The ePharmacy market in Europe region is expected to showcase a healthy CAGR from 2021 to 2026.
A licensed ePharmacy is a boom for pharmaceutical companies to gain profits. ePharmacy operates with the help of the internet and ensures to provide a better experience for the customers. They maintain web pages to receive orders and deliver the drugs according to the prescription in the expected delivery date. It does not allow to accept international orders and supplies the medicines only around the home country. Licensed companies will surely follow the rules and regulations in favor of customers. In Europe, the market is projected to have a steady pace during the forecast period.
The shift in consumer preferences with an increased desire for convenience, increasing usage of smartphones and tablets, and the rising preference for doorstep delivery of medications due to the unavailability of certain medicines in pharmacy stores, is expected to drive the European ePharmacy market over the forecast years. The pharmaceutical distribution industry's future growth will be driven by its ability to attract a larger client base and meet unmet requirements. Because of the growing internet of things, the European e-pharmacy industry maintained a revenue share of more than 25% in 2020. The growing number of internet users and the digitization of the pharmaceutical sector will add to the regional value. An e-prescription has the primary benefit of allowing you to easily submit your prescription to an e-pharmacy website and acquire medications without any difficulty. As a result of the growing use of e-prescriptions, posting prescriptions to the internet has become simple and time-saving. Furthermore, the rising incidence of mild illnesses such as the flu, fever, backache, cough, and cold raises demand for over-the-counter medications, increasing reliance on internet pharmacies to get these treatments. Furthermore, the convenience of purchasing medications from the comfort of one's own home is likely to propel the e-pharmacy industry forward. Several major market participants in Europe have begun to provide items at reasonable prices. This is expected to have a favorable influence on the ePharmacy market's growth in this region.
Increased use of advanced technologies has resulted in digitalization in the healthcare industry, which has provided the market with substantial growth opportunities. The market revenue will be boosted by the rising e-commerce business in European nations. During the COVID-19 epidemic, customers' desire for at-home, fast services have generated enormous opportunities for e-pharmacies in the region. Europe is also on the rise, as the European Commission regulates online healthcare, allowing individuals to trust the industry. Germany is Europe's fastest-growing regional market because of its high-speed internet access and knowledge of online over-the-counter advantages. France and Italy have developed marketplaces and hence provide considerable market share in Europe.
The presence of a significant number of illegal ePharmacy, security and privacy issues, and growing fraud activities are expected to hamper the growth rate of the European ePharmacy market. In addition, the sale of prescription medications via the internet is subject to strict rules. In Europe, prescription medicine sales through ePharmacy are heavily regulated, and firms must follow various laws, which might challenge market growth in these regions.
This report on the European ePharmacy market has been segmented & sub-segmented into the following categories.
By Product Type:
Based on product type, the Weight loss segment is expected to be the most lucrative segment and forecasted to register a significant share during the forecast period. Increasing incidences of obesity and a rise in the awareness to stay fit and healthy are accelerating the market demand.
By Drug Type:
Based on drug type, the prescription drug segment is expected to lead the market during the forecast period and register healthy CAGR—consumer interests in online stores due to the availability of prescribed medications readily in time.
The European ePharmacy market had accounted for the highest CAGR over the recent years and is expected to have the same growth rate throughout the foremost period. The rise in the number of pharmaceutical companies and good deals between the supplier and online stores is bolstering the market demand. Growing support from the government through investments in online pharmacies is escalating the need of the market.
In Europe, the German ePharmacy Market is the largest online pharmacy market. It is predicted to account for most of the market share in the European market during the forecast period. Increasing mobile perforation, growing aging population, increasing chronic diseases are mainly rising demand for online pharmacies in Germany. Moreover, increasing tactical collaborations with healthcare sector companies and improving effective payment methods favor the German market.
The UK ePharmacy market is projected to showcase promising growth in Europe. Factors such as the existence of several dealers, growing e-prescriptions, and skilled IT support are actively expanding the online pharmacy market in the United Kingdom.
In France, the scope for online pharmacies is significantly increasing in the recent past. Growing demand for self-medication assisted online over the counter and increasing internet accessibility are majorly fuelling the ePharmacy market in France.
ePharmacy market in Italy and Spain are projected to display decent growth in the coming future. Growing disposable income and accessibility of various drugs available at easy and low prices are driving the markets in these countries.
KEY MARKET PLAYERS:
A few of the notable companies in the Europe ePharmacy Market profiled in the report are Wal-Mart Stores, Inc.; CVS Health; Express Scripts Holding Company; DocMorris (Zur Rose Group AG); The Kroger Co.; Walgreen Co.; Rowlands Pharmacy; OptumRx, Inc and Giant Eagle, Inc.