Top Companies in ePharmacy Market by Size, Share, Historical and Future Data & CAGR
ePharmacy Market is projected to reach USD 73.9 Billion by 2028 at a CAGR of 6.30% over the forecast period.
The Global ePharmacy Market is valued at USD 51.2 Billion in 2021 and is projected to reach USD 73.9 Billion by 2028 at a CAGR of 6.30% over the forecast period. The pharmaceutical industry's expanding use of e-commerce platforms is fueling market expansion. Additionally, the market expansion is fueled by expanding internet connectivity and the widespread use of smart gadgets. Furthermore, the use of e-pharmacy services for controlled and door-to-door delivery of medications, medical devices, personal care goods, etc., is being accelerated by the expanding senior population, who are more susceptible to chronic illnesses that result in muscle limitations. In addition, busy consumer schedules and sedentary lifestyles are boosting demand for e-pharmacies for the hassle-free buying of pharmaceuticals. Additionally, the rise in the number of mobile-based software programs that offer a variety of in-app features, such as special discounts, customized shopping, expedited shipping, etc., is fueling global market expansion.
With the unexpected onset of the COVID-19 pandemic, there has been a steady shift away from traditional brick-and-mortar pharmacies and toward online pharmacy platforms to reduce the danger of coronavirus transmission through human contact. The increasing fusion of various cutting-edge technologies, including artificial intelligence (AI), predictive analytics, health information technology (HIT), etc., with e-pharmacy solutions, will continue to fuel the global market in the future.
However, these online platforms heavily rely on insightful information gleaned from user data to deliver a faultless user experience (personal details, purchasing habits, etc.). This makes the data exposed to cyber threats and data breaches. Additionally, as these players are not subject to a special regulatory framework, the same legislative framework that controls the offline sale of pharmacies also applies to online pharmacies. These issues collectively prevent the market from expanding.
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Amidst Exponential Growth in EPharmacy Adoption, What Trends Should We look forward to?
- An increase in online pharmacies and the booming pharmaceutical industry are two more factors that will contribute to the ePharmacy Market's growth.
- The growing elder population, which is more vulnerable to chronic illnesses that cause muscular impairments, is another factor encouraging the development of e-pharmacy services for monitored and door-to-door delivery of prescriptions, medical devices, personal care items, etc.
- Numerous customers worldwide favor ePharmacies that offer doorstep delivery because particular medications are frequently unavailable at traditional pharmacy outlets.
- A large increase in the use of e-prescriptions in hospitals and other healthcare facilities, a rise in internet users, and more access to web-based & online services are a few of the factors projected to accelerate the adoption of pharmacy worldwide.
The pharmacy market is dominated by globally established players such as The Kroger Co., DocMorris, Walgreen Co., Rowlands Pharmacy, Giant Eagle Inc., Optum Rx Inc., Walmart Inc., CVS Health, Express Scripts Holding Company, and Netmeds. These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth ePharmacy Market.
Let's Look at the Top 5 Companies That are Taking the ePharmacy Market by Storm
The ePharmacy Market is expected to grow from USD 51.2 billion in 2021 to USD 73.9 billion in 2028 because it enables clients to buy medicines from licensed distributors and well-run e-commerce sites. This solution lessens the problems of purchasing subpar and fake goods from unlicensed vendors. Additionally, by cutting out middlemen and offering savings, e-pharmacies can help assure the delivery of genuine, licensed medicines at affordable prices and with increased accessibility.
- The Kroger Co.
Vaccines, Specialty Pharmacy treatment for chronic conditions, medication adherence services, and wellness checks from blood pressure monitoring to diabetes education are just a few of the individualized and practical health care services offered by Kroger.
With DocMorris, one may easily and affordably purchase medication online from the biggest mail-order pharmacy in Europe. From an order value of 24.90 euros, the pharmacy DocMorris will deliver your medications free of charge via standard shipping.
- Optum Rx Inc.
Optum has the specialists and knowledge in every area of health to address the issues you encounter daily. Twenty thousand locations nationally and numerous online pharmacies make up the Optum Care network of 60,000 physicians.
- Walmart Inc.
Walmart has grown abroad and developed many locations in the United States. Customers can now shop whenever and wherever they want online and in shops thanks to innovation. Under 46 banners, Walmart runs almost 10,500 shops and clubs in 24 countries in addition to eCommerce and ePharmacy websites.
- Express Scripts Holding Company
Over 100 million Americans are assisted by Express Scripts, a pharmacy benefit manager (PBM), in obtaining the prescription drugs and healthcare services they require online.
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