About ePharmacy
Today we witness a phase transition of buying pattern of any goods, clothes, electronics, furniture, grocery, etc. With the initiation of new technology, offline shopping switches to online mode. Buying anything online is in trends. Buying drugs or medicines online is the latest trend amongst patients and consumers. With this growing trend of buying medicines online, the number of online pharmacies also increase. However, there is a lack of proper regulatory forms and balances for exercising regulatory control over e-pharmacies. There are some other aspects which also fuel the gearing up of e-pharmacies such as increased number of netizens, long term illness patients and increased chronic diseases.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Leading key players are focusing on area expansion to improve their sells and also focusing on increasing their client base to strengthen market position and to enhance product & service offerings. Analyst at AMA Research estimates that Indian Players will contribute the maximum growth to Asia Pacific ePharmacy market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Netmeds.com (India), 1mg (India), Apollo Pharmacy (India), BestKenko (Japan), Healthkart (India), PharmEasy (India), ePharmacy.com.au (Australia), MyraMed (India), Pharmacy Online (Australia) and Metapharmacy.in (India) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Medplusmart (India), mChemist (India), Medidart.com (India) and MedsonWay (India).
Segmentation Overview
AMA Research has segmented the market of Asia Pacific ePharmacy market by Type (Skin Care, Dental, Cold and Flu, Vitamins, Weight Loss and Other) and Region.
On the basis of geography, the market of ePharmacy has been segmented into Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific). If we see Market by Drug Type, the sub-segment i.e. Prescription Drugs will boost the ePharmacy market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Mode of Use, the sub-segment i.e. Mobile Applications will boost the ePharmacy market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Demand for Healthcare Products & Services
Market Growth Drivers:
Increase in the Number of Internet Consumers, Improved Access to Web-based and Online Services and Growing Implementation of E-prescriptions in Hospitals and Other Healthcare Services
Challenges:
Regulatory Hurdles Related to ePharmacy and Lack of Cold Chain Logistic Services
Restraints:
Rising Number of Illegal Online Pharmacies
Opportunities:
Rising Number of Illegal Online Pharmacies
Market Leaders and their expansionary development strategies
In September 2022, Walmart Canada and Canada Health Infoway entered a partnership. Infoway's PrescribeIT electronic prescribing service is now accessible in 14 Walmart Canada pharmacies in Ontario, Alberta, Saskatchewan, and New Brunswick, with plans to expand to additional locations by year's end.
In September 2022, Amazon stated that it was planning to sell prescription medications online in Japan. To build a platform where patients can get online instructions on taking medications, it aims to collaborate with small and medium-sized pharmacies. Without visiting a pharmacy, customers could have their drugs delivered to their homes.
The Central Drugs Standard Control Organisation (CDSCO), which regulates pharmaceuticals and medical devices in India, and the Ministry of Health and Family Welfare are currently working towards framing a policy for regulating online pharmacies.
Key Target Audience
ePharmacy Companies, Suppliers of Drugs, Online Service Providers, Healthcare Industry, Governmental Bodies, Regulatory Bodies and Research Firms
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.