, /PRNewswire/ — The global ePharmacy market size is estimated to grow by USD 118.73 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 20.47% during the forecast period. North America is estimated to contribute 36%. to the growth of the global market.
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The ePharmacy Market report forecasts market growth by revenue at global, regional & country levels from 2018 to 2028.
Region Outlook
- North America
- Europe
- APAC
- South America
- Middle East & Africa
1. North America – North America is set to experience significant growth in the global e-pharmacy market, contributing 36% during the forecast period. The US leads this growth, with Canada and Mexico following suit. This expansion is driven by factors such as high awareness and affordability of e-pharmacy services in the region, coupled with an increasing aging population.
- With high healthcare expenditure in hospitals, patients are turning to home care treatments, fueling the demand for online procurement of medicines. Moreover, the proliferation of smartphones and Internet access enables consumers to conveniently order prescription and over-the-counter drugs through online channels. As a result, the e-pharmacy market in North America is anticipated to flourish in the coming years.
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Research Analysis
The ePharmacy market is witnessing significant growth driven by factors such as the rise of e-commerce, increasing demand for convenience, and the growing adoption of digital technologies in healthcare. With the proliferation of online pharmacies, consumers can now conveniently purchase prescription medicines and over-the-counter products from the comfort of their homes. This trend is particularly beneficial for chronically ill patients and elderly citizens who may find it challenging to visit retail pharmacy stores regularly.
Moreover, the availability of internet resources has empowered tech-savvy consumers to make informed choices when purchasing healthcare products. However, it’s crucial to remain vigilant against illegitimate online pharmacies that may sell counterfeit or adulterated medications. Regulatory bodies like the FDA play a vital role in issuing warning letters to such entities to protect consumer safety.
Investments from venture capitalists like Mark Cuban are fueling the growth of digital pharmacies, offering generic pharmaceuticals at low costs with transparency in operations. Strategic initiatives by governments and funding agencies aim to enhance customer satisfaction and ensure regulatory compliance in the ePharmacy sector, ultimately benefiting beneficiaries enrolled in Medicare Advantage plans
Market Overview
In the ePharmacy market, medical practitioners are utilizing information technologies and algorithms to facilitate online purchases of mail-order medicines. This trend is gaining momentum in both developed and developing countries. Startups are leveraging artificial intelligence to enhance healthcare services, particularly in cosmetics and medication sales.
Regulations play a crucial role in ensuring the safety and efficacy of digitalized healthcare sectors. Millennials are driving the shift towards digitalization, preferring convenient online purchases for their healthcare needs. Market sales in the ePharmacy sector are experiencing steady growth due to the increasing adoption of digital platforms.
As the demand for online healthcare services continues to rise, ePharmacy businesses are striving to meet consumer expectations while adhering to regulatory standards.
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Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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