The e-Pharma market is expected to reach USD 142.7 billion by 2028,
Chicago, Nov. 03, 2022 (GLOBE NEWSWIRE) — The report “e-Pharma market By Application (Hospitals, Personal Use, Government Research), Type (Pharmacy Benefit Manager, Legit Internet Pharmacy, Illegal or Unethical Internet Pharmacy), Product Type (Generic, Branded) – Global Forecast to 2028 “, it is planned to grow from USD 50.2 billion in 2021 and expected to reach USD 142.7 billion by 2028; it is expected to grow at a CAGR of 18.90% from 2021 to 2028.
Major factors accelerating the growth of the market include increasing government initiatives, changing regulations, growing use of e-prescriptions, growing internet penetration in urban and rural areas, and increasing adoption of advanced technologies such as artificial intelligence (AI) and machine learning (ML). Through the use of recommendation engines, these technologies also help ensure customer delight. Moreover, the pharmaceutical sector is currently driving the expansion of the market through its growing use of e-commerce platforms. An increasing number of in-app services such as one-time discounts, personalized shopping, faster delivery, etc. are also contributing to the growth of the global market. The market is booming due to the increased use of smart devices and better internet connections. The growth of e-pharma business would be further hampered throughout the projection period by the rise of illegal online pharmacies and the accessibility of fake pharmaceuticals.
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Overview of the e-Pharma market:
Rising government initiatives, changing regulations, growing prevalence of e-prescribing, increasing internet penetration in urban and rural areas, and growing use of emerging technologies such as artificial intelligence (AI) and machine learning (ML) are all major factors accelerating the market growth. These technologies also make it possible to ensure customer satisfaction thanks to recommendation engines. Moreover, the increasing use of e-commerce platforms by the pharmaceutical industry is now driving the expansion of the market. The expansion of the global market is also aided by a growing range of in-app features such as exclusive discounts, personalized shopping, faster delivery, and more. The market is also growing due to improved internet access and heavy usage of smart devices. .
|Market size for available years
|Base year considered
|By product type|
|North America, Europe, APAC, MEA and Latin America|
|Companies covered||Boehringer Ingelheim International GmbH (Germany), AbbVie Inc (USA), Aurobindo Pharma (India), Pfizer Inc. (USA), Walmart Inc. (USA), Walgreen Co. (USA), Express Scripts (US), The Kroger Co (US), L Rowland & Co (UK), DocMorris (Germany), Giant Eagle, Inc. (US), OptumRx, Inc. (US ), CVS Health (USA), Merck & Co., Inc. (USA) and Thermo Fisher Scientific Inc. (USA)|
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- In January 2022, WellAway ePharmacy was brought to the city-state by Hyphens Pharma International Limited, Singapore’s largest specialty pharmaceutical and consumer healthcare company. Customers can easily obtain pharmaceutical services through WellAway, and the company also helps doctors with teleconsultation.
- In November 2021, with the introduction of Flipkart Health+, the big e-commerce giant Flipkart has entered the booming healthcare industry. For this development, the company has signed contracts to pay an undisclosed transaction value for a majority stake in Sastasundar Marketplace Limited, which owns and operates the online pharmacy and healthcare platform SastaSundar.com. Through this strategic venture, Flipkart aims to provide its customers with convenient and affordable healthcare.
- In May 2021, the purchase of Medlife by PharmEasy for an unknown value was revealed. Through this acquisition, the first hopes to strengthen its position on the market by becoming the dominant player in the Indian e-pharma category.
Top Key Players of E-pharma Market:
- Boehringer Ingelheim International GmbH (Germany)
- AbbVie Inc (USA)
- Aurobindo Pharma (India)
- Pfizer Inc. (USA)
- Walmart Inc. (USA)
- Walgreen Co. (USA)
- ExpressScripts (US)
- The Kroger Co. (USA)
- L Rowland & Co (UK)
- DocMorris (Germany)
- Giant Eagle Inc. (USA)
- OptumRx Inc. (USA)
- CVS Health (USA)
- Merck & Co. Inc. (USA)
- Thermo Fisher Scientific Inc. (USA)
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The personal use category in the e-pharma market is expected to be the fastest growing segment during the forecast period
The personal use segment is expected to witness the fastest growth over the forecast period. The market is growing as e-pharma for personal use is increasingly used. Patients prefer door-to-door delivery of drugs that they cannot easily find, as some drugs are only available online. Millennials, in particular, rely on online shopping for over-the-counter drugs and other items. An increase in R&D spending worldwide due to more people using the internet has contributed significantly to the expansion of e-pharma; Still, the current COVID-19 outbreak and economic downturn have impacted the overall market statistics of several industries around the world. People have started taking vitamin and mineral supplements for themselves all over the world as a precaution.
Generic category of the e-pharma market to register the highest CAGR from 2022 to 2027
The generic category is expected to account for the highest CAGR in the e-pharma market from 2022 to 2027. Although it has the same composition and strength as branded pharmaceuticals, the generic segment is expected to grow as it is cheaper. The market is growing thanks to emerging technologies such as machine learning (ML) and artificial intelligence (AI), which use recommender systems to ensure customer delight. In terms of consumption, the market is split between over-the-counter and prescription applications.
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Segmentation of the global e-Pharma market
Global e-Pharma Market – By Application
- Personal use
- Government research
Global e-Pharma Market – By Type
- Pharmacy Benefits Manager
- Legit Internet Pharmacy
- Illegal or Unethical Internet Pharmacy
Global e-Pharma Market – By Product Type
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E-Pharma Market Regional Analysis/Overviews:
Asia Pacific is expected to grow at a significant rate in e-pharma market share from 2022 to 2027
Asia-Pacific is the fastest growing region in the e-pharma market. Due to their huge populations and the expansion of government programs encouraging digital technology, emerging economies like China and India have high growth potential. In the coming years, the Asia-Pacific market is expected to grow faster owing to a growth in the number of strategic initiatives by various public and commercial organizations. For example, Reliance Retail announced in August 2020 that it paid $83.0 million for a 60.0% stake in Netmeds. The acquisition is intended to enhance the company’s ability to provide cost-effective, high-quality healthcare products and services to its customers.
- Market segmentation
- Market dynamics
- Global e-pharmacy market, by application
- Global e-pharmacy market, by type
- Global e-pharmacy market, by product type
- Global e-pharmacy market, by region
- Global e-Pharma Market: Business Landscape
- SWOT analysis
- Company Profile
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