Dublin, Nov. 16, 2021 (GLOBE NEWSWIRE) -- The "Global ePharmacy Market By Drug Type (Over-the-Counter Products and Prescription Medicines), By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.
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. 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.
Cardinal Matrix - ePharmacy Market Competition Analysis
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).
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
22.214.171.124 COVID-19 impact
126.96.36.199 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.2.4 Geographical Expansions
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Product Launches and Product Expansions : 2017, Jun - 2021, Jun) Leading Players
Chapter 4. Global ePharmacy Market by Drug Type
4.1 Global Over-the-Counter Products Market by Region
4.2 Global Prescription Medicines Market by Region
Chapter 5. Global ePharmacy Market by Region
Chapter 6. Company Profiles
6.1 The Kroger Co.
6.1.1 Company Overview
6.1.2 Financial Analysis
6.1.3 Recent strategies and developments:
188.8.131.52 Partnerships, Collaborations, and Agreements:
184.108.40.206 Geographical Expansions:
6.2 Walgreens Boots Alliance, Inc. (Walgreen Co.)
6.2.1 Company Overview
6.2.2 Financial Analysis
6.2.3 Segmental and Regional Analysis
6.2.4 Recent strategies and developments:
220.127.116.11 Partnerships, Collaborations, and Agreements:
18.104.22.168 Acquisition and Mergers:
6.3 Express Scripts Holding Company (Cigna)
6.3.1 Company Overview
6.3.2 Recent strategies and developments:
22.214.171.124 Partnerships, Collaborations, and Agreements:
126.96.36.199 Product Launches and Product Expansions:
6.4 Giant Eagle, Inc.
6.4.1 Company Overview
6.4.2 Recent strategies and developments:
188.8.131.52 Partnerships, Collaborations, and Agreements:
184.108.40.206 Product Launches and Product Expansions:
6.5 Rowlands Pharmacy (the PHOENIX group)
6.5.1 Company Overview
6.5.2 Recent strategies and developments:
220.127.116.11 Acquisition and Mergers:
6.6 CVS Health Corporation (CVS Pharmacy, Inc.)
6.7 UnitedHealth Group, Inc. (Optum, Inc.)
6.7.1 Company Overview
6.7.2 Financial Analysis
6.7.3 Segmental Analysis
6.7.4 Recent strategies and developments:
18.104.22.168 Partnerships, Collaborations, and Agreements:
22.214.171.124 Geographical Expansions:
6.8 Amazon.com, Inc. (Amazon Pharmacy)
6.8.1 Company Overview
6.8.2 Financial Analysis
6.8.3 Segmental and Regional Analysis
6.8.4 Recent strategies and developments:
126.96.36.199 Product Launches and Product Expansions:
188.8.131.52 Acquisition and Mergers:
6.8.5 SWOT Analysis
6.10. DocMorris N.V.
6.10.1 Company Overview
6.10.2 Recent strategies and developments:
184.108.40.206 Partnerships, Collaborations, and Agreements:
220.127.116.11 Product Launches and Product Expansions:
18.104.22.168 Acquisition and Mergers:
For more information about this report visit https://www.researchandmarkets.com/r/uck5xa
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