The E-Pharmacy by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s E-Pharmacy, The e-pharmacy market size has grown exponentially in recent years. It will grow from $91.78 billion in 2023 to $111.16 billion in 2024 at a compound annual growth rate (CAGR) of 21.1%. The growth in the historic period can be attributed to internet penetration and e-commerce growth, increased chronic disease incidences, aging population and healthcare needs, regulatory support for e-pharmacy, consumer convenience and time savings.
The e-pharmacy market size is expected to see exponential growth in the next few years. It will grow to $247 billion in 2028 at a compound annual growth rate (CAGR) of 22.1%. The growth in the forecast period can be attributed to rising adoption of telemedicine, increased focus on rural and remote healthcare access, growth of online prescription services, expanding e-commerce infrastructure, expansion of e-pharmacy services in rural areas. Major trends in the forecast period include integration of virtual health consultations, expansion of prescription delivery services, personalized medication management apps, blockchain technology for supply chain transparency, cross-border e-pharmacy operations.
The booming digital health is expected to propel the growth of the e-pharmacy market going forward. Digital health technologies and e-pharmacy services make use of computing platforms, networking, software, and sensors for health care and related applications that include mobile health (mHealth), health information technology (IT), wearable devices, telehealth, telemedicine, and personalized medicine. These technologies can be used for a variety of things, from general wellness to medical equipment. For instance, in June 2021, according to the Federation of Indian Chambers of Commerce & Industry (FICCI), an India-based non-governmental trade association, before the COVID-19 pandemic, 3.5 million families purchased online pharmaceuticals and during the pandemic, the figure increased to 9 million, and by 2025, it is expected to reach 70 million. Therefore, booming digital health is driving the e-pharmacy market growth.
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The e-pharmacy market covered in this report is segmented –
1) By Drug Type: Prescription Drugs, Over-the-Counter (OTC) Drugs
2) By Product Type: Skin Care, Dental, Cold and Flu, Vitamins, Weight Loss, Other Product Types
3) By Payment Method: Cash on Delivery, Online Payment
4) By Platform: App-Based, Web-Based
Product innovation is the key trend gaining popularity in the e-Pharmacy market. Major players operating in the e-pharmacy market are focused on developing an innovative platform to strengthen their market position. For instance, in December 2021, HealthPlus, a Nigeria-based integrative pharmacy company launched West Africa’s first pharmacy and digital prescription platform that would make it easier for patients (customers) and healthcare professionals to communicate throughout the country. The launch also marks a significant step forward in Nigeria’s health democratization, delivering unparalleled healthcare access to Nigerians across the country. Customers can now use mobile devices to consult with experienced pharmacists from the comfort of their own homes.
The e-pharmacy market report table of contents includes:
1. Executive Summary
2. E-Pharmacy Market Characteristics
3. E-Pharmacy Market Trends And Strategies
4. E-Pharmacy Market – Macro Economic Scenario
5. Global E-Pharmacy Market Size and Growth
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26. South America E-Pharmacy Market
27. Brazil E-Pharmacy Market
28. Middle East E-Pharmacy Market
29. Africa E-Pharmacy Market
30. E-Pharmacy Market Competitive Landscape And Company Profiles
Top Major Players:
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