ePharmacy Market: Overview
The ePharmacy market is growing at a rapid pace on the back of a growing number of technology-savvy consumers, improving digitization in healthcare services, and increasing penetration of internet connectivity at the global platform. Online purchasing is growing at a rapid speed owning to the convenience provided to consumers. This factor also boosts opportunities in the ePharmacy market.
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The healthcare industry is also adopting e-commerce services and digital technologies at the present time. These advanced services are boosting ePharmacy market as it provides easy access to pharmaceutical services to patients suffering from different chronic diseases. In addition, the services from the ePharmacy market provide convenience to the patients who are unable to get out in the market. This factor leads to sales opportunities in the market.
The increasing applications of smartphones in the healthcare industry are also fueling growth opportunities in the ePharmacy market. Different e-commerce applications installed in smartphones are helping consumers to purchase required pharmaceutical products through online platforms while staying in their comfort. This convenience to consumers may bolster sales opportunities in the ePharmacy market.
ePharmacy Market: Key Trends
The increasing number of geriatric people across the globe are also working as a key driver to boost growth in the ePharmacy market. These elderly people are unable to move out of the house to purchase pharmacies due to their weaker health conditions. So, it leads to the increasing adoption of online platforms to purchase medicines, and this initiative finally leads to growth in the ePharmacy market.
The ePharmacy market is growing on the back of various factors such as rising beneficiaries registration under Medicare, increasing digitalization, and ease of operation. Furthermore, different companies, governments, and funding agencies are putting efforts such as rising strategic initiatives, increasing investments, and high funding to boost expansion opportunities in the market.
However, the presence of various illegitimate online pharmacies is curtailing the growth in the ePharmacy market. These unlicensed pharmacies may sell medicines that are unauthorized by the FDA. This action may result in various adverse effects in the pharmaceutical industry such as obtaining adulterated medications that come with incorrect active ingredients. But the application of stringent regulations to curtail such activities may create positive demand opportunities in the market.
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ePharmacy Market: Competitive Dynamics and Key Developments
The key players in the ePharmacy market are adopting different strategies to boost demand in the market. For instance, Reliance Retail has announced the acquisition of Netmeds’ 60% equity stake in August 2020. The motive of this acquisition is to enhance the ability of the company to provide high-quality and affordable health care services and products to its consumers.
Some of the key players in the ePharmacy market include:
- The Kroger Co.
- Walgreen Co.
- Rowlands Pharmacy
- Giant Eagle, Inc.
- Optum Rx, Inc.
- Walmart, Inc.
- CVS Health
- Express Scripts Holding Company
ePharmacy Market: Regional Assessment
The ePharmacy market is segmented into the different geographical regions at the global platform including North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Among these regions, North America holds a prominent position in the market. The increasing growth in the region is on the back of developed healthcare infrastructure, increasing online sales, a growing geriatric population, and the growing adoption of e-commerce platforms. Furthermore, the rising adoption of new technologically advanced technologies is also bolstering growth impetus in the market. The North America region is also shifting to a direct-to-patient model. This model has paved way for consumer-friendly online experiences, and it further fuels growth in the North America market.
Asia Pacific region is also registering rapid growth in the ePharmacy market on the back of increasing government initiatives to support digital technologies and a large population in the region.
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