The Global ePharmacy Market size is expected to reach $167. 6 billion by 2027, rising at a market growth of 16. 4% CAGR during the forecast period. ePharmacy refers to the online sales of non-prescription and prescription drugs like conventional pharmacies.
New York, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global ePharmacy Market By Drug Type, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" - https://www.reportlinker.com/p06177792/?utm_source=GNW
These pharmacies take online orders and deliver them to the customers in a stipulated time frame. The major factors fueling the growth of the market are rapid rate digitalization in healthcare services, a growing number of tech-savvy customers, and increasing penetration of the internet around the world.
In addition, purchasing medicines from ePharmacies is a very convenient option, resulting in increased preferences of customers towards this new concept. Additionally, patients, especially chronic elderly patients, who live in nuclear families or far locations where there is no medical store or pharmacy available receive host of benefits by ordering medicines through an online platform. Moreover, a significant increase in the integration of e-commerce and digital technologies within the healthcare sector is witnessed to open new growth avenues for the market.
COVID-19 Impact Analysis
The outbreak of COVID-19 has shown a negative impact on several nations across the world. Nations are still trying to find ways to defeat the pandemic and reduce its impact on health, livelihoods, and businesses. During this pandemic, the industries including ePharmacy, around the world has exhibited unprecedented solidarity and stood with their corresponding governments in their fight against the pandemic. The most crucial measures to avoid the effect of the coronavirus are maintaining social distancing, wearing a mask, and regularly washing or sanitizing hands.
Moreover, people were advised to stay at home, especially those who are above the age of 65 years. Further, doctors across the globe were practicing online, according to the telemedicine practice guidelines announced by governments. Doctors were issuing prescriptions using digital platforms and patients were also purchasing medicines and other medical products using these prescriptions by ePharmacies. Thus, the emergence of COVID-19 has increased the sales of drugs and other essential health products through the means of digital platforms. Therefore, it is anticipated that the ePharmacy market will witness strong growth in the forthcoming years.
Market Growth Factors:
Offers a wide range of inexpensive medical products
A wide range of patients across the world prefers such ePharmacies that provide doorstep delivery as many times certain medicines are not available at the retail pharmacy stores. In addition, these pharmacies help the geriatric population and chronically ill patients in lowering their dependency on others for purchasing healthcare products and medicines. Also, there is a significant surge in the penetration of the internet as people are becoming more aware of using internet resources.
Rising penetration of ePharmacy
A significant surge in the implementation of e-prescriptions in hospitals & other healthcare services, an increasing number of internet consumers, and rising access to web-based & online services are some of the factors that are expected to fuel the penetration rate of ePharmacy across the world. In addition, the increasing scope of e-commerce is proportionally increasing the customer base of ePharmacies in well-established and emerging nations around the world.
Market Restraining Factor:
The emergence of various unauthorized ePharmacies
There are some mandatory regulations that all ePharmacies across the world follow but due to the emergence of illegal ePharmacies, customers are resisting themselves from ordering medications through online portals. The customers have fear of receiving counterfeit medicines that will have a negative impact on their health after their consumption.
Drug Type Outlook
Based on Drug Type, the market is segmented into Over-the-Counter Products and Prescription Medicines. OTC drugs witnessed considerable growth during the COVID-19 pandemic. This growth is attributed to the declining number of patients visiting clinics for minor ailments to prevent themselves from getting infected by the COVID-19. Furthermore, the utilization of OTC drug is providing economic benefits that have resulted in saving the drug cost and the cost that have to be paid at the time of visiting the clinic. Thus, all these factors are anticipated to boost the segment’s growth in developing nations.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America acquired the highest market share of the ePharmacy market in 2020. The determinants such as developed healthcare infrastructure, positive attitude towards the adoption of new technologies, growing adoption of e-commerce, surging online sales, and rising geriatric population are driving the growth of the regional market. Digitalization across the world has opened its doors to offer customer-friendly experiences and other enhanced services due to which, the trend is shifting towards the direct-to-patient model, thereby augmenting the growth of the regional market.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Amazon Pharmacy (Amazon.com), Optum Rx, Inc., and Walmart, Inc. are the forerunners in the ePharmacy Market. Companies such as The Kroger Co., Walgreens Boots, Alliance and Giant Eagle Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include The Kroger Co., Walgreen Co., Giant Eagle, Inc., Walmart, Inc., Express Scripts Holding Company (Cigna), CVS Health (CVS Pharmacy, Inc.), Optum Rx, Inc. (United Health Group), Rowlands Pharmacy (the PHOENIX group), DocMorris (Zur Rose Group AG), and Amazon Pharmacy (Amazon.com).
Recent Strategies Deployed in ePharmacy Market
Partnerships, Collaborations and Agreements:
2021-Sep: Walgreens came into an agreement with Northwell Health, a nonprofit integrated healthcare network. This agreement would enhance the health of populations and facilitate health equity across New York State.
2021-Sep: OptumRx came into a multi-year agreement with Point32Health, the not-for-profit health care company. Through this agreement, the companies would offer incorporated Pharmacy Benefit Management (PBM) solutions, which would improve services and offer enhanced pricing for Harvard Pilgrim and Tufts Health Plan members.
2021-Aug: Giant Eagle came into partnership with Mesmerize, a prominent out-of-home media company specializing in patient education at the point of care. Under this partnership, Mesmerize would expand its pharmacy network to add 165 locations of Giant Eagle Pharmacy. Additionally, this partnership comprises the installation of Mesmerize’s digital TV screens inside Giant Eagle pharmacies located across West Virginia, Maryland, Indiana, Pennsylvania, and Ohio.
2021-Jun: Giant Eagle formed a partnership with Flipp, a retail technology company. Together, the companies would focus on launching a next-generation digital circular integration to improve the online shopping experience for its clients.
2020-Jul: Walmart collaborated with Capital Rx, the fastest-growing pharmacy. This collaboration would bring transparency of unit prices in specialty and mail order prescriptions via its Clearinghouse ModelSM to fight against the increasing cost of prescription drugs.
2020-Jun: Walgreens formed a partnership with Microsoft, an American multinational technology corporation. This partnership aimed to design the latest healthcare delivery models, comprising retail innovations and technology to shatter the healthcare delivery space. Moreover, a new partnership with Adobe would enable Walgreens to generate insights to offer more customized and engaging experiences along with protecting and respecting the privacy choices of customers & patients.
2020-Jan: OptumRx formed a partnership with Allegiant Rx, a division of Allegiant Care. Through this partnership, the companies focused on offering home delivery services and specialty prescription drugs.
Acquisitions and Mergers:
2021-May: Walmart took over MeMD, a multi-specialty telehealth provider. Through this acquisition, Walmart Health would offer access to virtual care across the US, comprising primary, behavioral, and urgent care.
2021-Mar: Phoenix took over Co-op Health, a digital prescription service. Through this acquisition, the company would take the Co-op Health app to the next level via its Rowlands and Numark network.
2021-Jan: Walgreens Boots Alliance took over iA, a leading-edge provider of software-enabled automation solutions. Through this acquisition, the WBA’s investment would support iA’s expansion and further develop pharmacy automation solutions to offer benefits to the entire pharmacy industry.
2020-Jun: Walmart completed the acquisition of CareZone, a CA-based smartphone service for managing chronic health conditions. This acquisition aimed to accelerate Walmart’s and CareZone’s current Health & Wellness capabilities and support their focus on digital health care solutions.
Product Launches and Product Expansions:
Dec-2020: DocMorris introduced DocMorris+ in Germany as its new business model in the new DocMorris heart logo, the healthcare platform would build simple and convenient access to all healthcare services in one place.
Jan-2021: OptumRx expanded its geographical reach across Charlotte by opening a new pharmacy fulfillment center. This center would serve 1 million clients in its mid-Atlantic region and provide an approximately 25,000-square-foot facility on Shopton Road in southwest Charlotte.
Aug-2020: Amazon India unveiled Amazon Pharmacy in Bengaluru. This Amazon Pharmacy would enable customers to order prescription-based medication along with over-the-counter medicines, Ayurveda medication from certified sellers, and basic health devices.
Jan-2020: Kroger Health pharmacy expanded its geographical reach across Idaho & Michigan. Under this expansion, the company aimed to expand its service offerings in these regions where patients would witness pharmacists at the Kroger Health pharmacy for rapid strep throat & flu testing. In addition, patients could visit the pharmacy without an appointment, and the pharmacist would analyze symptoms of flu-like illness or sore throat, medical history, and conduct an examination.
Scope of the Study
Market Segments covered in the Report:
By Drug Type
• Over-the-Counter Products
• Prescription Medicines
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• The Kroger Co.
• Walgreen Co.
• Giant Eagle, Inc.
• Walmart, Inc.
• Express Scripts Holding Company (Cigna)
• CVS Health (CVS Pharmacy, Inc.)
• Optum Rx, Inc. (United Health Group)
• Rowlands Pharmacy (the PHOENIX group)
• DocMorris (Zur Rose Group AG)
• Amazon Pharmacy (Amazon.com)
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