According to the latest report by IMARC Group, titled "E-Pharmacy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global e-pharmacy market is expected to exhibit a CAGR of 16.9% during 2022-2027. E-pharmacy is an online pharmacy that primarily operates over the internet to deliver medicines and other pharma products to the masses. These drugstores ensure a genuine supply of drugs by sourcing them directly from the manufacturers and licensed resellers. Since these services deliver the orders to the customers on their doorstep, they ensure multiple advantages to the users. They offer cost- and time efficiency, enhanced convenience, and a vast range of products to choose from, thereby gaining widespread prominence among the masses.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global E-Pharmacy Market Trends:
The global market is majorly driven by the widespread preference for e-commerce facilities and contactless delivery among the masses. Along with the improving internet connectivity across the globe and the growing penetration of smart devices, this is creating a positive outlook for the market. Moreover, the increasing incidences of chronic lifestyle disorders and the growing geriatric population on the global level have propelled the need for e-pharma solutions for regulated and door-step delivery of medicines and other healthcare products. Furthermore, multiple in-app benefits, such as express delivery and discounted offers, offered by the mobile-based software applications of numerous e-pharma companies is also providing an impetus to the market growth. Apart from this, there has been a considerable rise in the demand for these services in the recent past due to the mandatory lockdowns imposed by the governments of multiple countries to control the spread of the COVID-19 pandemic. Some of the other factors contributing to the market growth include the hectic lifestyles led by the masses and the widespread integration of predictive analytics, artificial intelligence (AI), and health information technology (HIT) with e-pharmacy solutions.
- On the basis of the drug type, the market has been bifurcated into over the counter (OTC) and prescription drugs.
- Based on the product type, the market has been classified into skin care, dental, cold and flu, vitamins, weight loss, and others.
- On the basis of the platform, the market has been categorized into app-based and web-based.
- Based on the payment method, the market has been segmented into cash on delivery and online payment.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa (Turkey, Saudi Arabia, and others).
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include CVS Health Corporation, DocMorris (Zur Rose Group AG), Express Scripts Holding Company (Cigna Corporation), Giant Eagle Inc., Lloyds Pharmacy Ltd (McKesson Corporation), Optumrx, Inc. (Unitedhealth Group Incorporated), Rowland Pharmacy, The Kroger Co, Walgreen Co (Walgreens Boots Alliance, Inc.) and Walmart Inc.
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