Technology

AI-Driven Market Transformation, Europe’s Pharma E-Commerce to Grow by USD 38.7 Billion from 2024-2028, Boosted by Internet Accessibility

Published

13 hours ago

October 1, 2024

NEW YORK, Oct. 1, 2024 /PRNewswire/ — Report with the AI impact on market trends- The global pharma e-commerce market in Europe size is estimated to grow by USD 38.7 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 16.27% during the forecast period. Availability of internet provides convenience to consumers is driving market growth, with a trend towards growing acceptance in newly regulated european states. However, illegal and counterfeit trading of drugs through e-pharmacy poses a challenge. Key market players include Ace Chemist Direct, apo rot GmbH, Apotea AB, Arzneiprivat, Atropa Pharmacy, Chemist4U Innox Trading Ltd., Dirk Rossmann GmbH, DocMorris AG, EURO PHARM International Canada Inc., Farmacia Campoamor, Juvalis, McKesson Corp., myCARE e.k, Parafarmacia online, Pharmacy2U Ltd., Redcare Pharmacy, The French Pharmacy, UK MEDS Direct Ltd., Walgreens Boots Alliance Inc., and Wort and Bild Verlag Konradshohe GmbH and Co. KG.

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Pharma E-Commerce Market In Europe Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 16.27%

Market growth 2024-2028

USD 38.7 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

15.12

Regional analysis

Europe

Performing market contribution

Europe at 100%

Key countries

Germany, UK, France, Italy, and Rest of Europe

Key companies profiled

Ace Chemist Direct, apo rot GmbH, Apotea AB, Arzneiprivat, Atropa Pharmacy, Chemist4U Innox Trading Ltd., Dirk Rossmann GmbH, DocMorris AG, EURO PHARM International Canada Inc., Farmacia Campoamor, Juvalis, McKesson Corp., myCARE e.k, Parafarmacia online, Pharmacy2U Ltd., Redcare Pharmacy, The French Pharmacy, UK MEDS Direct Ltd., Walgreens Boots Alliance Inc., and Wort and Bild Verlag Konradshohe GmbH and Co. KG

Market Driver

Pharma e-commerce in Europe is witnessing significant growth due to the increasing demand for personalized medicine and health solutions. Leveraging data analytics and artificial intelligence, these platforms provide customized recommendations, treatment plans, and wellness programs based on individual preferences and health histories. Personalized medicine, which involves customizing medical treatment to each patient’s unique characteristics, is facilitated through a wide range of offerings, including specialty drugs and compounded medications. Patients can work with healthcare professionals to develop personalized treatment regimens and order necessary medications online. The trend extends beyond disease treatment to encompass wellness and preventive care, with e-commerce platforms offering health supplements, vitamins, and wellness products tailored to individual health goals. The European pharma e-commerce market is expected to grow, fueled by this trend and the innovation it inspires, including genetic testing services and health monitoring devices.

The European pharma e-commerce market is experiencing significant growth, with medications, medical supplies, and healthcare products leading the way. Remote healthcare services, such as telemedicine and e-prescriptions, are also trending, especially among the elderly population with chronic diseases. Consumer convenience and cost-effective solutions are key drivers, with many opting for online pharmacies and mail-order services. However, challenges persist, including counterfeit pharmaceuticals, data protection, and consumer trust. Healthcare systems and internet connectivity are essential for the success of digital healthcare solutions. Omnichannel retailing, including inventory data and logistics, is crucial for supply chain efficiency. Direct sales to healthcare professionals are also increasing. E-prescriptions and digital prescription services are becoming more common, but illegal and unregulated online pharmacies pose a threat to consumer safety. Quality assurance and regulatory compliance are essential to maintain consumer trust.

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Market Challenges

The proliferation of counterfeit drugs in the European pharma e-commerce market poses a significant challenge. These drugs, sold through virtual platforms, undermine industry integrity and pose health risks due to incorrect ingredients or dosages. Illicit drugs such as cannabis, heroin, and cocaine are commonly traded. This globalized counterfeit drug trade increases societal threats, including drug-related crimes and fatalities from overdoses. E-commerce’s lack of regulation and oversight enables third-party sellers to exploit loopholes, making it difficult for authorities to monitor and control sales effectively. This situation negatively impacts the growth of the pharma e-commerce market in Europe, potentially hindering its forecasted expansion.The European pharma e-commerce market is experiencing significant growth due to an aging population and the rise of online and mail-order pharmacies. Challenges include managing chronic diseases, ensuring patient safety, and addressing illegal and unregulated online pharmacies. Digital prescription services and e-prescriptions are key trends, but logistics and inventory data management are crucial for success. Omnichannel retailing, including OTC medications and prescription medications, targets a large patient population. Health insurers and digital healthcare platforms are driving demand for electronic prescriptions and mobile applications. AI chatbots and machine learning enable personalized patient care, while data analytics and prescription refills enhance convenience. Cross-border e-commerce and drug counterfeiting pose risks, requiring strict regulation and biometric identification for security. The diabetes segment and immune-system diseases are major growth areas in the B2C market. Manufacturer-owned marketplaces and digital technologies are transforming the industry, offering new opportunities for growth.

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Segment Overview

This pharma e-commerce market in Europe report extensively covers market segmentation by

Product 1.1 Medications1.2 Health/wellness and nutrition1.3 Personal care and essentialsType 2.1 Rx2.2 OTCGeography 3.1 Europe

1.1 Medications- The European pharma e-commerce market is experiencing significant growth due to the increasing demand for medications as the population ages and the prevalence of chronic diseases rises. Online pharmacies offer consumers the convenience of purchasing essential medications without visiting physical pharmacies, making it an attractive option for individuals with mobility issues, busy lifestyles, or those living in remote areas. These platforms provide access to a wide range of medications, including specialty drugs and rare medications, ensuring consumers have access to the necessary treatments regardless of their location. Additionally, online platforms offer valuable information on medication side effects, low-cost substitutes, and potential drug interactions, enabling consumers to make informed purchasing decisions. These factors contribute to the anticipated growth of the medications segment and the pharma e-commerce market in Europe during the forecast period.

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Research Analysis

Pharma e-commerce in Europe is experiencing significant growth, driven by the increasing elderly population and the demand for convenient healthcare solutions. Online pharmacies and mail-order pharmacies are becoming popular, offering prescription medications, over-the-counter pharmaceuticals, and healthcare products. Telemedicine and digital prescription services enable remote healthcare consultations and electronic prescriptions. However, the rise of illegal online pharmacies poses a threat, selling counterfeit pharmaceuticals and compromising data protection. Two-factor authentication and data analytics help ensure security and personalized services. Mobile applications facilitate prescription refills and remote healthcare services. Artificial intelligence and data analytics improve patient care and optimize supply chain management. Overall, pharma e-commerce in Europe offers a wide range of digital platforms for medications, medical supplies, and healthcare products, enhancing consumer convenience and accessibility for chronic disease management and life expectancy improvement.

Market Research Overview

The Pharma E-Commerce Market in Europe is experiencing significant growth due to the increasing elderly population, chronic diseases, and advancements in digital healthcare. Online pharmacies and mail-order pharmacies are becoming increasingly popular, offering convenience and accessibility to patients. Telemedicine and e-prescriptions are also on the rise, enabling remote healthcare services and digital prescription services. However, the market also faces challenges such as illegal and unregulated online pharmacies, drug counterfeiting, and healthcare accessibility issues. Healthcare professionals, health insurers, and manufacturer-owned marketplaces are also playing key roles in this evolving landscape. Omnichannel retailing, inventory data management, logistics, and cost-effective solutions are essential for success in this market. Digital technologies, including AI chatbots, machine learning, and data analytics, are transforming the industry, offering personalized healthcare and consumer convenience. E-commerce platforms, mobile applications, prescription refills, and two-factor authentication are also driving growth in the B2C segment. Data protection and quality assurance are crucial for consumer trust, while cross-border e-commerce and medical tourism are expanding opportunities for growth. The market for prescription medications, OTC medications, medical supplies, and healthcare products is expected to continue growing, fueled by increasing healthcare expenses, internet penetration, and the need for cost-effective solutions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductMedicationsHealth/wellness And NutritionPersonal Care And EssentialsTypeRxOTCGeographyEurope

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

Technology

BofA Unveils Virtual Payables Solution to Support the Booming B2B Market

Published

51 mins ago

October 2, 2024

Product Allows Buyers to Make GBP or EUR Payments by Virtual Card to Suppliers That Prefer Bank Transfers

LONDON, Oct. 2, 2024 /PRNewswire/ — Bank of America, a global leader in commercial cards, has expanded its Virtual Payables capabilities in EMEA1 with the launch of Virtual Payables Direct. The business-to-business (B2B) payment solution provides buyers with the usual working capital advantages of a card transaction – such as extended payment terms – in addition to a new enhancement that allows suppliers to be paid via a direct bank transfer. This comes at a time when the global B2B payments market is growing rapidly and is projected to reach over US$2.4 trillion by 20312.

“Virtual Payables Direct offers our clients in EMEA greater flexibility as they can make card payments to any supplier in the region, regardless of whether the supplier typically accepts card payments,” said Chris Jameson, head of Product Management for Global Payments Solutions (GPS) EMEA. “The payments are made much earlier in the procurement cycle, thereby helping to improve important supplier relationships and allowing the buyer to take advantage of any prompt payment discounts.”

Watch video message from Chris Jameson.

A key advantage of Virtual Payables Direct is that it helps businesses manage working capital, one of the top priorities for corporate treasurers3 which has been brought to the fore over the past year. The solution provides greater flexibility for buyers as it allows for large, one-off or last-minute payments. Suppliers can also receive a fast payment through a bank transfer. These benefits allow all parties to manage their cashflow more effectively and enable greater operational efficiency.

Benefits of Virtual Payables Direct

Helps corporate treasurers and buyers optimise working capital.Provides greater flexibility for large or last-minute purchases.Eliminates the need for suppliers to perform a technical set-up to process card payments.Buying organisations enjoy extended payment terms as part of their card programme.Suppliers receive prompt payment through bank transfer.

“We’re pleased to expand payment options for our clients with this new capability,” said Duygu Tasdelen-Stavropoulos, Senior Product Manager – B2B and Payables, GPS EMEA. “Virtual Payables Direct will contribute to the considerable benefits of virtual card payments, such as streamlining and automating processes, and reducing payment acceptance complexity, risk and costs.”

The rollout of Virtual Payables Direct in EMEA1 will continue in 2025, with the addition of product enhancements and expansion to other regions.

Visit the bank’s website for more information about the bank’s Card and Comprehensive Payables solutions.

Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,800 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 58 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

Reporters may contact:
Megan Pearson, Bank of America
Phone: +44.20.7995.6977
megan.n.pearson@bofa.com

SEPA and the UK

Straits Research, B2B Payments Market Size, Share and Forecast to 2031..

The European Association of Corporate Treasurers (EACT), Journeys To Treasury 2023/24 Report.

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Technology

Total Economic Impact™ Study finds 401% ROI for Companies Using Trustpilot

Published

51 mins ago

October 2, 2024

Findings follow 300 million review milestone, 19% YoY bookings growth (at constant currency) in the UK for trusted global platform

LONDON, Oct. 2, 2024 /PRNewswire/ — Trustpilot, the global independent review platform, today unveiled the findings of its 2024 Total Economic ImpactTM (TEI) study. The commissioned study conducted by Forrester Consulting on behalf of Trustpilot found that organisations that deployed Trustpilot received a 401% return on investment, generating a $959K net present value, or a total value of $1.2M.

The TEI study demonstrated how investing in Trustpilot helped organisations leverage reviews, build brand equity and trust, and spur customer acquisition at scale. Forrester interviewed representatives from organisations using Trustpilot and surveyed 221 respondents across the UK, US, Italy, and Germany. The findings were combined into a composite profile of a global, industry-agnostic organisation with $200 million in annual revenue. The three-year, risk-adjusted present value (PV) quantified benefits include:

Trustpilot improved customer acquisition worth $1MTrustpilot improved operational efficiencies worth $189kTrustpilot helped increase traffic by 35% in year 3 (25% in year 1, 30% in year 2)

One of the Trustpilot customers interviewed, Adam Lindsey VP – Global Operations at Groupon, said “The biggest risk of not working with Trustpilot is you don’t know what’s happening and you can have some rather viral type of comments that aren’t handled.”

The study revealed additional qualitative benefits of partnering with Trustpilot, including:

Enhanced brand awareness – Trustpilot provides organisations with highly valued third-party validation. In the Forrester survey of 221 professionals, 98% agreed that reviews and ratings helped their organisation improve brand reputation.Improved employee experience (EX) – Study found that positive reviews lifted morale in the workplace and helped create a supportive and positive culture.Richer insights into customer sentiment – Trustpilot enabled organisations to gather unique and extensive customer feedback they wouldn’t have been able to access otherwise, which helped them manage operations more effectively.Improved customer satisfaction – The platform allowed organisations to engage directly with customers and in a prompt manner. By enabling organisations to act quickly, Trustpilot helps build trust and loyalty that boosts customer satisfaction.

“Our team has always believed that connecting brands and consumers and advocating for transparency in the reviews process can help build trust and deliver business growth” said Alicia Skubick, Chief Customer Officer at Trustpilot. “We’re delighted that the Forrester study reinforces this and highlights both the qualitative and quantitative results our customers have experienced by including Trustpilot in their marketing, insight gathering, and customer acquisition efforts.”

Trustpilot’s TEI study follows the company’s most recent earnings report, revealing that bookings growth is up 19% globally, with exceptional performance in the UK, where bookings growth is up 19% at constant currency. The company also saw a 16% year-over-year growth in revenue at constant currency in the UK. Globally, the company recently achieved over 300 million reviews, including 53 million in 2023 alone.

Find out more on how Trustpilot drove growth for its customers at: https://uk.business.trustpilot.com/calculate-roi

About Trustpilot

Trustpilot began in 2007 with a simple yet powerful idea that is more relevant today than ever – to be the universal symbol of trust, bringing consumers and businesses together through reviews. Trustpilot is open, independent, and impartial – we help consumers make the right choices and businesses to build trust, grow and improve.

Today, we have more than 300 million reviews on the platform and 67 million monthly active users across the globe, with 127 billion annual Trustpilot brand impressions, and the numbers keep growing. We have more than 900 employees and we’re headquartered in Copenhagen, with operations in Amsterdam, Denver, Edinburgh, Hamburg, London, Melbourne, Milan and New York.

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Technology

TAL Education Group to Announce Second Quarter of Fiscal Year 2025 Financial Results on October 24, 2024

Published

51 mins ago

October 2, 2024

BEIJING, Oct. 2, 2024 /PRNewswire/ — TAL Education Group (“TAL” or the “Company”) (NYSE: TAL), a smart learning solutions provider in China, today announced that it will release its unaudited financial results for the second quarter of fiscal year 2025 ended August 31, 2024, before the market opens on Thursday, October 24, 2024.

The Company will host a corresponding conference call and live webcast at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing Time) on Thursday, October 24, 2024.

Please note that you will need to pre-register for conference call participation at
https://register.vevent.com/register/BIb77ca114970c4bd1bfe7d1770af84eac.

Upon registration, you will receive an email containing participant dial-in numbers and unique Direct Event passcode. This information will allow you to gain immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.

A live and archived webcast of the conference call will be available on the Investor Relations section of TAL’s website at https://ir.100tal.com/.

About TAL Education Group

TAL Education Group is a smart learning solutions provider in China. The acronym “TAL” stands for “Tomorrow Advancing Life”, which reflects our vision to promote top learning opportunities for students through both high-quality teaching and content, as well as leading edge application of technology in the education experience. TAL Education Group offers comprehensive learning solutions to students from all ages through diversified class formats. Our learning solutions mainly cover enrichment learnings programs and some academic subjects in and out of China. Our ADSs trade on the New York Stock Exchange under the symbol “TAL”.

For investor and media inquiries, please contact:

In China:

Jackson Ding
Investor Relations
TAL Education Group
Tel: +86 10 5292 6669-8809
Email: ir@tal.com

Piacente Financial Communications
Helen Wu
Tel: +86-10-6508-0677
Email: TAL@thepiacentegroup.com

In the United States:

Piacente Financial Communications
Brandi Piacente
Phone: +1-212-481-2050
Email: TAL@thepiacentegroup.com

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SOURCE TAL Education Group