The global ePharmacy market size is expected to reach USD 249.9 billion by 2030 and is expected to grow at a CAGR of 19.5% over the forecast period, according to a new report by Grand View Research, Inc. Factors driving the adoption of ePharmacy include the improved access to online & web-based services, increasing awareness regarding e-commerce among consumers, rise in the number of internet users, and a surge in the aging population experiencing difficulty to visit pharmacies. In addition, benefits, such as affordability, convenience, and ease in the availability of medicines, are boosting the adoption of these platforms. High treatment costs are driving the demand for low-cost healthcare services, which, in turn, is bolstering the adoption of online pharmacies owing to the lucrative offers, such as price discounts, provided by them.
The
COVID-19 pandemic has positively impacted the market growth and transformed the
fortunes of ePharma companies owing to increasing consumer switch from
traditional buying towards online purchases of general medications and medical
devices, such as oximeters, thermometers, and health supplements. As per an
article published by Economic Times in July 2021, the number of households
utilizing ePharmacy services grew 2.5 times to 9.0 million during the pandemic.
Moreover, the second wave of the Covid-19 epidemic has prompted a spike in
demand for medical gadgets, personal protective equipment (PPE), as
well as health supplements, and frequently accessible medications in
the market.
In
September 2020, UnitedHealth, purchased startup DivvyDose, a key player in
the ePharmacy industry. DivvyDose, a competition to Amazon-owned PillPack,
has been bought by UnitedHealth Group. Thus, the ePharmacy segment has also
gained significant growth during the post lockdown period, as governments
encouraged the delivery of medicines through e-commerce platforms as an
essential service.
Related Press
Release@ ePharmacy Market Report
ePharmacy Market Report Highlights
- North
America dominated the market in 2021 owing to the increased prevalence of
chronic diseases, developed healthcare infrastructure, and penetration of
IT in healthcare across the region. According to Clarivate Analytics, the
usage of internet pharmacies has climbed by 17% in the U.S. during the
previous year. Consumers aged 18 to 34 are the most likely to use it
- Industry
players in this market have significantly expanded their customer base as
well as their product & service offerings to keep up with the growing
needs of the consumers. As a result, in 2021 March, One of the U.K.'s
digital prescription businesses has been bought by the corporation that
runs the Rowlands drugstore chain and the Numark pharmacy membership
business
- The main
focus of these players is on increasing the Customer Lifetime Value (CLTV)
by catering to their healthcare needs in a comprehensive manner, as
various online pharmacies have started offering additional services like
e-diagnostics, e-consultation, and retailing of health & wellness
products
- Furthermore,
a rise in the number of strategic initiatives is aiding market growth. For
instance, in August 2020, Amazon India announced the launch of Amazon
Pharmacy in Bengaluru, India. In June 2021, PharmEasy is purchasing a
controlling share in Thyrocare Technologies, a diagnostics company. This
alliance will provide huge potential and synergies for the whole Indian
healthcare ecosystem of customers, physicians, and suppliers
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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