New York, United States, June 28, 2022 (GLOBE NEWSWIRE) -- ePharmacy is a business model that facilitates the preparation and sale of prescription and over-the-counter drugs, similar to traditional pharmacies. In contrast, online pharmacies accept online orders and ship prescriptions by mail. ePharmacy is a method of selling and shipping medications and medicines to customers via the internet. The internet makes things convenient and simple. With a valid prescription from a licensed doctor, patients can order drugs online and have them delivered to their homes. The global ePharmacy industry is mainly driven by an increase in internet users, an enhancement in healthcare infrastructure, a fast-growing older population, and a rise in population awareness of e-commerce businesses.
In addition, the shift in consumer behavior followed by an increasing need for convenience is a crucial element in the evolution of the global ePharmacy market. In emerging and increasing countries, healthcare costs are a growing concern; consequently, internet pharmacies can be utilized to cut expenses because they offer numerous benefits, such as substantial discounts on prescriptions and consumer convenience. Further, it reduces other costs, such as transportation, easing individuals’ financial burden. As a result of these qualities, it is projected that the number of online pharmacies will increase over time.
The global market for ePharmacy is envisioned to expand throughout the forecast period due to the increasing use of online services and e-prescriptions in the healthcare industry. The rise of the worldwide ePharmacy market is predicted to be hindered by several issues, such as the proliferation of unethical online pharmacies and the absence of market penetration in rural parts of emerging nations.
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Key Highlights
- The global ePharmacy market was valued at USD 71,278 million in 2021. It is expected to reach USD 2,31,061 million by 2030, growing at a CAGR of 13.96% during the forecast period (2022–2030).
- Based on drug type, the global ePharmacy market is segmented into Over-the-Counter (OTC) and Prescription Drugs. Over-the-Counter Drugs are expected to hold the largest market share, growing at a CAGR of 13.3% during the forecast period.
- Based on product type, the global ePharmacy market is segmented into Skin Care, Dental, Cold and Flu, Vitamins, Weight Loss, and Others. The cold and flu segment is expected to grow at a CAGR of 14.5% by 2030.
- Based on region, the global ePharmacy market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. North America is expected to hold the largest market share, growing at a CAGR of 4.31% by 2030.
Increased Access to Online Services and Rising Implementation of E-Prescriptions in Hospitals and Other Healthcare Clinics Drives the Global ePharmacy Market
The rising availability of internet systems around the globe has significantly improved the portability of web-based and online services and enabled the emergence of several new market entrants over the years, which has also enhanced the accessibility of web-based and online services. This factor most certainly impacts the growth of the global ePharmacy market. The web-based and online services provide their consumers with various perks, including substantial discounts on purchases, coupons, round-the-clock accessibility, and safety. Consequently, the growth of online pharmacies is developing among the population. As internet connection expands in distant places, it is anticipated that the adoption of the ePharmacy model will increase, propelling the expansion of the global ePharmacy market.
Moreover, due to the growth potential of the ePharmacy market, several new firms are investing, launching, or expanding their operations in the online pharmacy domain. This will generate demand, along with the online services in the region in medicine delivery, and is anticipated to positively propel the growth of the global ePharmacy market. For instance, Amazon.com, Inc. created Amazon Pharmacy in the United States in November 2020 to deliver prescription prescriptions. The company offers co-pay and non-insurance choices to its customers and a considerable pharmacy discount for Prime members. It is projected that the adoption of web-based and online services in the pharmacy field will increase internationally due to the rising demand for online services and lifestyle change; accordingly, the global ePharmacy market will expand significantly over the forecast period.
E-prescription is the electronic prescribing feature that enables healthcare professionals to send prescriptions electronically instead of handwritten prescriptions. This technology can substantially increase the efficiency of pharmacy operations and management, as it can lessen the probability of prescription errors that occur when interpreting doctors' handwriting on paper prescriptions. Thus, as the number of electronic prescriptions increases, the effectiveness of pharmacy operations and management will increase. E-prescription enables the physician to substitute a drug with a lower price, reducing the patient's out-of-pocket expenses and the cost of healthcare. As a result of these factors, the global use of e-prescription in healthcare services is rising, which will positively impact the global ePharmacy market and result in the growth of the global ePharmacy market.
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Regional Insights
North America is expected to hold the largest market share, growing at a CAGR of 4.31% by 2030. The US will contribute heavily to the regional growth during the forecast period. Attributed to the prevalence of retail behemoths on the online market, the Us also has many internet users and thriving ecology of online purchasing goods. Between 2020 and 2021, the proportion of web users in the United States climbed by 11 million.
In addition, internet usage in the US reached 90% in January 2021. Consequently, the growing number of internet users and the increased use of online services would contribute to expanding the global ePharmacy market over the forecast period. The nation's market participants employ many strategies, including new launches, collaborations, partnerships, and acquisitions. Consequently, the increasing usage of the internet and the rising prevalence of chronic diseases are projected to boost the growth of the global ePharmacy market throughout the forecast period.
Europe is expected to grow at a CAGR of 4.1%, generating a revenue of USD 25,819 million by 2030. The region’s country Germany, contribute massively to the regional growth. In Germany, a change in consumer behavior characterized by greater demand for comfort is also one of the primary contributors to market expansion. In addition, the increased usage of e-commerce and digital technology in the healthcare industry is anticipated to stimulate growth. Rising imports of over-the-counter (OTC) pharmaceuticals, relaxation of relevant restrictions, growing awareness of self-medication, and increasing healthcare expenses drive ePharmacy market expansion.
In Germany, medications recommended for symptoms, such as pain, the common cold, cough, and fever, and over-the-counter pharmaceuticals formerly covered by insurance are no longer covered. Due to the ease of acquiring prescriptions and the substantial discounts, these businesses offer, the online selling of cough, cold, and flu medications have increased dramatically in the region. In addition, the increasing usage of information technology in the healthcare industry enables clinicians to submit prescriptions electronically, which is anticipated to stimulate market expansion.
Asia-Pacific is expected to be the fastest-growing region during the forecast period. China is a significant contributor to the regional market. The growing prevalence of internet use throughout the country, advancements in healthcare infrastructure, the enormous burden of chronic diseases, and users' growing awareness of e-commerce are primary factors influencing the online pharmacy industry in China. One of the most critical aspects contributing to the expansion of the regional market is the change in consumer behavior that has resulted in an increased desire for convenience.
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Competitive Players
- 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
Global ePharmacy Market: Segmentation
By Product Type
- Prescription Drugs
- Over-the-Counter (OTC) Drugs
By Drug Type
- Skin Care
- Dental
- Cold and Flu
- Vitamins
- Weight Loss
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- The Middle East and Africa
- South America
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TABLE OF CONTENT
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Market Overview
3.1 Report Segmentation & Scope
3.2 Value Chain Analysis: ePharmacy Market
3.3 Key Market Trends
3.3.1 Drivers
3.3.2 Restraints
3.3.3 Opportunities
3.4 Porter’s Five Forces Analysis
3.4.1 Bargaining Power of Suppliers
3.4.2 Bargaining Power of Buyers
3.4.3 Threat of Substitution
3.4.4 Threat of New Entrants
3.4.5 Competitive Rivalry
3.5 Market Share Analysis
3.6 Technological Overview
3.7 Impact of COVID-19 on ePharmacy market
4 Drug Type Overview
4.1 Introduction
4.1.1 Market Size & Forecast (Value)
4.2 Prescription Drugs
4.2.1 Market Size & Forecast (Value)
4.3 Over the Counter (OTC) Drugs
4.3.1 Market Size & Forecast (Value)
5 Product Type Overview
5.1 Introduction
5.1.1 Market Size & Forecast (Value)
5.2 Dental
5.2.1 Market Size & Forecast (Value)
5.3 Skin Care
5.3.1 Market Size & Forecast (Value)
5.4 Vitamins
5.4.1 Market Size & Forecast (Value)
5.5 Cold and Flu
5.5.1 Market Size & Forecast (Value)
5.6 Weight Loss
5.6.1 Market Size & Forecast (Value)
5.7 Others
5.7.1 Market Size & Forecast (Value)
6 Regional Overview
6.1 Introduction
6.1.1 Market Size & Forecast (Value)
6.2 America
6.2.1 North America
6.2.1.1 The U.S.
6.2.1.1.1 By Drug Type
6.2.1.1.2 By Product Type
6.2.1.2 Canada
6.2.1.2.1 By Drug Type
6.2.1.2.2 By Product Type
6.2.1.3 Mexico
6.2.1.3.1 By Drug Type
6.2.1.3.2 By Product Type
6.2.2 Central and South America and the Caribbean
6.2.2.1 By Drug Type
6.2.2.2 By Product Type
6.2.2.2.1 Brazil
6.2.2.2.1.1 By Drug Type
6.2.2.2.1.2 By Product Type
6.2.2.2.2 Argentina
6.2.2.2.2.1 By Drug Type
6.2.2.2.2.2 By Product Type
6.2.2.2.3 The Rest of Central and South America and the Caribbean
6.2.2.2.3.1 By Drug Type
6.2.2.2.3.2 By Product Type
6.3 Europe
6.3.1 Market Size & Forecast (Value)
6.3.2 Western Europe
6.3.2.1 The UK
6.3.2.1.1 By Drug Type
6.3.2.1.2 By Product Type
6.3.2.2 Germany
6.3.2.2.1 By Drug Type
6.3.2.2.2 By Product Type
6.3.2.3 France
6.3.2.3.1 By Drug Type
6.3.2.3.2 By Product Type
6.3.2.4 Spain
6.3.2.4.1 By Drug Type
6.3.2.4.2 By Product Type
6.3.2.5 Italy
6.3.2.5.1 By Drug Type
6.3.2.5.2 By Product Type
6.3.2.6 Rest of Western Europe
6.3.2.6.1 By Drug Type
6.3.2.6.2 By Product Type
6.3.3 Eastern Europe
6.3.3.1 By Drug Type
6.3.3.2 By Product Type
6.3.4 Rest of Europe
6.3.4.1 By Drug Type
6.3.4.2 By Product Type
6.4 Asia-Pacific
6.4.1 Market Size & Forecast (Value)
6.4.2 Japan
6.4.2.1 By Drug Type
6.4.2.2 By Product Type
6.4.3 China
6.4.3.1 By Drug Type
6.4.3.1 By Product Type
6.4.4 Australia
6.4.4.1 By Drug Type
6.4.4.2 By Product Type
6.4.5 India
6.4.5.1 By Drug Type
6.4.5.2 By Product Type
6.4.6 South Korea
6.4.6.1 By Drug Type
6.4.6.2 By Product Type
6.4.6 Rest of Asia-Pacific
6.4.6.1 By Drug Type
6.4.6.2 By Product Type
6.6 The Middle East & Africa
6.6.1 The Middle East
6.6.1.1 Market Size & Forecast (Value)
6.6.1.2 Saudi Arabia
6.6.1.2.1 By Drug Type
6.6.6.2.2 By Product Type
6.6.1.3 The UAE
6.6.1.3.1 By Drug Type
6.6.1.3.2 By Product Type
6.6.1.4 Qatar
6.6.1.4.1 By Drug Type
6.6.1.4.2 By Product Type
6.6.2 The Africa
6.6.2.1 Market Size & Forecast (Value)
7 Company Profile
7.1 The Kroger Co.
7.1.1 Company Overview
7.1.2 Financial Performance
7.1.3 Recent Developments
7.1.4 Drug Type Portfolio
7.2 Walgreen Co
7.2.1 Company Overview
7.2.2 Financial Performance
7.2.3 Recent Developments
7.2.4 Drug Type Portfolio
7.3 Wal-Mart Stores, Inc.
7.3.1 Company Overview
7.3.2 Financial Performance
7.3.3 Recent Developments
7.3.4 Drug Type Portfolio
7.4 CVS Health
7.4.1 Company Overview
7.4.2 Financial Performance
7.4.3 Recent Developments
7.4.4 Drug Type Portfolio
7.5 Express Scripts Holding Company
7.5.1 Company Overview
7.5.2 Financial Performance
7.5.3 Recent Developments
7.5.4 Drug Type Portfolio
7.6 Giant Eagle, Inc
7.6.1 Company Overview
7.6.2 Financial Performance
7.6.3 Recent Developments
7.6.4 Drug Type Portfolio
7.7 DocMorris (Zur Rose Group AG)
7.7.1 Company Overview
7.7.2 Financial Performance
7.7.3 Recent Developments
7.7.4 Drug Type Portfolio
7.8 Rowlands Pharmacy
7.8.1 Company Overview
7.8.2 Financial Performance
7.8.3 Recent Developments
7.8.4 Drug Type Portfolio
7.9 1mg
7.9.1 Company Overview
7.9.2 Financial Performance
7.9.3 Recent Developments
7.9.4 Drug Type Portfolio
7.10 Netmeds
7.10.1 Company Overview
7.10.2 Financial Performance
7.10.3 Recent Developments
7.10.4 Drug Type Portfolio
7.10 Medline Industries
7.10.1 Company Overview
7.10.2 Financial Performance
7.10.3 Recent Developments
7.10.4 Drug Type Portfolio
7.10 OptumRx, Inc.
7.10.1 Company Overview
7.10.2 Financial Performance
7.10.3 Recent Developments
7.10.4 Drug Type Portfolio
9 Conclusion & Recommendations
10 Acronyms & Abbreviations
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Market News
- In 2022, CVS Health Corporation announced the launch of CVS Health Virtual Primary Care™, a new virtual care solution available through a single digital platform.
- In 2022, Optum Rx Inc. announced the launch of Optum® Specialty Fusion™, a first-of-its-kind specialty medication management solution, to simplify care for patients with complex conditions and lower the cost of expensive specialty drugs.
- In 2022, Optum Rx Inc merged with LCH Group.
News Media
North America Dominates the ePharmacy Market
How COVID-19 Pandemic Accelerated the Global Telemedicine Market
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