Healthcare

Global E-Pharmacy Market

October 9, 2021
ID: SR/HC-170
Format:Pdf
Pages:220

Global E-Pharmacy Market Size Drug Type (Prescription Drugs and Over-the-Counter (OTC) Drugs), Product Type (Derma Care, Dental Care, Anti-Biotic, Vitamins, Weight management, and Other Product Types), and By Region (North America, Asia Pacific, Europe, South America, and the Middle East & Africa), Global Forecast to 2021 - 2027.

Description

E-Pharmacy Market Overview

The E-Pharmacy market size was valued at USD 62.3 billion in 2020 and is projected to rise at a CAGR of 18.65% from 2021 to 2027. The E-Pharmacy market is being propelled forward by rising internet penetration worldwide, improved digitalization of healthcare services, and an increase in the number of tech-savvy consumers. The E-Pharmacy market also benefits from rising consumer demand for online shopping and an increased focus on convenience. Furthermore, the adoption of digital technology and e-commerce in the healthcare sector is expected to drive overall growth. It provides simple access to chronic elderly patients from nuclear families and patients who cannot leave their homes.

Additionally, People are increasingly choosing home delivery of medicines due to the unavailability of specific drugs in pharmacies. In the following years, this is projected to strengthen the E-Pharmacy Market. Furthermore, rising demand for mail-order pharmaceuticals and increased e-commerce and internet usage will likely drive the E-Pharmacy market expansion in the coming years. Rising demand for e-prescriptions, as well as an increase in the number of patients due to an unhealthy lifestyle, rising emerging technologies such as artificial intelligence (AI) and machine learning (ML) aid in ensuring customer satisfaction through recommendation engines, increasing internet penetration due to low data rates, and rising government initiatives, are all driving E-Pharmacy market growth. Furthermore, in the forecasted period of 2021-2027, with rising technological advancements and modernization in the healthcare sector, the E-pharmacy industry will see new potential as research and development activities in the healthcare sector increase and emerging markets with a growing senior population.

What is an E-Pharmacy?

E-Pharmacy, often known as online pharmacy or internet pharmacy, is a form of pharmacy that distributes drugs and medical orders to customers via the internet. Patients can order drugs via the internet and have them delivered to their homes with the help of this technology. For dispensing prescription drugs, an e pharmacy requires two functional components. It has numerous advantages, including convenience, time savings, cost savings, a wider range of options, drug approval, and so on. E-pharmacies provide customers with lower prices, greater convenience, lower transaction and product costs, and greater secrecy than traditional pharmacies. People with restricted mobility and those who live in remote areas can benefit from them. Only a few of them include media notifications (custom medicine reminder service), discounts, quick delivery to your door, and prescription validation by expert pharmacists.

Growth Driver

Rising Adoption of E-Commerce

Because of the expanding reach of e-commerce, E-Pharmacy has attracted a large consumer base in both developed and developing countries. This generation’s millennials are heavily reliant on online purchases of commodities such as cosmetics and over-the-counter medications. Due to new information technologies and algorithms that provide improved user experience and pleasure, many start-ups are rising worldwide. Artificial intelligence-based technologies are expected to improve client satisfaction in the market. Additionally, Due to the unavailability of some medicines in pharmacies, people are increasingly opting for home delivery of medicines, which will boost the E-Pharmacy Market in the forecast period. In addition, the rising demand for mail-order pharmaceuticals, the expanding use of smartphones and tablets, and a shift in consumer behavior with a rising need for convenience are expected to fuel the e-pharmacy market. All of these reasons are projected to contribute to the global e-pharmacy market’s growth.

Rising geriatric population

The E-Pharmacy market is expected to develop in response to the growing geriatric population. Some of the causes driving expansion include ease of operation, more digitalization, and an increased number of people registering under Medicare. Due to the unavailability of some drugs in retail pharmacy stores, a huge patient population worldwide chooses doorstep delivery of healthcare supplies. Furthermore, E-Pharmacies reduce the reliance of chronically sick patients and the elderly on third parties to obtain medicines and healthcare supplies. Additionally, the increasing penetration and literacy regarding internet resources are projected to boost the e-pharmacy market.

Pre-Covid-19 impact on E-Pharmacy Market

Increased adoption of developing technology contributed to digitization in the healthcare industry before Covid-19, which fuelled the expansion of the e-pharmacy market. During the pre-covid-19 period, the potential to attract a wider client base and cater to unfulfilled drug supply demands fuelled the expansion of the e-pharmacy market. Furthermore, as information technology in the healthcare sector grows, physicians will send prescriptions electronically, boosting the E-Pharmacy market.

Covid-19 impact on E-Pharmacy Market

The COVID-19 pandemic has had a beneficial impact on E-Pharmacy market growth and has changed the fortunes of E-Pharma enterprises, as more people are switching from traditional to online purchases of generic pharmaceuticals and medical devices, including oximeters, thermometers, and health supplements. During the pandemic-related lockdown, the E-Pharmacy market grew significantly, as governments declared the distribution of medicines through e-commerce platforms to be a critical service. Due to large numbers of cases in countries and regional lockdown, consumers are being advised to use the E-Pharmacy service to obtain medicines online from the comfort of their homes rather than going to physical pharmacies and medical clinics.

Post-Covid-19 impact on E-Pharmacy Market

In the post-covid-19 period, market growth is expected to be driven by increasing digitalization and the benefits associated with the use of E-Pharmacy over traditional pharmacy. In the next years, market growth is expected to be driven by increasing digitalization and the benefits associated with the use of E-Pharmacy over traditional pharmacy. Additionally, Adopting the e-commerce model and digital technologies in the pharmaceutical sector will be a major change in the global e-pharmacy market. Increasing demand for common drugs, rising rates of medicine intake, advancements in manufacturing technology, and an aging population will drive the e-Pharmacy market in the post-covid-19 period.

Drug Type Segmental Analysis

By Drug Type, the e-pharmacy market is segmented into Prescription Drugs and Over-the-Counter (OTC) Drugs. The market for over-the-counter (OTC) drugs is predicted to be the largest. Customers save money, people in developing countries are more likely to self-medicate, and pharmaceutical companies switch from prescription to over-the-counter drugs. Additionally, key industry factors such as pharma companies switching from Rx to OTC, a growing trend among individuals in developing countries to self-medicate, an increase in the impact of discomfort, and a customer preference for online pharmacies are all driving OTC drugs segmental expansion in the e-pharmacy market.

Product Type Segmental Analysis

By Product Type, the e-pharmacy market is divided into Derma Care, Dental Care, Anti-Biotic, Vitamins, Weight management, and other product types. The Derma care segment is predicted to lead the product type segment. Over the forecast period, rising demand for face creams, sunscreens, and body lotions is expected to impact the market positively. Furthermore, the expanding e-commerce sector is expected to increase market growth even more. The need for skincare products has increased as a result of technological and product advancements.

Region Segmental Analysis

By Region, the E-Pharmacy market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. In the e-pharmacy market, North America has the highest share due to a rise in the number of online consumers and higher adoption of internet platforms, both of which are likely to boost market growth throughout the forecast period in the Region. The primary reasons contributing to regional market growth include a growing geriatric population, expanding internet sales, improved healthcare infrastructure, and a favorable attitude toward adopting new technologies. The change to a direct-to-patient approach, as the virtual age has opened possibilities to customer-friendly experiences and other innovative services, is driving North America’s overall market growth.

Competitor Analysis

The Kroger Co., Walgreen Co., Netmeds, Giant Eagle, Inc., Walmart, Inc., CVS Health, Optum Rx, Inc., Rowlands Pharmacy, DocMorris (Zur Rose Group AG), Medlife, Express Scripts Holding Company, Apollo Pharmacy, PharmEasy, Practo and other prominent players are the key players of the E-Pharmacy market.

Key Stakeholders

Market research and consulting firms
Industry associations
Global E-Pharmacy market product manufacturing firm
Research organizations and consulting companies
Organizations, associations, and alliances related to the E-Pharmacy market
Regulatory bodies
Suppliers
Retailers

Recent Developments

In September 2021, the FDA approved Opzelura (ruxolitinib) cream for the appropriate short-term and non-continuous severe treatment of mild atopic dermatitis in non-immunocompromised patients 12 years and older the disease is not controlled properly with topical prescription therapies or when those treatments are not recommended.
In July 2021, PharmEasy purchased a majority investment in the diagnostics chain Thyrocare Technologies to broaden and strengthen its testing business.
In March 2021, Phoenix UK purchased the online platform Co-op Health to enable independent pharmacies to compete in the digital pharmacy sector.

Scope of the Report

Report Attribute	Details
Market Size Value in 2020	USD 62.3 Billion
The revenue forecast in 2027	USD 172.35 Billion
Growth Rate	CAGR of 18.65 % from 2020 to 2027
Historical data	2017-2019
Forecast period	2021 – 2027
Region covered	North America, Europe, South America, Asia-Pacific, and Middle East & Africa
Key companies Profiled	J The Kroger Co., Walgreen Co., Netmeds, Giant Eagle, Inc., Walmart, Inc., CVS Health, Optum Rx, Inc., Rowlands Pharmacy, DocMorris (Zur Rose Group AG), Medlife, Express Scripts Holding Company, Apollo Pharmacy, PharmEasy, Practo and other prominent players.

Market Modelling

By Technology

Prescription Drugs
Over-the-Counter (OTC) Drugs

By Application

By Region

North America
Europe
Asia Pacific
South America
Middle East & Africa

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What is the size of the E-Pharmacy market?

The size of the E-Pharmacy market, USD 62.3 Billion in 2020, will reach USD 172.35 Billion by 2027.

What is the growth rate of the E-Pharmacy market?

The growth rate of the E-Pharmacy market is 18.65% during the forecast period.

What are the growth drivers of the E-Pharmacy market?

The rising Adoption of E-Commerce, increasing geriatric population, are the growth drivers of the E-Pharmacy market.

What is the competitive landscape of the E-Pharmacy market?

J The Kroger Co., Walgreen Co., Netmeds, Giant Eagle, Inc., Walmart, Inc., CVS Health, Optum Rx, Inc., Rowlands Pharmacy, DocMorris (Zur Rose Group AG), Medlife, Express Scripts Holding Company, Apollo Pharmacy, PharmEasy, Practo and others are the key players of the E-Pharmacy market.

Which Region is leading the E-Pharmacy market?

In the e-pharmacy market, North America has the highest share due to a rise in the number of online consumers and higher adoption of internet platforms.

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