The global ePharmacy market is ready for a boom, with a forecast end of 2033 valuation of US$351.9 billion. The noteworthy expansion signifies a Compound Annual Growth Rate (CAGR) of 14.3%, propelled by an upsurge in the acceptance of e-commerce and the growing convenience of virtual pharmacies. The market was estimated to be worth US$81.5 billion in 2022.
Convenience Drives Consumer Shift to ePharmacies
The demand for mail-order drugs is rising as e-commerce and internet usage gain traction. Online pharmacies, or ePharmacies, have completely changed how easy it is to obtain prescription and over-the-counter pharmaceuticals by providing doorstep delivery and dispensing services. By doing away with the necessity of in-person pharmacy visits, customers can save a significant amount of time and effort. The procedure is further streamlined by the convenience of ordering across multiple internet platforms, which greatly contributes to market expansion..
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Competitive Pricing Makes ePharmacies an Attractive Option
Prominent online pharmacies are renowned for providing drugs at less expensive prices than conventional brick-and-mortar pharmacies. One important factor driving consumer choice for ePharmacies is this cost advantage.
Competitive Landscape:
industry players are investigating a variety of growth tactics in an effort to obtain a competitive advantage and strengthen their positions in the industry. Growing customer needs are projected to drive considerable expansion in the global ePharmacy industry. Indirectly driving market expansion are online retail platforms’ convenient access to regulated prescription medications such analgesics, stimulants, and hypnotics that cause sedation.
Recent Market Developments
- In September 2022, a partnership was formed between Walmart Canada and Canada Health Infoway. In 14 Walmart Canada pharmacies, Infoway’s PrescribeIT computerized prescribing service is now available.
- In May 2020, Pharmeasy announced the acquisition of Medlife to broaden its product offerings and clientele in India. The company’s market presence has been expanded due to this acquisition, and sales have increased.
Similarly, recent developments have been tracked by the team at Future Market Insights related to companies in the ePharmacy market, which are available in the full report.
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Key Companies Profiled:
- Netmeds Marketplace Ltd.
- TEasyMedico
- Medlife
- Amazon. Inc
- Apotek
- The Kroger Co.
- Walgreen Co.
- Giant Eagle, Inc.
- Walmart
- Express Scripts
- CVS Health
- Optum, Inc.
- L Rowland & Co (Retail) Ltd
- Zur Rose Group AG
- McKesson Corporation
- SHOP-APOTHEKE EUROPE N.V.
- UK Meds Direct Ltd.
- Walgreens Boots Alliance, Inc.
- DocMorris
Key Segments Covered in ePharmacies Industry Research
By Product:
- Over the Counter Product
- Prescription Medicines
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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