The global e-pharmacy market is estimated to expand at a robust CAGR during the forecast period, between 2021 and 2028. E-Pharmacy is a mail-order drugstore that primarily operates through an Internet platform to supply medicines and other pharmaceutical supplies. It mostly operates through independent internet-only retailers, online branches of traditional pharmacies, and outlets that promote pharmacy organizations. E-pharmacy assists in delivering orders directly to customers through online pharmacy web portals, mail, or shipping businesses, avoiding the long chain of wholesalers. Furthermore, web- or app-based e-pharmacy programs include information about prescribed dosages, product descriptions, and adverse effects. Customers' choice for e-pharmacy platforms has been attributed due to the ease of purchasing, availability of a wide range of pharmaceuticals, excellent services, and increased Internet accessibility.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing adoption of the Internet and smartphones across the world is estimated to drive the market growth.
- Rising usage of e-commerce platforms in the pharmaceutical sector, as well as the growing adoption of high-speed Internet, is driving the market expansion.
- Growing geriatric population, along with the effectiveness of e-pharmacies in delivering low-cost medicinal supplies, is propelling the market growth.
- Increasing proportion of medicare beneficiaries and growing prevalence of chronic diseases are estimated to fuel the market expansion.
- The unregulated sale of prescription drugs is anticipated to hamper the global e-pharmacy market profitability.
- The lack of strong rules is a major hindering factor for the growth of the market.
- Low penetration of technological advancements and well-developed IT infrastructural facilities are projected to provide lucrative growth opportunities for market participants.
Scope of E-pharmacy Market Report
The report on global e-pharmacy market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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E-pharmacy Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Product Types (OTC products and Prescription medicine), Operating Platforms (Website and App), and Business Models (Direct, Marketplace, and Pharmacy)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Tata 1mg; The Kroger Co; Walmart; Giant Eagle, Inc; CVS Health; OptumRx, Inc; Express Scripts Holding Company; PharmEasy; Walgreen Co; and Netmeds.
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Global E-pharmacy Market Segment Insights
OTC products segment is projected to hold significant market share
Based on product types, the market can be segmented into OTC products and prescription medicine. The OTC products segment is projected to hold significant market share due to the increased public awareness and education about the primary prescription for common ailments. The availability of a wide selection of over-the-counter medications for various common disorders such as colds and flu can drive the e-pharmacy industry. Furthermore, a regulatory framework that encourages Rx to OTC switching can improve segment sales growth. According to the Consumer Healthcare Products Association, switching from prescription allergy treatments to OTC medications increases consumer preference due to improved cost-effectiveness and accessibility.
App segment is anticipated to account for substantial share
On the basis of operating platforms, the market can be divided into website and app. The app segment is anticipated to account for substantial share, owing to the rising Internet penetration globally, growing number of tech-savvy customers, and improved digitization of healthcare services. Rising customer preference for online purchases along with a greater emphasis on convenience, is also assisting the segment expansion. Furthermore, the increasing adoption of digital technologies and e-commerce in the healthcare sector is expected to propel the overall growth of the market.
Marketplace segment register a substantial growth rate during the forecast period
In terms of business models, the global e-pharmacy market can be segmented into direct, marketplace, and pharmacy. The marketplace segment is estimated to register a substantial growth rate during the forecast period due to the increase in the number of clients purchasing drugs and refilling them online. It enables convenient access for chronic old patients from nuclear families, as well as those who are unable to leave their homes. The ease of purchase, availability of a wide selection of pharmaceuticals, quality services, and increased Internet accessibility have altered customer preference toward e-pharmacy platforms.
North America is expected to dominate the market
In terms of regions, the market can be classified as Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. North America is expected to dominate the market owing to the rising Internet penetration and quick acceptance of digital technology among the people. Furthermore, the presence of key industry companies providing services in the worldwide market, as well as the number of local pharmacy drugstores offering online services, is expected to boost the market in North America. Furthermore, the increasing burden of common health disorders such as cough, flu, back pain, and cold can drive demand for associated OTC products, and with expanded access, reliance on e-pharmacy to acquire these products is projected to grow in the future years. Furthermore, the expanding number of start-ups, as well as fierce competition among market players offering discounts and offers, can increase e-pharmacy market share.
Segments
The global e-pharmacy Market has been segmented on the basis of
Product Types
- OTC products
- Prescription medicine
Operating Platforms
Business Models
- Direct
- Marketplace
- Pharmacy
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Tata 1mg
- The Kroger Co
- Walmart
- Giant Eagle, Inc
- CVS Health
- OptumRx, Inc
- Express Scripts Holding Company
- PharmEasy
- Walgreen Co
- Netmeds
Competitive Landscape
Key players competing in the global e-pharmacy market are Tata 1mg; The Kroger Co; Walmart; Giant Eagle, Inc; CVS Health; OptumRx, Inc; Express Scripts Holding Company; PharmEasy; Walgreen Co; and Netmeds. These players are actively engaged in various business development strategies including collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to increase their market share.
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