The global ePharmacy market is anticipated to create lucrative growth opportunities over the forecast period by registering a CAGR of 14.3% from 2022 to 2033. The global market is expected to reach a market valuation of US$ 351.9 billion by the end of 2033, up from the US$ 81.5 billion that was recorded for 2022. According to the historical analysis, the market for ePharmacies expanded at a CAGR of 12.9% from 2017 to 2022 and reached a market value of US$ 81.4 billion in 2022. The growth of the global ePharmacy market is driven by its efficiency in providing affordable medicinal products as well as increased e-commerce penetration.
There is an augmenting demand for mail-order pharmaceuticals as e-commerce and internet use becomes more widespread. Globally, a large number of online pharmacies are referred to as ePharmacies. They offer doorstep delivery and medication dispensing for prescription and over-the-counter drugs. Since the introduction of ePharmacy, patients no longer need to visit the pharmacist, and ease of ordering over various supplier platforms has resulted in market development. The rapid development of the internet and the rise of digital health or eHealth, has significantly elevated the need for the online pharmacy market.
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Leading ePharmacy firms also offer medications at lower costs as compared to conventional brick-and-mortar pharmacies. Result of greater investment by e-commerce big players throughout the healthcare sector, the ePharmacy market is anticipated to grow at a significant rate over the forecast period. A massive patient pool across the globe opts for doorstep delivery of medical supplies because of the unavailability of some prescription medicines at retail pharmacy stores. ePharmacies significantly reduce the need for senior citizens and people with chronic illnesses to rely on other parties to get their medications and medical supplies. Similarly, it is anticipated that increased internet usage and awareness will increase ePharmacy market sales.
Key Takeaways
- Smartphone adoption is rapidly expanding which is further assisting the market growth over the assessment period. Furthermore, the adoption rate of smartphones was earlier around 65.0% in 2019 and is predicted to reach 80.0% by 2025, according to The Mobile Economy 2020.
- The rapid expansion of the healthcare industry and high operating expenses have made it vital to use ePharmacy platforms. To reduce operational costs, epharmacy platforms are perfect. Demand for numerous healthcare products, especially medications, is rising as chronic conditions become more common. This represents a greater opportunity for online modes of drug procurement worldwide.
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- An increase in internet consumption, easier access to web-based and other online services along with a surge in the usage of e-prescriptions in healthcare facilities are all factors contributing to the growth of the e-pharmacy market.
- Some of the key players within the global ePharmacy market enable people to order medication through an application for pickup at a nearby pharmacy or home delivery. Due to the increase in service usage and expansion, such acquisitions in the e-pharmacy market are anticipated to fuel market growth.
- The rising global accessibility of the internet and online commercial platforms and their products has offered numerous lucrative opportunities for ePharmacy in order to build a large customer base within developed as well as growing economies. In addition to that, youngsters of the current population heavily rely on online shopping for products like cosmetics/cosmeceuticals and over-the-counter pharmaceuticals.
Competitive Landscape
In order to gain a competitive edge and solidify their market positions, key manufacturers within the global ePharmacy market are exploring several growth strategies. The global ePharmacy market is expected to have significant growth due to increasing consumer demands. Online retail platforms’ easy access to regulated prescription drugs such as stimulants, painkillers, and tranquilizing hypnotics is indirectly contributing to market growth.
More Insights into the ePharmacy Market
The North American market is set to dominate the global ePharmacy market over the assessment timeframe. The United States is set to account for around 34.6% of the global market in 2023. Some of the major drivers in the growth of the USA market are propelling the usage of e-commerce platforms, an aging population, and a developed healthcare infrastructure. Additionally, the majority of USA citizens are involved with ePharmacy and the evolving tendency toward the direct-to-patient approach.
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Key Segments Covered in ePharmacies Industry Research
By Product:
- Over the Counter Product
- Prescription Medicines
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 9-years.
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