The global market is anticipated to grow during the forecast timeline as electronic signature pharmacies become more widely used
Wilmington, Delaware, United States, Oct. 10, 2022 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – In 2021, the global ePharmacy Market Size was worth around US$ 63.5 Bn. The epharmacy market analysis expect the market to progress at 19.2% CAGR during the forecast period, from 2022 to 2031. By 2031, the global ePharmacy market is expected to surpass valuation of US$ 362.8 Bn. Given the rising customer comfort levels with online transactions, growing penetration of digital technologies, and rising understanding of online pharmacies, it is predicted that the global ePharmacy industry will expand rapidly throughout the forecast timeframe.
The global epharmacy market overview project that traditional pharmacies are starting to be replaced by the user-friendly ePharmacy concept. Medication as well as medical services are both included in ePharmacy. The COVID-19 outbreak triggered an overnight rise in online sales and visitations to e-pharmacies. Government authorities learned about telemedicine and how valuable these services are to the general populace.
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Due to the increased accessibility of cellphones and the Internet, online pharmacies across all categories have grown exponentially. Online shopping has become popular for a number of products, including clothing, food, and medicines. Given this big shift in customer buying behavior, the e-pharmacy business has become a highly promising one. Along with a range of offline services, e-pharmacies also provide online services such as medical consultations along with diagnostic services.
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Key Findings of Market Report
- When making an online purchase, consumers prioritize dependability, cost, and convenience. Already comfortable with online retailers, consumers frequently buy food, movies, and music in these segments. For more complicated categories, they are now requesting the same level of service (prescription medicines, medical devices, and OTC). As a result, it is anticipated that the trend of online pharmacies will grow throughout the forecast timeframe.
- Based on product, in 2021, the category of prescription medicines held the highest online pharmacy market share. The category is anticipated to keep holding the market’s dominant position during the forecast timeframe. Online pharmacies are very advantageous to patients since they provide a far larger range of selections than traditional pharmacies. With a prescription written by a licensed medical professional, patients can now purchase medications online and also get them delivered directly to their doorstep.
- In 2021, North America held the highest market share of the global ePharmacy market. The region’s ePharmacy industry now offers previously untapped development potential owing to increasing acceptance of digital technology that has resulted from surging Internet users.
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Global ePharmacy Market: Key Players
Some of the key market players are
- Express Scripts Holding Company
- Rowlands Pharmacy
- Optum Rx, Inc.
- Giant Eagle, Inc.
- Tata 1mg
Global ePharmacy Market: Segmentation
- Prescription Medicines
- Over-the-counter (OTC) Products
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