COVID-19 Impact on EPharmacy Market | Trends, Opportunities, New Technologies and Developments, Competitor analysis and Market Sizing from 2015 to 2026

The report presents an in-depth assessment of the Global EPharmacy including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for Global EPharmacy investments from 2020 till 2025.

The global ePharmacy market is expected to witness a CAGR of 14.2% over the forecast period of 2018-2023. The key factors propelling the growth of the market studied are rise in the number of internet consumers, increased access to web-based & online services and rising implementation of e-prescriptions in hospitals and other healthcare services.

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Top Leading Manufactures-

CVS Health, DocMorris (Zur Rose Group AG), Express Scripts Holding Company, Giant Eagle, Inc., Optum Rx, Inc., Rowlands Pharmacy, The Kroger Co., Walgreen Co., Walmart Stores, Inc.

Key Market Trends

Rising Implementation of e-Prescriptions in Hospitals to propel the e-Pharmacy Market

e-Prescription is the electronic prescribing technology that allows healthcare professionals to send the prescriptions electronically instead of using handwritten prescriptions. This technology has improved the efficiency of the pharmacy operations and pharmacy management. It also reduces the chances of errors that occur because of the handwriting of the doctors. There are pharmacy softwares that check for the appropriate dosage form and the proper drug that is being given to the patient. Doctors now prefer e prescriptions because patients get ease of the access to the medicine with the help of e prescriptions. Countries like UK are putting more efforts in the implementation of the e prescription. The NHS hospitals in England are planning to go paperless by the year 2020. This will increase the e prescription rapidly in the future. Major advantage of e prescription is that, one can easily upload his e prescription on the ePharmacy website and order medicine online without any hurdle. There are ePharmacy websites that does not sell drugs or medications without prescriptions. It is quite tough for the patients to upload the handwritten paper online. Therefore, due to the increasing implementation of e prescriptions, uploading the prescription online has become easy and less time consuming. This in turn is contributing for the growth of ePharmacy market in the forecast period. Other factors such as rise in the number of internet consumers and increased access to web-based & online services are also contributing for the growth of this market.

Increasing Number of Illegal Online Pharmacies Limits the Growth of ePharmacy Market

According to the ASOP Global Foundation (Alliance for Safe Online Pharmacies), at any given time, 35,000 online pharmacy websites are active among which 96% are not legally following the laws and pharmacy standards. The counterfeit medication provided by illegal online pharmacies is manufactured under the unsafe conditions. In the year 2018, one of the Canadian online pharmacy was importing counterfeit cancer drugs and other drugs that were not approved by the regulatory body. For this, the pharmacy was fined around USD 34 million. Such instances are increasing day by day and that is the biggest factor contributing to the hindrance of the ePharmacy market. However, Organizations like ASOP Global Foundation are continuously giving attention towards such illegal online pharmacies and working towards the eradication of such pharmacies and let people buy safer online drugs. As per the American Pharmacist Association (APhA), around 36 million people from America buy prescription medicines online without the proper prescription. These circumstances are coming into picture because of the rising online pharmacies that allows people to buy drugs without prescription. Due to the availability of such illegal online pharmacies, people are getting access to the drugs that are banned to buy without prescription such as narcotics and opioids. Rising number of illegal pharmacies is having a great negative impact on ePharmacy market. However, the involvement of government and other associations in the eradication of illegal sell of online drugs is helping to reduce the number of unlawful or fake online pharmacies.

North America Holds the Largest Share in the ePharmacy Market

North America accounts for the largest share of the market studied. This can be primarily attributed to more number of internet users and higher adoptability to the online services, which are expected to augment the growth of the market studied over the forecast period.

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North America Is A Major Market For EPharmacy

The United States is leading market for ePharmacy in the North American region. The major advancement for hemp industry in the United States came in 2014 with the passage of the US Farm Bill that allowed states to conduct hemp pilot programs. However the federal government permission is still the mandatory requirement. Since hemp is also from the same species of plant, Cannabis sativa, as marijuana, its production in the United States is restricted. The ease of regulations will provide further impetus to overall ePharmacy market in the United States. JD Farms is one of the major and the first legal hemp farm in New York.

Key Developments in the Market

Jun 2018: CVS Health Expands Safe Drug Disposal at CVS Pharmacy Locations in Arizona to Help Combat Opioid Abuse.
May 2018: Walgreens Launches Online Skincare Advisor SkinID to Provide Acne Sufferers with Personalized Skincare Regimens

What are the market factors that are explained in the report?

–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a Global and regional scale.

–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

–Analytical Tools: Global EPharmacy Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market. 

The research includes historic data from 2014 to 2020 and forecasts until 2025 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.

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