E-pharmacy Market Revenues to Reach USD 174.57 billion by 2028 - Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence

Hyderabad, Aug. 01, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "E-pharmacy Market Report (2023-2028)," the market is estimated at USD 92.28 billion in 2023. It is expected to register a CAGR of 13.60% during the forecast period.

E-pharmacy provides medicines to consumers through the internet. It cuts down the long chain of distributors and directly provides medicine to the end user at a lesser price. The COVID-19 pandemic boosted the e-pharmacy market to new heights, and the trend is expected to continue. The rise in internet users and increased access to web-based services are expanding the market in developing countries, offering more opportunities in the years to come. However, illegal online pharmacies and low penetration in rural areas in developing countries are major challenges to be aware of.

Report Summary:

Who are the Top Companies in the Global E-pharmacy Market?

The market is moderately competitive, with a few dominating players. These players are adopting various marketing strategies to gain a higher market share, especially in developing regions that offer lucrative opportunities.

The significant players in the global e-pharmacy market are:

• 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

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Key Highlights from the Global E-pharmacy Market Report:

Over-the-Counter Drugs Segment Expects Fastest Growth

• The growing tendency of self-medication in developing regions is driving the demand for OTC drugs. Pharmaceutical manufacturers are switching from prescription to OTC drugs, leading to increased accessibility for customers.
• The economic benefits of OTC drug usage, including cost savings and avoidance of clinical visits, are expected to aid the market.
• Countries like India are planning to permit the sale of certain medications without prescription in the future.

North America Holds the Largest Market Share

• The higher number of internet users and adoption of online services in North America are helping the region dominate the e-pharmacy market.
• The growing prevalence of minor illnesses is increasing the demand for OTC medications, driving e-pharmacy dependence.
• The concentration of market players and the incorporation of advanced technologies are improving customer experience.

What are the Latest Developments in the Global E-pharmacy Market?

• In September 2022, Amazon stated that it was planning to sell prescription medications online in Japan by collaborating with small and medium-sized pharmacies.
• In September 2022, Walmart Canada and Canada Health Infoway entered a partnership. Infoway's PrescribeIT electronic prescribing service is now accessible in 14 Walmart Canada pharmacies in Ontario, Alberta, Saskatchewan, and New Brunswick.

Mordor Intelligence has Segmented the Global E-pharmacy Market Based on Drug Type, Product Type, and Geography.

• By Drug Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
  • Prescription Drugs
  • Over-the-Counter (OTC) Drugs
• By Product Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
  • Skin Care
  • Dental
  • Cold and Flu
  • Vitamins
  • Weight Loss
  • Other Product Types
• By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • United Kingdom
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia-Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Argentina
    • Rest of South America

In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Global E-pharmacy Market Report (2023-2028).

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About Mordor Intelligence:

Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.

Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.

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• E-pharmacy Market - Mordor Intelligence