A three-pronged approach was followed for deducing the ePharmacy market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for ePharmacy market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of ePharmacy market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The ePharmacy market was categorized into two segments, namely drug type (Prescription drug, Over-the-counter drug) and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).
The ePharmacy market was segmented into drug type and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The ePharmacy market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-five countries, namely, the U.S., Canada, the UK, Germany, France, Italy, Russia, Sweden, Denmark, Norway, Japan, India, China, Australia, South Korea, Thailand, Singapour, South Korea, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE, Kuwait.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The ePharmacy market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
THE KROGER CO. - The Kroger Co. is a global retail giant renowned for its vast scale and operations. With 38 food production plants, the company not only manufactures food for sale in supermarkets but also caters to the pharmaceutical needs of millions. Having filled an impressive 185 million prescriptions, Kroger generates its revenue through the sale of consumer products across various platforms, including physical stores, fuel centers, and online platforms. The company's reach extends to multiple types of stores, including multidepartment stores, supermarkets, convenience stores, and jewelry stores, all spread across the United States. Operating under different local banners, Kroger and its subsidiaries manage approximately 2,796 supermarkets. Additionally, the company operates 2,255 pharmacy locations and 220 retail health clinics under the Little Clinic banner. These clinics offer various services to patients, including health coaching, biometric screening, and other valuable healthcare services.
WALGREEN CO. - Walgreen Co. is a prominent retail pharmacy and healthcare destination in the United States and Europe. With a vast network, the company operates 21,000 stores across 11 countries and boasts 425 distribution centers spanning over 20 countries. Renowned as one of the world's largest buyers of prescription drugs and various health and wellness products, Walgreen Co. encompasses several well-known brands, including Walgreens, Boots, Duane Reade, and Alliance Healthcare. Additionally, it offers an array of health and beauty product brands such as No7, NICE!, Soap & Glory, Liz Earle, Sleek MakeUP, Finest Nutrition, Botanics, YourGoodSkin, and Well Beginnings. Notably, the company has an extensive pharmaceutical distribution and wholesale network, owning 390 distribution centers catering to over 230,000 pharmacies, hospitals, health centers, and doctors. Furthermore, Walgreen Co. is organized into three divisions: Retail Pharmacy USA, Retail Pharmacy International, and Pharmaceutical Wholesale. Operating 8,175 drugstores, the company has a presence in all states across the United States.
GIANT EAGLE, INC. - Giant Eagle, Inc. is a privately owned enterprise that serves over 5 million individuals annually across its 400 retail establishments in Ohio, West Virginia, Maryland, and Pennsylvania. The company manages approximately 218 supermarkets and offers diverse products and services, including retail, gourmet foods, groceries, gas stations, convenience stores, supermarkets, and pharmacies. Notably, Giant Eagle, Inc. ranks 27th on Forbes Magazine's prestigious list of the leading private companies in the United States.
WALMART - Walmart is a multinational retail corporation that operates a network of hypermarkets, discount department stores, and grocery stores. It offers customers the convenience of shopping in physical retail stores and on eCommerce platforms. In 2000, the company ventured into online retail by launching walmart.com and later expanded its online presence with samsclub.com. The company's operations are divided into three segments: Walmart International, Walmart U.S., and Sam's Club. Walmart U.S. is the largest segment, operating primarily within the United States, while Walmart International is the second-largest segment, conducting business in 26 countries as of 2020. With a global presence across the U.S., Africa, Argentina, Canada, Central America, Chile, China, India, Japan, Mexico, and the UK, Walmart engages in various retail, wholesale, and eCommerce activities. The company maintains a robust global supply chain, collaborating with over 100,000 suppliers worldwide, including those in the U.S., to source merchandise for its stores, clubs, and online platforms. Additionally, Walmart offers pharmacy services through its Pharmacy Home Delivery service, enabling customers to receive prescriptions and medications conveniently at their doorstep. However, it's important to note that this service is exclusively available to customers within the United States.
EXPRESS SCRIPTS HOLDING COMPANY - Express Scripts Holding Company is an independent pharmacy benefit management organization. It provides a range of services to clients, including managed care organizations, third-party administrators, health insurers, employers, government health programs, providers, clinics, hospitals, and more. The company operates in two distinct business segments: Pharmacy Benefit Management and other business operations. The company aims to enhance drug distribution efficiency, cost management, and overall healthcare outcomes by collaborating with clients, manufacturers, physicians, and pharmacists.
CVS HEALTH - CVS Health is a leading provider of pharmacy healthcare services in the United States. With over 9,900 retail locations and more than 1,100 walk-in healthcare clinics, the company has a strong presence nationwide. CVS Health serves approximately 90 million plan members as a pharmacy benefit manager. The company operates through three main segments: pharmacy services, retail/LTC, and corporate. Its subsidiaries, including CVS Pharmacy, CVS Caremark, CVS Specialty, and CVS MinuteClinic, offer a wide range of products and services aimed at promoting better health. CVS Pharmacy provides various healthcare products, while CVS Caremark specializes in pharmacy benefit management and prescription mail order services. CVS MinuteClinic offers convenient access to care and a variety of wellness services. Lastly, CVS Specialty provides patients with tools and services to manage their medication therapy effectively.
OPTUMRX, INC. - OptumRx, Inc. is a pharmacy benefit management organization that operates as one of the companies under the Optum, Inc. umbrella of the UnitedHealth Group. The UnitedHealth Group is a diversified health company with two primary businesses: UnitedHealthcare and Optum, Inc. These businesses are further divided into four segments: UnitedHealthcare, OptumHealth, OptumInsight, and OptumRx. OptumRx, Inc. provides pharmacy care services to over 65 million individuals in the United States and has an extensive network of more than 67,000 retail pharmacies and multiple home delivery facilities nationwide.
ROWLANDS PHARMACY - Rowlands Pharmacy offers a variety of healthcare products and services. With a network of 521 community pharmacies spread across England, Wales, and Scotland, the company ensures convenient access to its offerings. In addition to its physical locations, Rowlands Pharmacy also operates an online platform for pharmacy services. One of its notable services is the prescription delivery service, where patients can have their prescriptions ordered from doctors every month and have the medication delivered to their homes or workplaces. The company's registered internet pharmacy, located in Runcorn, England, functions just like a regular pharmacy but with the convenience of conducting all its operations online.
DOCMORRIS (ZUR ROSE GROUP) - DocMorris, a prominent mail-order pharmacy in Europe, holds a significant position among the renowned pharmacy brands in Germany. Initially, it operated as a subsidiary of Celesio until Zur Rose Group AG acquired it in October 2012. DocMorris operates as a subsidiary under the Zur Rose Group AG, which stands as one of the largest shipping pharmacies in Switzerland. With a commitment to providing exceptional pharmaceutical care and guidance, DocMorris caters to over 4 million customers through various channels such as mail, web, telephone, video chat, and the DocMorris Pharmacies app.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2022, historic information from 2017 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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