E-pharmacy Market Share, Size, Trends, Industry Analysis Report By Drug Type (Prescription Drug, OTC Drug), By Product Type, By Payment Method, By Platform, By Regions; and Forecast, 2024-2032
- Published Date:Jan-2024
- Pages: 115
- Format: PDF
- Report ID: PM1012
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global e-pharmacy market was valued at USD 75.50 billion in 2023 and is expected to grow at a CAGR of 19.4% during the forecast period. The main drivers of market expansion include the increasing use of the internet around the globe, improved healthcare service digitization, and a rise in tech-savvy consumers. Convenience-driven consumer preferences for online shopping are also contributing to the expansion. Overall development is predicted to be boosted by the healthcare sector's growing use of digital technology and e-commerce.
Know more about this report: Request for sample pages
The market is developing as a result of rising smartphone adoption. ePharmacy solutions are required to cut operating costs due to the increasing healthcare sector and high operating expenditures. As chronic illnesses become more prevalent, there is an increased demand for many healthcare products, particularly pharmaceuticals. It symbolizes the expanding use of online drug shopping across the globe.
As a result of the lockdown, travel restrictions, and concern over COVID-19 virus infection, more people are turning to online pharmacies to buy over-the-counter and prescription medications. Additionally, virtual-based teleconsultations have taken the place of in-person medical appointments, which has led to the development of digital pharmaceuticals. Similarly, to this, important players developed a variety of tactics to fight the pandemic. For instance, Flipkart introduced Flipkart Health+ in November 2021 after buying the bulk of Sastasundar Marketplace Limited. During the COVID-19 pandemic, services were significantly needed to provide individuals with essential pharmaceuticals. Flipkart joined this industry at that time.
The pandemic has altered the top priority for health systems worldwide. It has inspired emerging nations to reconsider their priorities for urban infrastructure. Many countries struggled to combat the pandemic while advancing other healthcare objectives. Several nations, particularly India, are utilizing the COVID-19 outbreak as an opportunity to strengthen their health systems. Growing public attention to developing and enhancing the healthcare system may support e-pharmacy market expansion.
Online pharmacies emerged as one of the biggest beneficial factors of the pandemic-induced lockdown, even though medical supply stores were considered essential services since people opted to purchase their medications online to reduce the danger of disease transmission. Customers have been forced to use ePharmacy platforms to order medicines online from their homes rather than going to brick-and-mortar pharmacies and diagnostic facilities due to high caseloads in some countries and regional lockdowns. Due to increased government efforts encouraging the adoption of online drug purchases, ePharmacy has experienced tremendous growth throughout the epidemic. Numerous industry participants have increased their strategic endeavors due to the COVID-19 epidemic.
The research study provides a comprehensive analysis of the industry, assessing the market on the basis of various segments and sub-segments. It sheds light on the competitive landscape and introduces E-Pharmacy Market key players from the perspective of market share, concentration ratio, etc. The study is a vital resource for understanding the growth drivers, opportunities, and challenges in the industry.
Industry Dynamics
Growth Drivers
In recent years, both the Central and State Governments have recognized the value of E-Pharmacies, classifying them as vital services and promoting them on the Aarogya Setu App. The government has implemented several initiatives to encourage the expansion and improve the ease of doing business in the E pharmacy market, including the Ayushman Bharat, National Digital Health Mission (NDHM), Startup India, Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP), and Digital India.
E-pharmacies can help to ensure a supply of genuine and authorized pharmaceuticals at affordable prices with easier accessibility by eliminating intermediaries and offering savings (online platform, home delivery & improved digital payment infrastructure). E-pharmacies are projected to be widely used nationwide due to their convenience and value.
Report Segmentation
The market is primarily segmented based on drug type, product type, payment method, platform, and region.
|
By Drug Type |
By Product Type |
By Payment Method |
By Platform |
By Region |
|
|
|
|
|
Know more about this report: Request for sample pages
The OTC Products is Expected to Witness Market Growth
The OTC and prescription drug markets are the two segments of the online pharmacy market. The OTC products segment had the biggest market share and is expected to rise significantly over the coming years. The sector demand will be helped by public awareness and education about the main treatments for prevalent ailments.
During the projected period, rising consumer awareness and the demand for OTC drugs are anticipated to fuel the worldwide ePharmacy market. Additionally, it is launched that increasing demand for cutting-edge technologies will drive the market. Further, an expanding geriatric population is anticipated to support market expansion.
The Platform Segment is Expected to Increase Market Growth
The platform-based category forecasts a market where services for frequent patients are offered via apps and websites. Additionally, they provide patients with discounts and coupons. Further, they engage with manufacturers to offer lower prices, as well as with medical clinics, which boosts the market growth.
The Demand in North America is Expected to Witness Significant Growth
The major portion of the market under investigation comes from North America. This is mostly due to the increased usage of online services and the increased number of internet users, predicted to accelerate the market's expansion throughout the forecast period. For instance, Medicure Inc.'s subsidiary Marley Drug Pharmacy in the United States introduced its nationwide direct-to-consumer e-commerce pharmacy platform in February 2022. With this, Americans may purchase affordable, FDA-approved medications from Marley Drug on its brand-new e-commerce website, which provides home delivery to all 50 states.
The demand for over-the-counter pharmaceuticals rises as the frequency of minor diseases like the flu, fever, backaches, coughs, and colds rises. As a result, more people are turning to internet pharmacies to get these prescriptions. Additionally, it is anticipated that the e-pharmacy market in North America, particularly the United States, will be driven by the convenience of ordering medications from the comfort of home.
The Asia Pacific market is anticipated to expand at a quicker CAGR during the forecast period. This is attributable to the rising prevalence of common illnesses, which is predicted to increase demand for associated over-the-counter (OTC) medications. The industry is expanding due to government initiatives to raise the caliber of healthcare services. The expanding popularity of the direct-to-patient approach is also driving the market.
Competitive Insight
Some of Major players operating in the global E-pharmacy which include Express Scripts Holding, Giant Eagle, The Walgreen Company, Kroger Co, CVS Health Corporation, DocMorris, PharmEasy, Wal-Mart Stores, OptumRx, Rowland Pharmacy, Lloyds Pharmacy Ltd (McKesson Corporation), 1mg and Netmeds among other players.
Recent Developments
- In May 2020: Express Scripts announced the beginning of a new program named "Express Scripts Parachute Rx" amid the COVID-19 pandemic that provides Americans with substantial savings on prescription pharmaceuticals at reasonable costs. It helped the organization grow its clientele and revenue in a competitive market.
- May 2021: To increase its services and clients in India, PharmEasy recently announced the acquisition of MedLife. The company's market footprint has expanded thanks to this combination, which has also increased revenue.
- September 2022: Amazon announced its intention to start selling prescription drugs online in Japan. It seeks to work in partnership with small and medium-sized pharmacies to develop a platform where patients can obtain online drug directions. Customers could order their medications online and deliver them to their homes without going to a drugstore.
- January 2024: Lilly launched end-to-end digital healthcare experience through LillyDirect. This service aims to offer a new digital healthcare experience for patients in the US living with obesity, migraine, and diabetes.
- May 2024: Bond Vet initiated an online pharmacy to oblige all bond vet positions. The online pharmacy ascertains a simplified approach to medications for their pets requirement. It improves ease and obtainability while sustaining the standard of care.
E-pharmacy Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2024 |
USD 90.02 billion |
|
Revenue forecast in 2032 |
USD 371.25 billion |
|
CAGR |
19.4% from 2024 - 2032 |
|
Base year |
2023 |
|
Historical data |
2019 - 2022 |
|
Forecast period |
2024 - 2032 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
|
Segments covered |
By Drug Type, By Product Type, By Payment Method, By Platform, and By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Key companies |
Express Scripts Holding, Giant Eagle, The Walgreen Company, Kroger Co, CVS Health Corporation, DocMorris, PharmEasy, Wal-Mart Stores, OptumRx, Rowland Pharmacy, Lloyds Pharmacy Ltd (McKesson Corporation), 1mg and Netmeds among other players |
Gain profound insights into the 2024 E-Pharmacy Market with meticulously compiled statistics on market share, size, and revenue growth rate by Polaris Market Research Industry Reports. This thorough analysis not only provides a glimpse into historical trends but also unfolds a roadmap with a market forecast extending to 2032. Immerse yourself in the comprehensive nature of this industry analysis through a complimentary PDF download of the sample report.
Browse Our Top Selling Reports
Abrasive Blasting Nozzle Market Size, Share 2024 Research Report
Camping Coolers Market Size, Share 2024 Research Report
Clinical Communication and Collaboration Market Size, Share 2024 Research Report
Coin Operated Laundries Market Size, Share 2024 Research Report
Plastics in Electrical and Electronics Market Size, Share 2024 Research Report
FAQ's
Key companies in e-pharmacy market are Express Scripts Holding, Giant Eagle, The Walgreen Company, Kroger Co, CVS Health Corporation, DocMorris, PharmEasy, Wal-Mart Stores, OptumRx, Rowland Pharmacy.
The global e-pharmacy market expected to grow at a CAGR of 19.36% during the forecast period.
The e-pharmacy market report covering key segments are drug type, product type, payment method, platform and region.
key driving factors in e-pharmacy market are rising use of digital technology and e-commerce and government has implemented several initiatives.
The global E-pharmacy market size is estimated to reach USD 371.25 billion by 2032.
© 2024 Polaris Market Research and Consulting. All rights reserved
