Dublin, Sept. 04, 2023 (GLOBE NEWSWIRE) -- The "E-Pharmacy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The E-pharmacy market is expected to register a CAGR of 13.8% over the forecast period.
The market witnessed drastic growth during the COVID-19 pandemic. The lockdown and travel restrictions, along with the fear of getting infected with the COVID-19 virus, led to an increased dependence on online pharmacies to purchase both over-the-counter and prescription drugs.
Also, in-person doctor visits were replaced by virtual-based teleconsultations, which resulted in the generation of digital medicines. Similarly, key players came up with various strategies to combat the pandemic.
Additionally, as the trend toward non-contact delivery progressed, given the COVID-19 pandemic, the demand for e-pharmacy has increased throughout the current crisis. Furthermore, post-pandemic, there will be a massive increase in the e-pharmacy business due to the exposure of people to various e-pharmacy services and the rise in the adoption of online services due to the growing penetration and adoption of online services.
The growth of the e-pharmacy market is attributed to a rise in internet consumers, increased access to web-based and online services, and the rising implementation of e-prescriptions in hospitals and other healthcare services.
E-prescription is the electronic prescribing technology that allows healthcare professionals to go paperless by sending prescriptions in digital format instead of handwritten prescriptions. Doctors now prefer e-prescriptions to let patients quickly access medicine with the help of e-prescriptions.
Furthermore, the increase in the launch of e-pharmacies in developing countries is expected to drive the market's growth over the forecast period.
The significant advantage of e-prescription is that one can easily upload their e-prescription on the e-pharmacy website and order medicine online without any hurdle.
Therefore, due to the increasing implementation of e-prescriptions, uploading prescriptions online has become more accessible and less time-consuming. Thus, all the factors above augment the growth of the market. However, the increasing number of illegal online pharmacies and low penetration in rural areas in developing countries are expected to hinder market growth.
E-Pharmacy Market Trends
The Over-the-Counter Drugs Segment, under Drug Type, is Expected to Grow at the Fastest Rate during the Forecast Period
The over-the-counter drug segment is poised to witness lucrative growth over the forecast timeframe. Major industry trends, such as Rx to OTC switch by pharmaceutical manufacturers, a growing tendency of people toward self-medication in developing regions, an increasing burden of pain, and the inclination of customers towards online pharmacies are strongly driving the segmental growth.
The increasing patent expiration rates result in companies switching from Rx to OTC as a counter strategy. In July 2022, the FDA received an application from HRA Pharma for the first OTC birth control pill sold in the United States.
The company has submitted an Rx-to-OTC transition application for Opill, a daily birth control pill containing only progestin (also referred to as a mini pill or non-estrogen pill). This is expected to easy access to the mentioned drugs for the customers. Also, in the current COVID-19 pandemic, the e-pharmacy market, particularly for OTC drugs, witnessed significant growth as consumers were reluctant to visit clinics for minor ailments for fear of COVID-19.
Furthermore, in January 2022, the Drug Technical Advisory Board of India (DTAB), as part of a new OTC drug policy, will soon permit the sale of some medications without a prescription. A list of OTC medications, including analgesics (pain relievers), cough syrups, decongestants, laxatives, antiseptics, and medicines for gum infections, has been approved by the DTAB. Such initiatives from the governments of highly populated countries are expected to drive the market significantly, driving the market's growth.
Additionally, the economic benefits of OTC drug usage are attributable to savings on drug costs and costs incurred on a clinical visit. This factor significantly contributes to vertical growth in emerging economies.
Thus, these factors above collectively drive the segmental growth over the analysis period.
North America Holds the Largest Market Share of the E-pharmacy Market and is Expected to Witness the Same Trend over the Forecast Period
North America accounts for the largest share of the studied market. This can be primarily attributed to the higher number of internet users and higher adoption of online services, which are expected to augment the market's growth over the forecast period.
The growing prevalence of minor illnesses, such as flu, fever, backache, cough, and cold, increases the demand for OTC medications, and thus, the dependence on online pharmacies to obtain these drugs increases. Additionally, the ease of getting medicines from the comfort of home is expected to drive the e-pharmacy market in North America, especially the United States.
Also, the high concentration of market players and the incorporation of advanced technologies by key players to improve the experience of online medicine purchases by customers are expected to drive the market's growth in North America.
Therefore, owing to the above-mentioned factors, the market for e-pharmacy is expected to grow in this region.
A selection of companies mentioned in this report includes
- CVS Health Corporation
- Cigna Corporation (Express Scripts Holdings)
- Giant Eagle Inc.
- Optum Rx Inc.
- The Kroger Co.
- Walgreen Boots Alliance (Walgreen Co.)
- Amazon.com Inc.
- Axelia Solutions (Pharmeasy)
- Apex Healthcare Berhad (Apex Pharmacy)
- Apollo Pharmacy
- DocMorris (Zur Rose Group AG)
- Netmeds.com
For more information about this report visit https://www.researchandmarkets.com/r/t54mo2
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