The Global E-Pharmacy Market Is Predicted To Grow Significantly, With A Projected Market Value Of US$ 329.83 Billion By 2032
Key Drivers and market overview:
· The study explains that this growth is attributed to the increasing penetration of internet-based pharmacies in the global market and the rising awareness of ePharmacy among the general public.
· The market is primarily driven by rising internet penetration, improved digitization of healthcare services, and an increasing number of tech-savvy consumers.
· A large number of smartphone sales, spreading awareness about ePharmacy, and the rising geriatric population base that suffers from chronic diseases and stays in remote areas also contribute to the growth of the ePharmacy market.
· However, the major challenge facing the market is the increasing number of illegal vendors online that decrease the credibility of online sources and the associated risks of counterfeit drugs. E-pharmacy regulations are in place in every country to prevent these illegal vendors.
· The pharmacy market is segmented by product type into OTC products and prescription medicines, with OTC products being the biggest segment.
· Some of the major players in the global ePharmacy market are Walgreen Company, Express Scripts Holding, CVS Health, DocMorris, Giant Eagle, Wal-Mart Stores, OptumRx, PharmEasy, 1mg, and Netmeds. These companies are adopting new digital channels and processes to increase their stronghold in the ePharmacy market.
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Market segmentation and analysis:
Key Companies Profile in the Report:
DocMorris (Zur Rose)
Over the Counter (OTC) Drugs
Cold and Flu
Some consumer behavioral trends that have emerged in recent years:
· E-commerce: The rise of e-commerce has changed the way consumers shop, with more people than ever before opting to buy products online. This trend has been accelerated by the COVID-19 pandemic, as consumers have turned to online shopping as a safer and more convenient option.
· Sustainability: Consumers are increasingly concerned about the environmental impact of the products they buy, and are actively seeking out sustainable and eco-friendly options. This has led to the rise of sustainable fashion, green beauty products, and other environmentally-friendly consumer goods.
· Personalization: Consumers are looking for personalized experiences, whether it's through targeted advertising or customized products and services. This trend has been facilitated by advances in data analytics and machine learning, which enable companies to tailor their offerings to individual consumers.
· Health and wellness: Consumers are increasingly focused on their health and wellness, and are willing to spend more on products and services that support their well-being. This has led to the growth of the wellness industry, which includes everything from health supplements to meditation apps.
· Convenience: Consumers are looking for products and services that make their lives easier and more convenient. This has led to the rise of on-demand services, such as food delivery and ride-sharing, as well as the adoption of smart home technology and other connected devices.
Some examples of government regulations that apply to the e-pharmacy market include:
· Licensing and registration requirements: E-pharmacies are typically required to obtain licenses and register with national health authorities to operate. These requirements may include demonstrating compliance with safety and quality standards, as well as meeting specific legal and operational criteria.
· Prescription drug regulations: E-pharmacies are subject to the same regulations regarding prescription drugs as physical pharmacies. This includes requirements for prescription verification, patient counseling, and storage and handling of drugs.
· Quality and safety standards: E-pharmacies are expected to meet the same quality and safety standards as physical pharmacies, and may be subject to inspections and audits to ensure compliance.
· Data protection and privacy regulations: E-pharmacies are subject to data protection and privacy regulations, including requirements for secure storage and transmission of patient information.
· Advertising and marketing regulations: E-pharmacies are subject to regulations governing the advertising and marketing of pharmaceutical products. This may include restrictions on the types of claims that can be made, as well as requirements for disclosure of risks and side effects.
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Coverage of other related markets:
1. FMI provides extensive coverage of the healthcare domain, including ongoing updates on various markets. The coronary artery bypass graft market is expected to see a 5.9% CAGR and reach a value of USD 16.1 billion in 2020.
2. The nerve monitoring devices market is projected to reach a valuation of USD 1.5 billion by 2026, with a CAGR of 6 %.
3. The magnetic resonance imaging market is expected to grow at a CAGR of 5.2% and reach USD 12 billion by 2028.
4. The global market for refractive surgery devices is anticipated to witness growth during the forecast years. The biomedical refrigerators and freezers market is projected to reach USD 5.9 billion by 2031, with a CAGR of 5.7%.
5. The disposable medical sensors market is expected to reach USD 9.2 billion by 2026, with a CAGR of 8 %.
6. The surgical navigation system market is expected to reach USD 1,700 million by 2030, with a CAGR of 6.1%.
7. The artificial pancreas device system market is expected to grow at a CAGR of 18%, while the therapeutic drug monitoring market is projected to reach USD 2.6 billion by 2026, with a CAGR of 9.2%.
8. The pharmaceutical excipients market is expected to reach USD 10.7 billion by 2026, with a CAGR of 5.9%.
Points Covered in The Report:
> The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors, etc.
> The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analyzed 12 years of data history and forecast.
> The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
> Data and information by market player, region, type, application, etc, and custom research can be added according to specific requirements.
> The report contains a SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.
Key Reasons to Purchase:
> To gain insightful analyses of the market and have a comprehensive understanding of the global market and its commercial landscape.
> Assess the production processes, major issues, and solutions to mitigate the development risk.
> To comprehend the industry's most important driving and restraining forces and their influence on the global market.
> Learn about the market strategies the most successful companies use in their fields.
> To understand the future outlook and prospects for the market.
Besides the standard structure reports, we also provide custom research according to specific requirements.
The report focuses on the Global, Top 10 Regions, and Top 50 Countries Market Size of ePharmacy 2015-2022, and development forecast for 2021-2030 including industries, major players/suppliers worldwide, and market share by regions, with company and product introduction, position in the market including their market status and development trend by types and applications which will provide its price and profit status, and marketing status & market growth drivers and challenges, with the base year as 2021.
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