ePharmacy Market to Rise at CAGR of 12.3% During Forecast Period, Observes TMR Study

- Expanding population of the elderly people in North America is expected to significantly drive the demand in the global ePharmacy market

- Rising usage of e-prescriptions in different healthcare as well as medical facilities, and extensive Internet use, is likely to drive the global market

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Transparency Market Research

Jan 31, 2022, 08:30 ET

ALBANY, N.Y., Jan. 31, 2022 /PRNewswire/ -- The global ePharmacy market is predicted to expand at a CAGR of 12.3 % during the forecast period, from 2019 to 2027. The global market at expected to reach the valuation of US$ 158.02 Bn by the end of the forecast period. E-prescriptions are becoming more popular among doctors as a way to give patients with easy access to medications. Countries such as the U.K. are putting more efforts into e-prescription acceptance. Uploading prescriptions on the Internet has become quite simpler and time-saving due to the rising usage of e-prescriptions. As such, these factors are all contributing to the expansion of the global ePharmacy market.

Over-the-counter medicine sales are likely to increase at a steady rate in the upcoming years. Key industry trends such as pharmaceutical manufacturers migrating from Rx to OTC, rise in the burden of pain, and desire for online pharmacies are likely to drive segmental development in the global ePharmacy market.

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Companies are migrating from Rx to OTC as counter-strategies as a result of patent expiry. In addition, economic benefits associated with the use of OTC medicine are connected with savings on prescription prices and the cost of the clinical visit. This factor is likely to have a significant influence on the growth of the global market in developing countries.

ePharmacy enables customers to order drugs in a simple and easy manner from their mobile phones or computer. This is likely to help individuals who are unwell and unable to step out and buy medications from drugstore.

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Key Findings of Market Report

Online pharmacies provide drugs at much lower prices, as there is no need to spend money on warehouse, office space rentals, and staff. These factors are projected to drive the global e-pharmacy market during the forecast period.
Use of various new healthcare services, such as online video consultation, is propelling the global ePharmacy market. Patients are given an e-prescription by the healthcare expert after consultation, and this e-prescription can be utilized in many healthcare settings and hospitals. The global ePharmacy market is expected to grow as a result of these factors.
Online pharmacy businesses may be able to gather materials that would otherwise be difficult to obtain. Furthermore, people across the country can use a single platform to access a variety of drugs. These advantages from the ePharmacy industry are expected to drive revenue generation opportunities in the global market.
The ePharmacy market is rapidly growing on the back of the adoption of different modern healthcare solutions, such as online video consultation. After consultation, healthcare professionals prescribe e-prescription to patients, and this e-prescription may be used at different hospitals and healthcare facilities. These factors are anticipated to fuel growth of the ePharmacy market.

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Global EPharmacy Market: Growth Drivers

North America is likely to dominate the ePharmacy business and account for a large share of the global market. Consumers' growing preference for using online platforms or e-commerce websites to acquire pharmaceuticals has resulted in the region's supremacy. Access to various e-commerce platforms is made possible by the access to high-speed Internet connectivity, which is likely to bolster the global ePharmacy market in the years to come.

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Global EPharmacy Market: Key Players

Some of the key market players are

Walgreens Boots Alliance, Inc.
Lloyds Pharmacy
DocMorris N.V.
Rowlands Pharmacy
CVS Health
Giant Eagle Inc

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