The Global E Pharmacies Market is expected to grow at a high CAGR of 17% during the forecasting period (2022-2029).
E-Pharmacies are an internet-based vendor that delivers medicines and medical products to your doorsteps. In most cases, the prescriptions can be communicated through an electronic medium to get the medication dispensed, which helped in the transformation of the conventional drug dispensing or retail pharmacy management. The advantages provided by e-pharmacies compared with retail stores include convenience, cost-effectiveness, accessibility and generic medicines.
The global e pharmacies market growth is driven by the availability of medicines at affordable prices, access to information on the prescribed data, a shift towards self-diagnosing from the direct doctor-patient relations and an increase in digital health.
The growing number of internet users leading to the higher adoption of digital technologies will drive the market growth
A significant increase in the number of online service providers has enhanced the accessibility to internet pharmacies in developing nations. In recent years, a considerable increase in the number of internet users has further led to a high adoption rate. According to the report published by the World Telecommunication ITU, internet users were estimated to account for nearly 63% of the world’s population in 2021 representing an increase of 17% since 2019. Therefore, ease of access to internet pharmacies through smartphones and the availability of a range of pharmaceutical products are major factors driving the growth of the e-pharmacy market. Further, collaborations between the manufacturers and e-pharmacies to broaden the accessibility of their products and expand their customer base via online channels will drive the market growth during the forecast period. Doctors are now preferring e-prescriptions to allow patients to get easy access to medicine with the help of e-prescriptions. Countries, like the United Kingdom, are putting more effort into the implementation of e-prescriptions.
The NHS hospitals in England are planning to go paperless by the year 2020. This may increase the demand for e-prescription technology rapidly in the future. The major advantage of e-prescription is that one can easily upload their e-prescription on the e-pharmacy website and order medicine online without any hurdle. Therefore, due to the increasing implementation of e-prescriptions, uploading the prescription online has become easy and less time-consuming.
The unregularised sale of prescription medicines that could lead to the prohibition of e-pharmacy will hamper the growth of the market
However, factors such as the unregularised sale of prescription medicines that could lead to the prohibition of online pharmacies are estimated to restrain the global market revenue. Stringent regulations for selling prescription drugs through online channels. Prescription drug sales through e-Pharmacy in North America and Europe are highly regulated, and the companies have to comply with various rules, which could impact the market growth in these regions. Additionally, not all the countries in the world have legalized sales of prescription drugs through online sites.
The market is witnessing growth in the COVID-19 pandemic. The lockdown and travel restrictions, along with the fear of getting infected with the SARS-CoV2 virus, led to an increased dependence on online pharmacies for the purchase of both over-the-counter and prescription drugs. Also, in-person doctor visits are being replaced by virtual-based teleconsultations, which results in the generation of digital prescriptions. Similarly, key players are coming up with various strategies to combat the pandemic.
For instance, in March 2020, CVS Health began to implement new measures to balance the demand for the off-label use of drugs that are used in the treatment of both COVID-19 and other chronic diseases. Additionally, as the trend of non-contact delivery has been in progress, given the COVID-19 pandemic, the demand for e-pharmacy has increased over the current crisis.
The over the counter drugs segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)
The over-the-counter drug segment is poised to witness lucrative growth over the forecast timeframe. Major industry trends, such as Rx to OTC switch by pharmaceutical manufacturers, a growing tendency of people toward self-medication in developing regions, increasing burden of pain, and inclination of customers towards online pharmacies are strongly driving the segmental growth.
The increasing patent expiration rates result in switching from Rx to OTC by the companies as a counterstrategy. In February 2020, the US Food and Drug Administration converted three prescription drugs to over-the-counter drugs, including GlaxoSmithKline’s Voltaren Arthritis Pain, Alcon’s Pataday Twice Daily Relief, and Once Daily Relief (olopatadine HCl ophthalmic solution/drops, 0.2%). This resulted in easy access to the mentioned drugs for the customers. Thus, these factors are driving the growth of the market in the forecast period.
North America region holds the largest market share of the global e-pharmacies market
North America dominates the global e-pharmacies market, due to the high number of internet users and high adaptability to online services. The growing prevalence of minor illnesses, such as flu, fever, backache, cough, and cold, increases the demand for OTC medications, and thus, the dependence on online pharmacies increases to obtain these drugs. Additionally, the ease of getting the medicines from the comfort of home is expected to drive the e-pharmacy market in North America, especially the United States. Also, the high concentration of market players and the incorporation of advanced technologies by key players to improvise the experience of online medicine purchases by customers are expected to drive the market's growth in North America. For instance, in November 2020, Amazon launched an online pharmacy service in the United States for both generic and prescription medications.
Additionally, the rapidly increasing burden of common health conditions such as flu, cough, back pain, and cold will lead to demand for related OTC products and with expanding access, dependence on e-pharmacy to purchase these products is expected to increase in the forecast period. Furthermore, the growing number of start-ups and intense competition among market players offering discounts and offers will strengthen the e-pharmacy market share.
The e-pharmacies market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include CVS Health Corporation, Cigna Corporation (Express Scripts Holdings), Giant Eagle Inc., Optum Rx Inc., The Kroger Co., Walgreen Boots Alliance (Walgreen Co.), Amazon.com Inc., Axelia Solutions (Pharmeasy), Apex Healthcare Berhad (Apex Pharmacy), Apollo Pharmacy among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the E Pharmacies Market globally. For instance, in March 2021, Phoenix UK bought the online platform Co-op Health to help independent pharmacies compete in the digital pharmacy market.
Giant Eagle Inc.
Giant Eagle, Inc. operates as a supermarket. The Company offers bakery, beer, wine, spirits, gifts, dairy, grocery, meat, poultry, seafood, personal care, entertainment, and pharmacy products. Giant Eagle serves customers in the United States.
Giant Eagle pharmacy: Order durable medical equipment including liners and pads, wound cleansers and dressings, shower stools and benches, canes, walkers and more from home.
The global e-pharmacies market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 195 (approximate) pages.
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