The ePharmacy market is on the brink of an extraordinary expansion, with projections indicating a staggering Compound Annual Growth Rate (CAGR) of 14.3%. From a market valuation of USD 81.5 billion in 2022, the ePharmacy market is forecasted to reach an impressive USD 351.9 billion by the end of 2033.
This exponential growth trajectory underscores the increasing consumer preference for online pharmaceutical services, driven by factors such as convenience, accessibility, and the digitalization of healthcare. As ePharmacy platforms continue to innovate and expand their offerings, they are poised to revolutionize the way individuals access and manage their healthcare needs.
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easing Furthermore, ePharmacy businesses offer prescription drugs at a lower cost than conventional brick-and-mortar pharmacies. Over the course of the projection period, the ePharmacy market is anticipated to grow at a rapid pace due to the growing investment in the healthcare sector by significant e-commerce companies. Because certain prescription prescriptions are not available at retail pharmacies, a significant portion of the global patient population opts for doorstep delivery of medical supplies. ePharmacies significantly reduce the need for elderly people and people with chronic illnesses to rely on outside parties to get their prescription medications and medical supplies. Similarly, it is anticipated that increased ePharmacy market sales will come from increased internet awareness and usage.
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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