Surging Implementation of Telemedicine and e-Prescriptions to Proliferate the e-pharmacy Market

Author : univdatos
Publish Date : 2021-10-21 10:58:37
Surging Implementation of Telemedicine and e-Prescriptions to Proliferate the e-pharmacy Market

A comprehensive overview of the e-Pharmacy Market is recently added by UnivDatos Market Insights to its humongous database. The e-pharmacy market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the e-pharmacy market. The e-pharmacy market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the e-pharmacy market at the global and regional levels. The Global e-Pharmacy Market is expected to grow Higher by 2027.

Market Overview

The e-pharmacy is creating an opportunity for the market to grow by launching new and advanced techniques that help  consumers by providing doorstep delivery and dispensing of prescription medications and over-the-counter products. For instance, in October 2020, CVS Health, launched “Quick Renew”, an online contact lens prescription renewal tool powered by technology from Premium Vision currently available on the CVS Optical website. The customers can use the easy and convenient tool to renew their prescription in minutes with an independent ophthalmologist and order contact lenses to be shipped at their home. Also, the increasing funding’s in the e-pharmacy firms are also expanding the reach of companies to deliver their products over the world. According to the Venture Intelligence data in 2019, the investors backed some of the major online healthcare and pharmacy retailers, with PharmEasy leading the deal list. The firm raised more than US$220 million in funds through the year. Also, 1MG, HealthKart, and subscription-based medicine delivery start-up Digi-Prex raised huge funds during the year.

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Furthermore, the increasing incidences of chronic disease worldwide are also promoting the e-pharmacy market in the forecast period. For instance, according to the World Health Organization (WHO) in April 2021, each year, more than 15 million people die from Noncommunicable diseases (NCD) between the ages of 30 and 69 years. 85% of these "premature" deaths occur in low- and middle-income countries.

COVID-19 Impact

The e-pharmacy market is expected to witness lucrative growth over the COVID-19 pandemic. The implementation of lockdown across the different countries in the world along with the fear of getting infected with the Covid-19 virus increased the dependence of consumers on the e-pharmacies for the purchase of medicines and other healthcare products. Further, the increasing execution of telemedicine and teleconsultation among people results in the generation of e-prescriptions so that the consumers can easily buy their medicines through e-pharmacies. Moreover, the key players are launching different schemes to fight the pandemic. For instance, in March 2020, CVS Health launched to implement new measures to stabilize the demand for the off-label use of drugs that are used in the treatment of both COVID-19 and other chronic diseases. Additionally, the changing consumer preferences on web-based and online services has increased the demand for e-pharmacy over the current pandemic.  

Global e-Pharmacy Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Drug Type, the market is primarily bifurcated into

  • Over the counter (OTC) Drugs
  • Prescribed Drugs
  • 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.

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By Product Type, the market is primarily bifurcated into

  • Hair Care
  • Skin Care
  • Dental
  • Cold and Flu
  • Weight Management
  • Vitamins & Supplements
  • Toiletries
  • Electrical Medical Devices
  • Pet Medicines
  • Others

The skincare segment ruled the major market and accounted for the maximum share in 2020. The rising awareness about the various benefits of using skincare 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.

By Platform, the market is primarily bifurcated into

  • Business-to-Business (B2B)
  • 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.

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e-Pharmacy Market Geographical Segmentation Includes:

  • North America (the United States, Canada, and Rest of North America)
  • Europe (Germany, United Kingdom, Italy, France, Spain, and Rest of Europe)
  • Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific)
  • GCC (Saudi Arabia, UAE, Kuwait, Bahrain, Qatar, Oman)
  • Rest of the World

Based on the estimation, 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.

The major players targeting the market includes

  • 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

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the e-pharmacy market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

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Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the e-pharmacy market?

• Which factors are influencing the e-pharmacy market over the forecast period?

• What are the global challenges, threats, and risks in the e-pharmacy market?

• Which factors are propelling and restraining the e-pharmacy market?

• What are the demanding global regions of the e-pharmacy market?

• What will be the global market size in the upcoming years?

• What are the crucial market acquisition strategies and policies applied by global companies?

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