E-Pharmacy Market

Market Overview:

The global e-pharmacy market size reached US$ 80.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 203.4 Billion by 2028, exhibiting a growth rate (CAGR) of 16.4% during 2023-2028. The growing adoption of e-commerce platforms, the emerging popularity of mobile-based software applications, and the sudden outbreak of COVID-19 pandemic represent some of the key factors driving the market.

E-pharmacy, also known as online or internet pharmacy, refers to the practice of selling prescription medications and other healthcare products online through a website or mobile application. It provides a platform for consumers to browse and purchase medications, health supplements, over-the-counter drugs, and other healthcare products from the comfort of their homes. It also offers features such as medication reminders, personalized health information, and access to a wide range of healthcare products. They mainly function through online branches of brick-and-mortar pharmacies, internet-only outlets, and outlets promoting pharmacy associations. These pharmacies are regulated by authorities in their respective countries to ensure compliance with pharmacy laws and regulations, including patient confidentiality, quality assurance, and safe dispensing practices. In addition, they deliver the orders to the customers on their doorstep and offer cost- and time efficiency, enhanced convenience, and a vast range of products. Owing to these benefits, e-pharmacy services are gaining widespread popularity across the globe.

E-Pharmacy Market Trends:

The market is primarily driven by the growing adoption of e-commerce platforms in the pharmaceutical sector. In addition, the increasing internet connectivity and the rising penetration of smart devices represent other major growth. Besides this, elderly patients are widely adopting e-pharmacy services for regulated doorstep delivery of medicines, personal care products, and medical devices. This, coupled with the emerging popularity of mobile-based software applications that offer in-app benefits, such as discounted offers, customized purchases, and express delivery, is positively influencing the market growth. Additionally, with healthcare costs continuing to rise, consumers are adopting e-pharmacies to save money as they offer lower prices than traditional pharmacies. Moreover, with the sudden outbreak of the coronavirus disease (COVID-19) pandemic, individuals have widely shifted from brick-and-mortar drugstores to e-pharmacy platforms to mitigate the risk of coronavirus infection, thus propelling market growth. Furthermore, the rising integration of numerous innovative technologies, such as artificial intelligence (AI), predictive analytics, and health information technology (HIT), with e-pharmacy solutions, the increasing healthcare expenditure, the escalating demand for convenient, hassle-free services, and the rising disposable incomes of individuals are some of the other factors creating a favorable market outlook across the globe.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global e-pharmacy market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on drug type, product type, platform and payment method.

Drug Type Insights:

• Over the Counter (OTC) Drugs
• Prescription Drugs
   

The report has provided a detailed breakup and analysis of the e-pharmacy market based on the drug type. This includes over the counter (OTC) drugs and prescription drugs. According to the report, over the counter (OTC) drugs represented the largest segment.

Product Type Insights:

• Skin Care
• Dental
• Cold and Flu
• Vitamins
• Weight Loss
• Others
   

A detailed breakup and analysis of the e-pharmacy market based on the product type has also been provided in the report. This includes skin care, dental, cold and flu, vitamins, weight loss, and others. According to the report, skin care accounted for the largest market share.

Platform Insights:

• App-Based
• Web-Based
   

A detailed breakup and analysis of the e-pharmacy market based on the platform has also been provided in the report. This includes app-based and web-based. According to the report, app-based accounted for the largest market share.

Payment Method Insights:

• Cash on Delivery
• Online Payment
   

A detailed breakup and analysis of the e-pharmacy market based on the payment method has also been provided in the report. This includes cash on delivery and online payment.

Regional Insights:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
  • Turkey
  • Saudi Arabia
  • Others
     

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa (Turkey, Saudi Arabia, and others). According to the report, North America was the largest market for e-pharmacy. Some of the factors driving the North America e-pharmacy market included the rising disposable incomes, the growing geriatric population, and the escalating demand for convenient services at affordable prices.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global E-pharmacy market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include CVS Health Corporation, DocMorris (Zur Rose Group AG), Express Scripts Holding Company (Cigna Corporation), Giant Eagle Inc., Lloyds Pharmacy Ltd (McKesson Corporation), Optumrx, Inc. (Unitedhealth Group Incorporated), Rowland Pharmacy, The Kroger Co, Walgreen Co (Walgreens Boots Alliance, Inc.) and Walmart Inc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the e-pharmacy market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global e-pharmacy market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the e-pharmacy industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.