The report “e-Pharma Market by Application (Hospitals, Personal Use, Government Research), Type (Pharmacy Benefit Manager, Legitimate Internet Pharmacy, Illegal or Unethical Internet Pharmacy), Product Type (Generic, Branded) – Global Forecast to 2028″ The e-pharma market is projected to grow from USD 50.2 billion in 2021 and is projected to reach USD 142.7 billion by 2028; it is expected to grow at a CAGR of 18.90% from 2021 to 2028. Major factors accelerating the market growth include growing government initiatives, evolving regulations, increasing the use of e-prescriptions, rising internet penetration in urban and rural areas, and increasing the adoption of cutting-edge technologies like artificial intelligence (AI) and machine learning (ML). Through the use of recommendation engines, these technologies also help to guarantee client pleasure. Additionally, the pharmaceutical business is currently driving market expansion with its increasing use of e-commerce platforms. A growing number of in-app services, such as unique discounts, personalized purchases, speedier delivery, etc., are also helping the global market to grow. The market is expanding due to the expanded use of smart devices and better internet connections. The growth of the e-pharma business would be further hampered throughout the projection period by the rise of illegal online pharmacies and the accessibility of fake pharmaceuticals.
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The personal use category in the e-pharma market is expected to be the fastest-growing segment during the forecast period
The personal use segment is projected to grow the fastest during the forecast period. The market is expanding as e-pharma for personal use is becoming more widely used. Patients prefer door-to-door delivery of the medications they can't easily find because some medications are only available online. Millennials, in particular, rely on online shopping for OTC medications and other items. A rise in R&D spending worldwide due to more people using the internet has significantly aided the expansion of e-pharma; yet, the current COVID-19 outbreak and economic downturn have impacted the overall market statistics of several industries globally. People started taking vitamin and mineral supplements for themselves worldwide as a precaution.
Generic category of the e-pharma market to record the highest CAGR from 2022 to 2027
The generic category is expected to account for the highest CAGR of the e-pharma market from 2022 to 2027. Despite having the same composition and strength as branded pharmaceuticals, the generic segment is expected to grow the since it is less expensive. The market is growing due to emerging technologies like machine learning (ML) and artificial intelligence (AI), which employ recommendation systems to guarantee customer pleasure. In terms of consumption, the market is split into over-the-counter and prescribed applications.
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The Asia Pacific is anticipated to grow at a significant rate in e-pharma market share from 2022 to 2027
The Asia Pacific is the fastest-growing region in the e-pharma market. Due to their enormous populations and expanding government programs encouraging digital technology, emerging economies like China and India have high growth potential. In the upcoming years, it is projected that the Asia Pacific market will expand quicker due to a growth in the number of strategic initiatives by various public and commercial organizations. For instance, Reliance Retail announced in August 2020 that it had paid USD 83.0 million for a 60.0% equity position in Netmeds. The acquisition is intended to improve the business's capacity to provide its clients with cost-effective, high-quality healthcare products and services.
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Key players in the e-pharma market include Boehringer Ingelheim International GmbH (Germany), AbbVie Inc (U.S.), Aurobindo Pharma (India), Pfizer Inc. (U.S.), Walmart Inc. (U.S.), Walgreen Co. (U.S.), Express Scripts (U.S.), The Kroger Co. (U.S.), L Rowland & Co (U.K.), DocMorris (Germany), Giant Eagle, Inc. (U.S.), OptumRx, Inc. (U.S.), CVS Health (U.S.), Merck & Co., Inc. (U.S.) and Thermo Fisher Scientific Inc. (U.S.)
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