Market Research Report
Global E-Pharmacies Market - 2019-2026
|Published by||DataM Intelligence||Product code||787201|
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|Global E-Pharmacies Market - 2019-2026|
|Published: December 1, 2019||Content info:||
Global e-pharmacies market is expected to grow at a CAGR of XX% to reach a market value of USD XXX million by 2026.
E-Pharmacies are internet based vendor, delivers medicines and medical products at your doorsteps. In most of the cases, the prescriptions can be communicated through an electronic medium to get the medicines dispensed, which helped in the transformation of the conventional drug dispensing or retail pharmacy management. The goal of e-pharmacy other than improving patient care and safety is to reduce racial and ethnic disparities. The advantages provided by e-pharmacies compared with retail stores include convenience, cost-effective, accessibility and generic medicines.
Benefits provided by e-pharmacies such as availability of medicines at affordable prices, access to information on the prescribed data, shift towards self-diagnosing from the direct doctor-patient relations and increase in digital health is driving the e-pharmacies market, and is also expected to remain high over the forecast period. Huge discounts from e-commerce companies have lured consumers to shop more than required. E-pharmacies can save as much as 95% on medication compared with local pharmacies.
Increase in the number of illegal online pharmacies is hindering the global e-pharmacies market. According to Alliance For Safe Online Research in 2018 claims that each month 600 new illegal pharmacies are launched globally and does not follow government regulations.
By product type
he global e-pharmacies market is segmented on drug type includes over the counter and prescription. Prescription drugs dominate the global e-pharmacies market due to its increase in chronic disease prevalence , extensive usage and increase in geriatric population and it is expected to remain high during the forecast period.
According to the study conducted by Pharmacy Checker in 2015, it was found that 4 million Americans imported prescription medicine through e-pharmacies because of cost.
North America dominates the global E-pharmacies market in 2018, due to the high number of internet users and high adaptability to online services.
India is the fastest growing market in Asia Pacific region for global E-pharmacies market due to an increase in a number of e-pharmacies, cost-effectiveness and fast track delivery at doorsteps, and expected to rise during the forecast period.
According to the Internet And Mobile Association of India in December 2017, India is estimated to have more than 481 million active users and ranks 13th in the global e-pharmacy in terms of value and 3rd in terms of volume.
According to the study conducted by Consumer Online Foundation And The Bureau Of Research On Industry And Economic Fundamentals in July 2016 found that in India 2/3rd of consumers prefer to order medicines online and the majority of the age group that orders online are between 55-74 years. The majority of consumers quoted that low prices and discounts and savings on purchases would be the biggest advantage.
Merger and acquisitions between major e-commerce sites and e-pharmacies to enhance their service are driving the global E-pharmacy market.
In September 2018, NetMeds acquired telemedicine portal JustDoc in a cash-and-stock deal and received $35 million on Series C funding from Daun penh's investment holding, Singapore.
In July 2018, Amazon acquired Pillpack online pharmacy for less than $1 billion.
In November 2018, Medlife acquired health tech startup Eclinic 24/7 for e-pharma expansion.
In September 2017, 1mg technologies pvt.ltd acquired Varanasi based healthcare startup dawailelo.com.
In December 2016, 1mg technologies Pvt. Ltd has acquired Mumbai based MediAngels to enter into specialty doctor consultations, corporate health services, and insurance partnerships.
In July 2016, Walgreens invested $416 million in Chinese pharmacy chain Sinopharm Gouda.