The ePharmacy Market to grace digital transformation curve at a CAGR of 21.1%

NEW YORK : Newly-released ePharmacy market analysis report by Persistence Market Research shows that global sales of ePharmacy market in 2021 was held at US$ 70.4 Bn. With 21.1% CAGR, the projected market growth during 2022 - 2032 is expected to be significantly higher than the historical growth. The ePharmacy market is projected to witness an absolute dollar opportunity of US$ 485 Bn during the forecast period.

As per the ePharmacy market research by Persistence Market Research - a market research and competitive intelligence provider, historically, from 2017 to 2021, market value of the ePharmacy markets increased at around 17.7% CAGR, wherein, countries such as the U.S., China, UK, Japan, South Korea held a significant share in the global market.

The Epharmacies Market taught to grow sporadically shortly. With improvement in machine-powered analytics, the healthcare vertical is bound to substantiate therein. Machine learning does make caregivers able of putting data to use, thereby enhancing patients' outcomes along with overall efficiency. This would be the trend in the healthcare vertical going forward.

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Epharmacy, also known as online pharmacy or internet pharmacy, refers to the purchase of pharmaceutical products through online platforms. The concept of ePharmacy has gained tremendous popularity over the last few years due to the convenience, affordability, and accessibility it offers to consumers. The ePharmacy market is projected to grow at a significant rate in the coming years due to the increasing demand for convenient healthcare solutions.

The internet has enabled consumers to gain an advantage when choosing goods and services. Consumers increasingly live in the digital world. Digital technologies have empowered consumers to seek information and interact with suppliers in the way they choose. The ePharmacies can effectively address some customer issues such as comprehensive information on the drugs or alternative for the prescription drug, easy access to the medicines that are otherwise hard to find, medicine records, and others.

This can significantly help patients who are severely ill and not in a condition to go to a brick-and-mortar pharmacy. Additionally, ePharmacies can store large amounts of consumer medical data that can be useful in planning public health policies.

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ePharmacies Market: Region-wise Outlook

ePharmacy was prominently established in the U.S. and is now growing rapidly in European countries. The major factors driving the growth of ePharmacies in Europe include increasing penetration of high-speed internet and the consumer shift towards an online purchase of medicines. Germany is presently leading the European ePharmacy market attributed by the cross-border trade. ePharmacies are a popular concept in developed countries, however, with the increasing internet penetration and rising awareness about the benefits offered by ePharmacies, and regulations for the online sale of drugs in place, ePharmacies are expected to gain momentum in Asia Pacific as well.

Asia-Pacific region is projected to display lucrative growth owing to the growing popularity of e-commerce industry, thereby resulting in the market growth of ePharmacies and increasing disposable incomes. Latin America and the Middle East and Africa are the least-tapped markets for ePharmacy owing to the high prevalence of physical pharmacy stores, the relatively high rates of the poverty rate in the region as compared to other regions, and poor healthcare infrastructure in most countries in these regions.

Companies:

THE KROGER Co.
WALGREEN Co.
GIANT EAGLE, INC.
WALMART, INC.
EXPRESS SCRIPTS HOLDING COMPANY
CVS HEALTH
OPTUM Rx, INC.
ROWLANDS PHARMACY
DOCMORRIS (ZUR ROSE GROUP AG)

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