The global ePharmacy market size was estimated at US$ 70.42 billion in 2022 and it is projected to surpass around US$ 345.79 billion by 2032, growing at a notable CAGR of 17.30% from 2023 to 2032.
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ePharmacy offer lot of benefits
ePharmacy also known as online pharmacy or internet pharmacy is a platform, where an individual is able to buy medications or drugs. It has emerged more across all the regions of the world during the COVID-19 pandemic. It is very simple for an individual to order prescribed drugs from the online platform. Its applications save a lot of time and its money saving as well. The system of these applications provides privacy for those who fear to talk with pharmacists and doctors. ePharmacy is a hub of medicines and drugs so as to pick whatever the needed product is. Some of these applications provide information of medicines along with the illness in the form of links or documented files. Government of India has started an initiative under the Digital India named as “Jan Aushidhi program” to make people aware about the accessibility of generic medicines easily from home. However, it has some disadvantages as well. Adequacy of physical assessment ability is one of the major disadvantages of the ePharmacy industry. Moreover, no need of prescription, data security regarding the payment information, among others is a few more disadvantages of ePharmacy market.
Growth Factors
The global ePharmacy market is expected to witness a significant growth during the forecast period, owing to the surging penetration of the internet, rising adoption of smartphones, growing access to digital technologies, rising digitization in healthcare sector, and surge in the number of tech-savvy customers across the globe. According to the International Telecommunications Union (ITU), around 64% of the global population had access to the internet by the end of 2022. This number is expected to rise significantly in the foreseeable future owing to the rising digitization and rapidly growing investments in the development of IIT and telecommunications infrastructure. The rapidly growing popularity of the e-commerce owing to the well-established transportation infrastructure and logistics solution providers has encouraged the growth of the ePharmacy industry across the globe. The rising adoption of the online purchasing channels among the millennials and gen Z owing to the convenient shopping from the comfort of home and quick home deliveries is expected to boost the growth of the global ePharmacy market in the upcoming years.
The rapidly growing penetration of the digital technologies and e-commerce in the healthcare industry is boosting the growth of the ePharmacy market. Moreover, the rising prevalence of chronic diseases, growing geriatric population, rising number of nuclear families, and rapid urbanization are some of the prominent factors that are fostering the growth of the ePharmacy market. Furthemore, some ePharmacies sells generic medicines at low cost, which is expected to attract the low and middle income consumers. Further, the huge discounts, free home deliveries, easy payment options, and easy replace and refund policies of the ePharmacies is significantly contributing towards the growth of the global ePharmacy market. Moreover, the rising affordability of smartphones is playing a significant role in the market growth. According to The Mobile Economy 2020, the penetration of smartphones was around 65% in 2019 and this is projected to reach at 80% by the end of 2025. The significantly growing number of patients in hospitals and other healthcare units is encouraging the healthcare sector to increasingly adopt the ePharmacy solutions. Moreover, the recent outbreak of the COVID-19 pandemic in 2020, has significantly accelerated the adoption of ePharmacy in the forthcoming future.
Report Scope of the ePharmacy Market
| Report Coverage | Details |
| Market Size by 2032 | USD 345.79 Billion |
| Growth Rate from 2023 to 2032 |
CAGR of 17.30% |
| North America Market Share in 2022 | 42% |
| OTC Products Segment Market Share in 2022 | 71% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Product, Type, Drug Type, Operating Platform, Platform, Payment Method, Business Model, Geography |
| Companies Mentioned | The Kroger Co., DocMorris, Walgreen Co., Rowlands Pharmacy, Giant Eagle, Inc., Optum Rx, Inc., Walmart, Inc., CVS Health, Express Scripts Holding Company, Netmeds |
Where is the ePharmacy sector heading?
EPharmacies are getting their place in the market, but they have to innovate their ways for the verification and validation of prescription based orders and the medications being delivered. In June 2021, FOOD and Drug Administration (FDA) issued a warning regarding knave pharmacies who were supplying unlawful drugs to the customers illegally. FDA came up with a solution for the key payers to make sure that the drugs they are supplying should match all the requirements of FDA.
Another concerned point appeared is that the customers are not receiving appropriate drugs at the time delivery. On the other hand, consistent growth of ePharmacy is going to elevate invention within the industry with an aim of supplying the most exquisite way of purchasing prescribed drugs through the online platform. To offer the choice of buying drugs online to the providers and patients along with friendly technologies of tracking and in person price vigilance are expected to create lucrative opportunities for the market as well as is projected to gain a more productive experience for pharmaceuticals.
In addition, with ePharmacy, dealers are able to expand their presence through reaching more suppliers and patients in need. For example, ordering online medications is one of the best ways for the patients in rural areas who live far away from pharmacies. Considering Business to Business (B2B), it is easier for the organizations operating in healthcare to get a comprehensive list of all the drugs and medicines to but on a single platform.
How to execute e-commerce proficiencies is a wandering thought for the pharmaceutical dealers and manufacturers to cope up with the demands coming from providers and patients. With the integration of new technologies, these associations who want to adopt e-commerce have to estimate their resources and goals to establish their plan. B2B and B2C ePharmacy platforms will now increase with continuous progress of healthcare sector to meet the requirements of patients and suppliers.
Product Insights
Based on product, over-the-counter products segment accounted for more than 73% of the market share in 2022. This growth is attributed to the increased demand for the OTC medical products including drugs. The rising consumer awareness regarding the common diseases and primary medication is boosting the demand for the over-the-counter (OTC) products in the ePharmacy market. The easy availability of wider range of OTC products for frequently prevailing diseases such as cold, flu, and fever is expected to drive the growth of this segment. The rising penetration of the OTC ePharmacy in the developing and underdeveloped economies is expected to have a significant growth impact on the OTC products segment during the forecast period.
The prescription medicine is expected to be the fastest-growing segment during the forecast period. The rising prevalence of various diseases and rising geriatric population is boosting the hospital and clinics visits across the globe. The rising adoption of the ePharmacy for buying prescription medicines is driving the market growth. Moreover, the growing adoption of the telehealth platforms and rising popularity of the ePrescriptions are expected to support the growth of the market. The easy uploading features available on the ePharmacy platforms helps the customers to easy order their medicines. The integration of the telehealth and ePharmacy platforms is expected to offer several growth aspects to the market players in the foreseeable future and drive the growth of the prescription medicine segment in the global ePharmacy market during the forecast period.
Region Insights
North America captured a market share of around 42% in 2022 and dominated the global ePharmacy market. The surging adoption of e-commerce owing to the presence of well-established telecommunications and IT infrastructure, rapidly rising geriatric population, growing prevalence of chronic diseases, and high acceptance of technologically advanced products and services are some of the prominent factors that has significantly propelled the growth of the North America ePharmacy market. It is estimated that the geriatric population will constitute around 24% of the total US population by 2060. Moreover, more than half of the US population is suffering from one or more chronic diseases. The rising adoption of telehealth platforms and growing popularity of ePrescription has supported the growth of the ePharmacy market in the region. Around 80% of the population in US is using ePharmacy platforms and the rising shift towards the direct-to-patient model is expected to significantly foster the growth of the ePharmacy market in North America during the forecast period. Furthermore, US was among the worst hit regions by the COVID-19 diseases. The outbreak of the COVID-19 pandemic in 2020 has significantly boosted the demand for the medicines through the ePharmacy platforms across the North America.
Asia Pacific is expected to witness the highest growth rate during the forecast period. The huge population in the nations like China and India, rapidly developing digital infrastructure, rising penetration of internets, growing demand for smartphones, and the growing popularity of e-commerce among millennials and Gen Z are the major factors that are expected to boost the growth of the ePharmacy market in Asia Pacific region. The demand for the ePharmacy is expected to rise significantly owing to the growing geriatric population. According to the United Nations, around 80% of the elderly population is expected to live in low or middle income countries by 2050. The surging government initiatives to boost the adoption of digital technologies among the population and various industries like Digital India by the Government of India will play a crucial role in the growth of the market in the forthcoming future.
Sales of ePharmacy enterprises Boosted amid the Pandemic
The impact of COVID-19 was positive on the global ePharmacy market. When the pandemic was going on, the business of ePharmacy boosted significantly, particularly in the emerging nations like India. Several governments declared lockdowns with certain restrictions, which in turn has surged the demand of mobile applications offering delivery services for medicines. Moreover, governments across the globe supporting digital technologies to enhance access for medicines and launching initiatives for the same has affected affirmatively on this market. Thus, various players of the industry have observed a robust rise in the number of subscriptions of ePharmacy applications during the pandemic situation.
The Global ePharmacy Market is partially Consolidated
The global ePharmacy market is partially consolidated with a few prominent players acquiring a considerable market share. An established presence of products in the ePharmacy market couple with robust channels of distribution is the key contributing factor of supremacy for these players in the global market. In addition, these players already have a deep-rooted presence in the market along with the trusted customers across the globe.
On the other hand, other players are broadening their existence in this market through geographical expansion and bracing their channels of distribution by acquiring or partnering with the domestic players. These players will witness a considerable growth over the next decade.
Key market Developments
Some of the prominent players in the global ePharmacy market include:
Segments Covered in the Report
(Note*: We offer report based on sub segments as well. Kindly, let us know if you are interested)
By Product
By Type
By Drug Type
By Operating Platform
By Platform
By Payment Method
By Business Model
By Geography
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