The global ePharmacy market share is expected to have risen at a 14.3% compound annual growth rate from US$ 81.5 billion in 2022 to US$ 351.9 billion by the end of 2033.
The demand for mail-order medications is rising as e-commerce and internet usage gain traction. Around the world, a great deal of online pharmacies are known as ePharmacies. They deliver right to your door.as well as the dispensing of prescription and over-the-counter drugs. Since the advent of ePharmacy, patients no longer need to visit the pharmacy, and market growth has been facilitated by the simplicity of ordering across many provider platforms. The need for the online pharmacy business has grown due to the internet’s rapid expansion and the emergence of digital health, or eHealth.
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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.
- 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.
Key Companies:
- Netmeds Marketplace Ltd.
- TEasyMedico
- Medlife
- Amazon. Inc
- Apotek
- The Kroger Co.
- Walgreen Co.
- Giant Eagle, Inc.
- Others
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:
By Product:
- Over the Counter Product
- Prescription Medicines
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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