e-Pharmacy Market: Current Analysis and Forecast (2021-2027)
The e-Pharmacy is a type of pharmacy working across the internet and deliver drugs, medicines, and healthcare products to the consumers. With the help of e-pharmacy, patients can order the medicines using the internet & get them delivered at their doorsteps. The e-pharmacy offers many advantages such as convenience, time-saving, less price, range of choices, drug approval, and many others. For instance, in August 2020, Amazon launched its online pharmacy service, named Amazon Pharmacy for over-the-counter, prescription-based medicines and ayurvedic medicines in Bangalore, India. Moreover, the growing use of the internet & e-commerce podiums and direct-to-patient sales of medical products are also providing a boost to this market. According to the Mayo Clinic in August 2020, convenience was the most motivating factor for over 50% of people who used online pharmacies and 44% of customers said that a lower cost was their primary reason for choosing e-Pharmacies.
Moreover, the increasing cases of chronic diseases are adding pace to the growth of the e-pharmacy market. According to the Office of Disease Prevention and Health Promotion, more than 25 million people in the United States have asthma. And almost 14.8 million adults are diagnosed with COPD, and nearly 12 million people are not yet been diagnosed with respiratory diseases in 2020. Also, as per the American Cancer Society, in 2020, there were approximately 89,500 cancer cases diagnosed and about 9,270 cancer deaths in adolescents and young adults aged between 15 to 39 years in the US. These increasing cases of chronic diseases are also boosting the e-pharmacy industry.
The covid-19 pandemic has impacted the e-Pharmacy market positively. For instance, according to the American Association of Homeopathic Pharmacists (AAHP), an act was passed, the Coronavirus Aid Relief and Economic Security (CARES) Act. This regulation was incorporated in the direction to encourage the consumers to depend more on over-the-counter products for relief of self-treatable symptoms, which can be reimbursed through pre-tax funds. Hence, with the increasing awareness of e-pharmacies, it is anticipated that these initiatives from the government are expected to boost the adoption of e-pharmacy services for the purchasing of the drugs without hassle in the United States market. Also, according to the Hindu news of India in September 2019, the e-pharmacies offer drugs cheaper by about 30-40%, or even higher in some cases, as they can cut down costs in supply chain management and inventory management.
CVS Health Corporation, DocMorris NV, Express Scripts Holding Company, Walgreen Co., The Kroger Co., Rowlands Pharmacy (Phoenix Group), Giant Eagle, Inc., Walmart Inc., OptumRx, Inc., Lloyds Pharmacy Limited are some of the prominent players operating in the e-Pharmacy market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.
Insights Presented in the Report
“Amongst Drug Type, Over the Counter (OTC) Drug’s segment holds the major share”
Based on drug type, the market is bifurcated into over-the-counter (OTC) drugs, prescribed drugs, and others. The over-the-counter (OTC) drugs segment grabbed the major market in 2020 as OTC refers to a class of medication that can be sold without the need for a prescription and anyone can easily buy medicines with just a click. Moreover, according to Statista, the total sales value of over-the-counter (OTC) drugs in Great Britain amounted to 3.65 billion USD in 2020.
“Amongst Product type, Skin Care segment is anticipated to grow at the highest CAGR during the analyzed period”
Based on product type, the market is bifurcated into hair care, skin care, dental, cold and flu, weight management, vitamins & supplements, toiletries, electrical medical devices, pet medicines, and others. The skin care segment ruled the major market and accounted for the maximum share in 2020. The rising awareness about the various benefits of using skin care products has resulted in rising demand over the last few years. This has also boosted the demand for natural and organic skincare products, making it a major segment in this market.
“Amongst Platform, Business-to-Consumer (B2C) segment holds the major share”
Based on platform, the market is bifurcated into business-to-business (B2B) and business-to-consumer (B2C). The business-to-consumer (B2C) segment grabbed the major market in 2020 and accounted for the maximum revenue during the forecast period. The e-pharmacies works on the collaboration with key companies and provide survives direct to consumers and that is why providing medicines at lesser prices is the major factor driving the growth of this segment.
“North America signifies one of the largest markets of the e-Pharmacy market”
For a better understanding of the market dynamics of the Ventricular assist devices market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), GCC (Saudi Arabia, UAE, Kuwait, Bahrain, Qatar, Oman), Rest of World. North America constitutes a major market for e-Pharmacy and generated maximum revenue in 2020 owing to the high government funding, robust personal healthcare spending, developed awareness programs, rapid acceptance of new analytical techniques, and the presence of skilled workforces.
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