Apps or Websites? Prescription or OTC? Unveiling the Segmentation of the ePharmacy Market

Market Scope:

The ePharmacy market is witnessing significant growth driven by several key factors. These include the increasing trend of online orders, growing investments in small companies, and the rising prevalence of counterfeit online pharmacies. The efficiency of ePharmacy in offering affordable medical products and the expanding prevalence of e-commerce are also contributing to the market's growth on a global scale.

According to Market Research Future's (MRFR) comprehensive research report titled "ePharmacy Market Information By Drug Type, Operating Platform, Business Models, and Region - Forecast till 2030," the market was valued at USD 65.90 billion in 2022. It is anticipated to experience substantial growth, with projections indicating a rise from USD 74.13 billion in 2023 to USD 150.29 billion by 2030, showcasing a compound annual growth rate (CAGR) of 12.50% during the forecast period from 2023 to 2030.

Get Free Sample PDF Brochure: https://www.marketresearchfuture.com/sample_request/6615

ePharmacy, also known as an "e-pharmacy," facilitates the delivery of orders to consumers through postal services or shipping firms. Several examples highlight the expansion of internet pharmacies. For instance, the UK's Department of Health announced that the electronic prescription service (EPS) would lead to cost savings for the NHS by enhancing efficiency, reducing the need for paper processing, and minimizing prescribing errors.

Furthermore, Ping An Good Doctor, a comprehensive healthcare ecosystem platform from China, had deployed its One-minute Clinics across eight provinces and cities in China, serving more than 3 million individuals. The company had also signed service contracts for approximately 1,000 units, indicating the growing reach and impact of online healthcare services.

Key Players

The central contenders in the ePharmacy Market are

3M
Braun Melsungen AG
Baxter International INC
Smith & Nephew Plc
Cardinal Health
Coloplast Corp.
ConvaTec Group Plc
Integra Lifesciences Holdings Corporation
Mölnlycke Health Care AB
Avery Dennison Corporation

ePharmacy Market Dynamics:

The ePharmacy market is experiencing dynamic growth driven by various factors reshaping the landscape of pharmaceutical distribution.

Quality Assurance and Legislation: Every One-Minute Clinic, offering over 100 categories of popular medications, ensures their high quality through cryogenic chilling. Legislation like New York's requirement for electronic prescriptions further drives the adoption of ePharmacy practices.

Convenience and Cost Reduction: The market is expanding due to the convenience of medicine delivery at reduced prices offered by ePharmacies. Legislative support encouraging ePharmacy usage also contributes to this growth. Additionally, increased investment in small businesses fuels expansion.

Buy Now Premium Research Report: https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=6615

Challenges of Counterfeiting: The growth of the ePharmacy sector faces challenges from the proliferation of counterfeit online pharmacies, which hinder consumer trust and market expansion.

Online Pharmacy Model: Online pharmacies, operating through mail delivery, shipping services, or web portals, thrive by offering timely and cost-effective services amidst a competitive market environment.

Customer Preference and Internet Adoption: A shift in consumer preferences towards online medication purchases, coupled with increased internet adoption, drives market expansion. The rise in online pharmacies, particularly in regions like India, further boosts growth.

Elderly Population and Accessibility: ePharmacy's enhanced convenience and accessibility benefit elderly individuals and homebound patients, catering to a growing demographic segment globally. With projections indicating a significant increase in the elderly population by 2050, the demand for ePharmacy services is expected to rise substantially.

Healthcare Landscape: Growing senior populations with chronic illnesses, such as those residing in nursing homes, are significant contributors to the ePharmacy industry's growth. Studies indicate a considerable number of individuals in nursing homes, and their healthcare needs are driving demand for ePharmacy services.

Market Segmentation:

The global ePharmacy market is segmented based on Drug Type, Operating Platform, and Business Model.

Drug Type: The market is categorized into prescription medications and over the counter (OTC) pharmaceuticals. The prescription pharmaceuticals segment held the largest market share at 55.6%, driven by consumer preference for prescription medications over OTC drugs.

Operating Platform: The ePharmacy industry is segmented into apps and websites. The app segment accounted for the largest market share, with 57.6%. This growth is fueled by the proliferation of retail pharmacies launching applications for product delivery worldwide.

Business Model: The market is segmented into marketplace, pharmacy, and direct models. The marketplace category led the market with a value of USD 33,222.2 million. This segment's dominance is attributed to the increasing trend of online drug purchases and refills.

Browse In-depth Market Research Report (148 Pages) on ePharmacy: https://www.marketresearchfuture.com/reports/epharmacy-market-6615

Regional Outlook:

The global ePharmacy market is analyzed across the regions of the Americas, Europe, Asia-Pacific, and the Middle East & Africa.

Americas: With significant manufacturers, growing consumer awareness, and increased product launches by key players, the Americas is anticipated to dominate the global ePharmacy market. The region held the largest market share at 48.9%.

Europe: The ePharmacy market in Europe is expected to witness substantial growth due to factors such as increased online orders, the growth of e-commerce, prevalence of chronic illnesses, aging population, and well-developed IT infrastructures.

Asia-Pacific: Rapid expansion is observed in the Asia-Pacific region, driven by factors like increased incidence of diabetes, rising per capita income, and government initiatives to enhance healthcare standards. Countries like China, India, and Australia offer significant potential markets for online pharmacies, especially considering their aging populations.

More Trending Reports:

Laboratory Equipment Market - https://www.marketresearchfuture.com/reports/laboratory-equipment-market-8365

Intravenous Solution Market - https://www.marketresearchfuture.com/reports/intravenous-solution-market-1235

Ultra-Low Temperature Freezers Market - https://www.marketresearchfuture.com/reports/ultra-low-temperature-freezer-market-1813

About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

Contact
Market Research Future (Part of Wantstats Research and Media Private Limited)
99 Hudson Street, 5Th Floor
New York, NY 10013
United States of America
+1 628 258 0071 (US)
+44 2035 002 764 (UK)
Email: sales@marketresearchfuture.com

This release was published on openPR.