The latest report by IMARC Group, titled “E-Pharmacy Market Report by Drug Type (Over the Counter (OTC) Drugs, Prescription Drugs), Product Type (Skin Care, Dental, Cold and Flu, Vitamins, Weight Loss, and Others), Platform (App-Based, Web-Based), Payment Method (Cash on Delivery, Online Payment), and Region 2024-2032,” finds that the global e-pharmacy market size reached US$ 8.5 Billion in 2023. E-pharmacy, also known as electronic or online pharmacy, is a digital platform that enables individuals to purchase prescription and over-the-counter medications and numerous health-related products over the internet. It operates through dedicated websites or mobile applications, allowing users to browse several pharmaceutical products, compare prices, and place orders from the convenience of their homes. It provides easy access to medications and healthcare products, especially for individuals with limited mobility or who live in remote areas. It is particularly valuable for those with chronic conditions who require regular medication. Additionally, it offers a hassle-free shopping experience, with 24/7 availability, allowing customers to upload their prescriptions, receive professional advice online, and have their medications delivered to their doorstep, eliminating the need for physical visits to brick-and-mortar pharmacies. It also provides price transparency, allowing customers to compare the costs of medications and select the most cost-effective options, which can lead to significant cost savings for consumers. As a result, e-pharmacies are gaining immense traction to help customers manage their medications, including automated refill reminders and dosage tracking, enhancing medication adherence across the globe.
Global E-Pharmacy Market Trends:
The market is primarily driven by the emerging technological advancement in secure payment gateways. In addition, it offers enhanced security with the integration of encryption technologies, tokenization, and multi-factor authentication and secures the safety of sensitive financial information, such as credit card details and personal data, which instills confidence in consumers, reducing concerns about online payment fraud, thus influencing the market growth. Moreover, modern payment gateways facilitate quick and seamless transactions using real-time processing and optimized user interfaces that allow customers to make payments swiftly, improving the user experience and reducing cart abandonment rates, thus representing another major growth-inducing factor. Besides this, the widespread adoption of smartphones and internet access are paving the way for e-pharmacies, allowing consumers easy access through mobile apps and websites to browse and purchase medications, access information, and even consult with healthcare professionals remotely, thus accelerating market growth. Along with this, the onset of the coronavirus disease (COVID-19) pandemic with lockdowns, social distancing measures, and concerns about in-person interactions led more individuals to turn to online pharmacies for their healthcare needs, thus propelling the importance of remote healthcare access. Apart from this, the integration of telemedicine services in e-pharmacies allows patients to consult with healthcare professionals virtually, allowing remote diagnosis and facilitating the prescription process, thus creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 11.8 Billion by 2032, exhibiting a CAGR of 3.69% during the forecast period (2024-2032).
- Based on the drug type, the market has been bifurcated into over-the-counter (OTC) and prescription drugs. Presently, over-the-counter (OTC) accounts for the largest market share.
- On the basis of the product type, the market has been classified into skin care, dental, cold and flu, vitamins, weight loss, and others. Among these, skin care exhibits a clear dominance in the market.
- Based on the platform, the market has been categorized into app-based and web-based. Currently, app-based platforms hold the leading position in the market.
- On the basis of the payment method, the market has been segmented into cash on delivery and online payment.
- Region-wise, North America (the United States and Canada) exhibits a clear dominance in the market. Other major regions include Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa (Turkey, Saudi Arabia, and others).
- The competitive landscape of the industry has also been examined in the report, with some of the key players being CVS Health Corporation, DocMorris (Zur Rose Group AG), Express Scripts Holding Company (Cigna Healthcare), Giant Eagle Inc., Lloyds Pharmacy Limited, Optumrx Inc. (Unitedhealth Group Incorporated), Rowland Pharmacy, The Kroger Co., Walgreen Co. (Walgreens Boots Alliance Inc.) and Walmart Inc.
|Base Year of the Analysis
||Drug Type, Product Type, Platform, Payment Method, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico, Turkey, Saudi Arabia
||CVS Health Corporation, DocMorris (Zur Rose Group AG), Express Scripts Holding Company (Cigna Healthcare), Giant Eagle Inc., Lloyds Pharmacy Limited, Optumrx Inc. (Unitedhealth Group Incorporated), Rowland Pharmacy, The Kroger Co., Walgreen Co. (Walgreens Boots Alliance Inc.) and Walmart Inc.
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