E-pharmacy Market 2027: Strong Extension In Revenue Continues

The ePharmacies can successfully solve a variety of consumer concerns such as complete information on the medications or substitute for the prescription drug, quick access for the medications that are otherwise hard to discover, medicine data, and others. With the aid of ePharmacies, clients may order the medications simply from their smartphone or computer. This can be extremely beneficial to people who are terminally sick and unable to visit a traditional pharmacy.

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In 2020, the global ePharmacy market is expected to be worth US$ 81.6 billion, and by 2027, it is expected to be worth US$ 244.0 billion.

Drivers

During the forecast period, the global ePharmacy market is projected to increase due to rising cellphone use. According to Pew Research Center, 81 percent of U.S. people used smartphones in February 2019, up from 77 percent in October 2018.

Opportunities

Measures to improve Internet connectivity are projected to provide profitable development possibilities for market participants. SpaceX deployed the first 60 operational satellites of its Starlink satellite network, which is charged with providing satellite Internet access, in May 2019.

Restraints

The global ePharmacy market is poised to be hampered by low Internet usage in undeveloped countries. According to Pew Research Center (October 2019), internet use in Sub-Saharan Africa is lesser than in any other geographic region, spanning from 59 percent in South Africa to 25 percent in Tanzania.

Key Takeaways

The global ePharmacy market was worth US$ 69.7 billion in 2019 and is expected to grow to US$ 244.0 billion by 2027, with a CAGR of 17.0 percent between 2020 and 2027. The market is projected to increase as the Internet becomes more widely used, and as demand for low-cost pharmaceuticals grows as a result of simple access to resources such as the Internet.

In terms of value, North America dominated the global ePharmacy market in 2019, contributing for 35.9 percent of the market, trailed by Europe and Asia Pacific, accordingly. During the forecast period, the presence of major ePharmacy chains in the area is anticipated to boost the growth of the North American ePharmacy market.

Market Trends

Since the majority of countries are on lockdown due to the COVID-19 epidemic, ATM pharmacies have become more popular. Right ePharmacy announced in March 2020 that patients can receive their monthly medications from its ATM pharmacies in South Africa.

Several market participants’ income has been impacted by the COVID-19 epidemic. Zur Rose Group AG, a Switzerland-based e-pharmacy, said in April 2020 that demand in their doctors business in Switzerland has decreased as a result of the Swiss Federal Council’s decision to allow only urgent interventions and therapies during the COVID-19 crisis.

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Key Developments

DocMorris NV collaborated with The General Practitioners’ Association AG in October 2019 to assist a virtual medication transfer pilot project.

Walmart has withdrawn out of the CVS Caremark medicare advantage administration, commercial and controlled Medicaid retail pharmacy networks, according to CVS Health.

Major Key Players Include In E-pharmacy Market: Kroger Co., The Walgreen Company, Express Scripts Holding Company, CVS Health, Zur Rose Group AG, Giant Eagle, Inc., Walmart Stores, Inc., OptumRx Inc., 1mg, and Netmeds.

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