The ePharmacy Market is Projected to Have Grown From USD 81.5 Billion in 2022 to USD 351.9 Billion at a 14.3% of CAGR

By 2033, the global ePharmacy market share is projected to have grown from USD 81.5 billion in 2022 to USD 351.9 billion, at a compound annual growth rate of 14.3%.

As e-commerce and internet usage gain pace, there is an increasing demand for mail-order drugs. ePharmacies, or electronic pharmacies, are a widespread term for these internet drugstores. Right to your door, they deliver.as well as the distribution of both OTC and prescription medications. With the introduction of ePharmacy, patients are no longer need to visit the pharmacy, and the ease of ordering across numerous provider platforms has contributed to the market’s expansion. The internet’s explosive growth and the advent of digital health, or eHealth, have increased demand for online pharmacies.

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Leading ePharmacy firms also offer medications at lower costs as compared to conventional brick-and-mortar pharmacies. Result of greater investment by e-commerce big players throughout the healthcare sector, the ePharmacy market is anticipated to grow at a significant rate over the forecast period. A massive patient pool across the globe opts for doorstep delivery of medical supplies because of the unavailability of some prescription medicines at retail pharmacy stores. ePharmacies significantly reduce the need for senior citizens and people with chronic illnesses to rely on other parties to get their medications and medical supplies. Similarly, it is anticipated that increased internet usage and awareness will increase ePharmacy market sales.

Key Takeaways:

• Smartphone adoption is rapidly expanding which is further assisting the market growth over the assessment period. Furthermore, the adoption rate of smartphones was earlier around 65.0% in 2019 and is predicted to reach 80.0% by 2025, according to The Mobile Economy 2020.
• The rapid expansion of the healthcare industry and high operating expenses have made it vital to use ePharmacy platforms. To reduce operational costs, epharmacy platforms are perfect. Demand for numerous healthcare products, especially medications, is rising as chronic conditions become more common. This represents a greater opportunity for online modes of drug procurement worldwide.
• An increase in internet consumption, easier access to web-based and other online services along with a surge in the usage of e-prescriptions in healthcare facilities are all factors contributing to the growth of the e-pharmacy market.
• Some of the key players within the global ePharmacy market enable people to order medication through an application for pickup at a nearby pharmacy or home delivery. Due to the increase in service usage and expansion, such acquisitions in the e-pharmacy market are anticipated to fuel market growth.
• The rising global accessibility of the internet and online commercial platforms and their products has offered numerous lucrative opportunities for ePharmacy in order to build a large customer base within developed as well as growing economies. In addition to that, youngsters of the current population heavily rely on online shopping for products like cosmetics/cosmeceuticals and over-the-counter pharmaceuticals.

Competitive Landscape

In order to gain a competitive edge and solidify their market positions, key manufacturers within the global ePharmacy market are exploring several growth strategies. The global ePharmacy market is expected to have significant growth due to increasing consumer demands. Online retail platforms’ easy access to regulated prescription drugs such as stimulants, painkillers, and tranquilizing hypnotics is indirectly contributing to market growth.

Key Companies:

• Netmeds Marketplace Ltd.
• TEasyMedico
• Medlife
• Amazon. Inc
• Apotek
• The Kroger Co.
• Walgreen Co.
• Giant Eagle, Inc.
• Others

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Key Segments:

By Product:

• Over the Counter Product
• Prescription Medicines

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East & Africa

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