ePharmacy Market – Rising Access to Web-based and Online Services is Expected to Lead the Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 6.3% from 2022 to 2028

ePharmacy
  • ePharmacy Market

As stated in our extensive report; the Global ePharmacy Market accounted forUSD 51.2 Billionin 2021.

ePharmacy provides easy access that significantly benefits chronically aged patients from nuclear families and those who are not in a condition to leave.

The overall ePharmacy Market is to elevate rapidly during the forecast period owing to an increase in penetration of the internet worldwide, the rising number of tech-savvy consumers, and the improving digitalization of healthcare services.

Adopting digital technologies and e-commerce in the healthcare industry contributes to the ePharmacy growth.

Key factors influencing ePharmacy Market Growth

The growth of the Global ePharmacy Market can be attributable to the following:

  1. The extensively mounting adoption of smartphones, e-commerce, and the internet among the population due to its ease and conveniences of shopping for the desired products & brands from the comfort of their home is driving this market growth.
  2. The surging number of internet consumers, growing penetration of e-commerce, and rise in access to web-based and online services are fuelling the market's growth.
  3. The rapidly rising geriatric population base, increasing incidence of diseases, and rising adoption of digital technologies worldwide are the major factors that are likely to fuel market growth.
  4. Increasing implementation of e-prescriptions in hospitals and other healthcare services is propelling the market’s expansion.
  5. The economic advantages of OTC drug usage are attributed to savings on drug expenses, and costs incurred on the clinical visit contribute to market sales.

On the other hand, the rise in the number of illegal online pharmacies can hinder future ePharmacy Market growth.

North America Region to Capture the Market

North Americaholds the most considerable market share in theePharmacy Market and is likely to continue during the forecast period. This surge is due to the growth in internet users and the high adoption of online services in the region. Also,the increasing awareness of online pharmacies will likely stimulate the adoption of online pharmacy services to purchase drugs without annoyance in the United States ePharmacy Market. As a result, the ease of getting the medicines from the comfort of home will likely drive the regional market growth of ePharmacy. Moreover,the increased vital participants and the integration of advanced technologies by market participants to direct the online medicine purchase experience by customers will fuel this region's ePharmacy Market growth.

Conclusion

As per our recently published journal, there has been an exponential growth in the ePharmacy sale, supported by the increase in consumer preference for online purchases with a growing focus on convenience.

Some of the key players in the Global ePharmacy Market include- The Kroger Co., DocMorris, Walgreen Co., Rowlands Pharmacy, Giant Eagle Inc., Optum Rx Inc., Walmart Inc., CVS Health, Express Scripts Holding Company, Netmeds and others.