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(AsiaNewsWire.Net, July 06, 2021 ) Global E-Pharmacy Market was valued at USD 48,532.7 million in 2020 and which is expected to reach 178,795.9 million by 2027 at a CAGR 17.4% from 2020-2027.
E-pharmacy is also known as online pharmacy, internet pharmacy, mail-order pharmacy which operates on the internet and offers medicines to consumers through mail or shipping companies. One of the progressive technologies in the healthcare industry is Telemedicine that has provided a way for people to get access to healthcare advice through IT. Number of technological advances help increase price transparency, find appropriate health service providers, reminders of medicines as well as alerts to pregnancy for consumers. E-pharmacy is another technological innovation which has turned into a problem solver for the delivery of contactless medicine during the COVID-19 pandemic days.
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Some of the notable companies playing a important role in the global e-pharmacy market profiled in this report such as Newpharma, Shop Apotheke, LLOYDS Pharmacy Limited, Pharmacy2u Ltd., Zur Rose Group, McCabes Pharmacy, Gordons Direct, MedPlus Health Services, A.S. Watsons Group, and Netmeds Marketplace Limited.
The rise in demand for mail-order medicines with the growing penetration of e-commerce and use of the internet is expected to drive the growth of global e-pharmacy market. Many e-pharmacy companies offer medicines in discounted rates as compared with other traditional brick & mortar pharmacy stores. The global e-pharmacy market trend is estimated to experience an exponentially growing CAGR 16.8% in the upcoming 6-7 years due to the increase in investment of e-commerce giants in the healthcare industry.
Impact of COVID-19 on Market
The COVID-19 outbreak has increased demand foe e-pharmacies especially in regions with strict lockdown scenarios where the number of COVID-19 patients are increasing at a remarkable rate. People living in these areas and who suffer from diseases other than COVID-19 require supplies & with the lockdown, the patients are unable to get out of their homes to purchase medicines which is why e-pharmacy proves to be an efficient for fulfilling this demand.
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By Drug Type
By Product Type
• Skin Care
• Cold & Flu
• Weight Loss
• North America
• Latin America
• Asia Pacific
• Middle East & Africa
The Global E-Pharmacy Market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The E-pharmacy in North America region is powered by state-of-the-art technology & the latest smartphone applications, the IoT (Internet of Things) and the introduction of the cloud-based solutions in the healthcare industry. The region is expected to continue to lead global pharmaceutical sales over the forecast period.
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