation and sale of prescription and over-the-counter medications.On the other hand, internet pharmacies accept online orders and mail the medications to the customer.
E-pharmacy allows patients to refill prescriptions and receive over-the-counter and specialized medications.
North America was the largest region in the e-pharmacy market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the e-pharmacy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of drugs in e-pharmacy are prescription drugs and over-the-counter (OTC) drugs.Prescription drugs are used in the diagnosis, cure, mitigation, treatment, or prevention of disease.
The prescription drug can only be used under the supervision of a medical professional who is legally permitted to do so.The different product types include skin care, dental, cold and flu, vitamins, weight loss, and others.
The various payment methods include cash on delivery, and online payment, and involve several platforms such as app-based, and web-based.
The booming digital health is expected to propel the growth of the e-pharmacy market going forward.Digital health technologies and e-pharmacy services make use of computing platforms, networking, software, and sensors for health care and related applications that include mobile health (mHealth), health information technology (IT), wearable devices, telehealth, telemedicine, and personalized medicine.
These technologies can be used for a variety of things, from general wellness to medical equipment. For instance, in June 2021, according to the Federation of Indian Chambers of Commerce & Industry (FICCI), an India-based non-governmental trade association, before the COVID-19 pandemic, 3.5 million families purchased online pharmaceuticals and during the pandemic, the figure increased to 9 million, and by 2025, it is expected to reach 70 million. Therefore, booming digital health is driving the growth of the e-pharmacy market.
Product innovation is the key trend gaining popularity in the e-Pharmacy market.Major players operating in the e-pharmacy market are focused on developing an innovative platform to strengthen their market position.
For instance, in December 2021, HealthPlus, a Nigeria-based integrative pharmacy company launched West Africa’s first pharmacy and digital prescription platform that would make it easier for patients (customers) and healthcare professionals to communicate throughout the country.The launch also marks a significant step forward in Nigeria’s health democratization, delivering unparalleled healthcare access to Nigerians across the country.
Customers can now use mobile devices to consult with experienced pharmacists from the comfort of their own homes.
In May 2021, PharmEasy, an India-based health-tech start-up acquired MedLife for an undisclosed amount.With this acquisition, PharmEasy would become the leading participant in the domestic online pharmacy business, with the aim to service 2 million users each month.
MedLife is an India-based company that provides online pharmacy, diagnostics, and e-consultation.
The countries covered in the e-pharmacy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The e-pharmacy market research report is one of a series of new reports that provides e-pharmacy market statistics, including e-pharmacy industry global market size, regional shares, competitors with an e-pharmacy market share, detailed e-pharmacy market segments, market trends and opportunities, and any further data you may need to thrive in the e-pharmacy industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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