According to the World Bank, approximately 84% populace in Germany depend on Internet and around 75% populace in the U.S. are subscribers of the Internet, which augments the global ePharmacy market growth. Fortune Business Insights states that the global ePharmacy market is projected to reach US$ 177,794.9 Mn by 2026, thereby exhibiting an impressive CAGR of 17.3% during the forecast period (2019-2026). The company further states that the global market was valued at US$ 49,727.7 Mn in 2018. According to a published report by Fortune Business Insights, titled, “ePharmacy: Global Market Analysis, Insights and Forecast, 2019-2026,” the global ePharmacy market will witness notable growth during the forecast period due to the technological advancements based on artificial intelligence.
Key Market Players to Focus on Bagging Funds for Expanding Online Platforms
Several key market players operating in the global ePharmacy market have begun exploring and implementing new strategies to provide the consumers with smooth service. Fortune Business Insights has listed a few key developments that have occurred in the global ePharmacy market since the past few years:
- Meds, a Swedish online pharmacy announced in January 2019 that it raised US$ 5.5 million in a funding round conducted by Inbox Capital, a family-owned venture capital company, headquartered in Sweden. The total amount of the startup has increased to US$ 10.5 million. Meds sells healthcare, beauty products, prescription, and non-prescription drugs. They have received permission from the Swedish Medical Product Agency to sell those. According to the company, approximately 40% of the sales come from the households in the Stockholm area as the home delivery service takes less than two hours. After receiving the funds, the company declared that it would soon expand their area of delivery to both Gothenburg and Malmö. Also, the company has planned to expand its warehouse area.
Increasing Adoption of E-commerce Websites to Favor Growth in Asia Pacific
Geographically, the global ePharmacy market is grouped into Asia Pacific, North America, the Middle East and Africa, Europe, and Latin America. Out of these regions, North America is expected to remain in the leading position in the global ePharmacy market during the forecast period. The growth is attributed to the rapid shift of consumers towards online retailers from offline pharmacies. Also, increasing usage of smartphones and high speed of the Internet are expected to aid North America in gaining the highest global ePharmacy market share in the forthcoming years. Furthermore, a rise in geriatric population, increasing online orders, and growing adoption of online platforms will drive the market growth in this region.
Europe and Asia Pacific, on the other hand, are projected to exhibit significantly high CAGR during the forecast period. In Europe, numerous prominent market players have begun offering products at lucrative rates. This will positively impact growth of ePharmacy market in this region. Asia Pacific, on the other hand, has been witnessing higher adoption of e-commerce websites and increasing patient pool. Moreover, the healthcare infrastructure in this region is on the verge of becoming prosperous. All these factors are anticipated to fuel ePharmacy market growth in Asia Pacific in the coming years.