- The factor of convenience in online purchase of drugs contributing massively to the growing popularity of e-Pharmacies
- North America to ride the wave of high internet penetration of about 88% over the forecast period
ALBANY, New York, Feb. 27, 2020 /PRNewswire/ -- Some of the most significant factors of growth in the global ePharmacy market over the forecast period are increase in internet penetration, use of mobile apps, and easy availability of medicines at the convenience of a click. Increase in adoption of e-prescriptions is also underlying growth in ePharmacy market over the forecast period.
As per Transparency Market Research, "The global ePharmacy Market is set to grow at a Compound Annual Growth Rate of 12.3% from 2019 to 2027, reaching market valuation of USD 158.2 bn. by the end of the period. The growth is attributable to a growing preference for buying medicines, both prescription and over-the-counter, online. As people experience hectic work schedules and increasingly rely on mobile apps for a number of everyday needs, the convenience of having medicines delivered at the doorstep gains massive popularity."
Key Findings of the ePharmacy Market Study
One of the major factors of growth of ePharmacy market is increasing internet penetration and use of mobile apps
North America to gain benefits of high internet penetration over the forecast period; 88% of population using internet in the region
Europeto also witness growth owing to high internet penetration – 73.5%
Factor that would support growth of e-Pharmacies is increasing adoption of e-prescriptions
Explore 58 pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on global ePharmacy market by Geography - North America, Europe, Asia Pacific, Middle East and Africa, Latin America.
A number of factors are underlying growth of global ePharmacy market over the forecast period, states Transparency Market Research. The most prominent ones among them are outlined below:
A massive shift in consumer preference towards online purchase of medicines is marked by better internet access, development of technology in the domain, and a notable tilt of the millennial consumer towards convenience
Availability of certain medicines which might not be easily available in local offline pharmacies is also contributing to the growth of global ePharmacy market
Increasing use of mobile apps is also a factor that is contributing to growth in popularity of ePharmacies; mobile apps are highly preferred not just for buying medicines but also for prescription refills; benefits of buying medicines quickly and easily mark high adoption rate
A number of retail pharmacies are providing medicines on online channels; CVS Pharmacy and Walgreens are cases in point with mobile apps introduced to tap into the pool of online buyers
Key Impediments for ePharmacy Market Players
Despite a positive projection of growth for the global ePharmacy market, certain factors hamper growth, restraining the market from reaching its real potential. One major factor is presence of ePharmacies that are illegitimate. In the year 2015, NABP marked some 10,668 online pharmacies as 'Not Recommended'. This puts the patients at risk of contaminated or counterfeit medicines.
In 2018, North America led the global ePharmacy market and as per Transparency Market Research, the trend will continue into the forecast period, ending 2027; Europe to follow North America in terms of growth owing to growing preference of online shopping
Growth in the North American region will be underscored by presence of robust healthcare industry, high penetration of internet, high adoption rate of the trend of online shopping, availability and rapid advancement of technology, and presence of strong market players
Asia Pacific would grow at a significant CAGR, creating impressive growth opportunities for global ePharmacy market players; factors growth is owed to include increase in disposable incomes, improvement in internet penetration, and growth of e-commerce industry
In Asia Pacific, countries such as Philippines, Vietnam, China, South Korea, India, and Indonesia will contribute massively to the growth rate
Analyze ePharmacy market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
The global ePharmacy market is a vendor landscape that is both fragmented and competitive. Some of the significant players that are leading growth in the market and are also profiled in the market report by Transparency Market Research include Walgreens Boots Alliance, Inc., Wal-Mart Stores, Inc., CVS Health, Dr. Fox Pharmacy, DocMorris N.V., Rowlands Pharmacy, PlanetRX.com Inc., Online Drugstore, Well Pharmacy, and Lloyds Pharmacy among others.
Some of the strategic moves the players resort to in order to gain a competitive edge include mergers and acquisitions, and partnerships and collaborations. Synergistic alliances often lead to better market penetration, combining of resources, and better market position. Technology also plays an important role in the growth of global ePharmacy market.
Transparency Market Research has segmented the global ePharmacy market report based on region.
Global ePharmacy Market, by Region
Rest of Europe
Indian Subcontinent (India, Pakistan, Bangladesh, Sri Lanka)
Australasia (Australia, New Zealand, and Guinea)
Rest of Asia Pacific
Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
Explore Transparency Market Research's award-winning coverage of the global Healthcare industry:
Telehealth Market - The global telehealth market is anticipated to expand at a CAGR of 13.0% within the forecast period of 2017 to 2025. Previously the market was valued at US$ 6.0 bn as of the 2016 records. The rising number of chronic diseases and their concern is presumed to expand the growth of the global telehealth market during the forecast period.
Pharmaceutical Excipients Market - Treatment of rare diseases and need for better functioning excipients are some of the key drivers for the pharmaceutical excipients market. Strict regulations by the FDA in the U.S. has given rise to the concept of 'novel excipient' that has been newly formulated and not included in earlier-approved drugs. As such, the pharmaceutical excipients market in North America is anticipated for aggressive growth during the forecast period. The global market volume is estimated to reach a production of ~3,155,500 tons by 2027.
Radiopharmaceutical Market - the global radiopharmaceutical market was valued at US$ 3.6 Bn in 2018 and is projected to expand at a CAGR of ~4% from 2019 to 2027. Some of the factors driving the radiopharmaceutical market are expansion activities of key radiopharma players; applications in clinical trials; and increase in aging population, pipeline assessment of new drugs, and disease indication mortality.
Gain access to Market Ngage, an AI-powered, real-time business intelligence that goes beyond the archaic research solutions to solve the complex strategy challenges that organizations face today. With over 15,000+ global and country-wise reports across 50,000+ application areas, Market Ngage is your tool for research on-the-go. From tracking new investment avenues to keeping a track of your competitor's moves, Market Ngage provides you with all the essential information to up your strategic game. Power your business with Market Ngage's actionable insights and remove the guesswork in making colossal decisions.
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision."