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Global ePharmacy Market to Grow at a CAGR of 14.3% During 2021-2026, Aided by the Increasing Consumer Preference for Online Delivery of Healthcare Products

According to a new report by EMR titled, ‘Global ePharmacy Market Report and Forecast 2021-2026’, the market is expected to witness a healthy growth in the forecast period, growing at a CAGR of 14.3% between 2021 and 2026. The market is projected to reach a value of USD 138.4 billion by 2026.

The global epharmacy industry is being driven by the thriving e-commerce sector across the globe. The increasing consumer demand for online services and doorstep delivery of healthcare products has significantly boosted the growth of the industry. The market is also being supported by the rising implementation of e-prescription and digital technologies in clinics and hospitals. In developed countries like the United States, the over-reliance of consumers on online delivery of consumable goods has significantly contributed to the market expansion. Further, the increased penetration of the leading companies in the region is also aiding the industry growth. Meanwhile, the Middle East and Africa is expected to account for a relatively small market share in the forecast period due to the lack of consumer awareness regarding epharmacy.

The growing focus of the leading players on expanding their presence across the key developing markets and strengthening their distribution channel is expected to significantly boost the industry growth over the forecast period. CVS Pharmacy, one of the leading players in the industry, is a retail pharmacy chain owned by an American healthcare company CVS Health Corp (NYSE: CVS). The company announced to open three new CVS Pharmacy stores in the Portland area by end of 2019, with the aim to bring a health-centric retail pharmacy experience to the region. Such developments are expected to have a positive influence on the market growth over the forecast period.

Market Breakup by Type, Operating Platform, Business Model, and Region:

  • The market is bifurcated based on type into over-the-counter products and prescription medicine.
  • On the basis of operating platform, the market can be divided into mobile application and website.
  • Based on business model, the market is segmented into inventory, marketplace, and direct.
  • Region-wise, the global market for epharmacy can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for epharmacy is being driven by the growing consumer demand for convenient and online services.
  • The growing e-commerce sector has significantly contributed to the market expansion. 
  • The rapid technological advancements and the increasing internet penetration, particularly in developing nations, are also aiding the industry growth. 
  • With the outbreak of the COVID-19 pandemic, the market is expected to witness a robust growth owing to the stringent regulations on movement of people and a surge in demand for healthcare products.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for epharmacy for the periods (2016-2020) and (2021-2026). 
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for the types, operating platforms, business models, and major regions of epharmacy.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global epharmacy market are CVS Pharmacy, Giant Eagle Inc., Express Script Holding Company, OptumRx, Inc., Walmart Corporate, and Medlife International Pvt.Ltd, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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