New York, USA, March 22, 2023 (GLOBE NEWSWIRE) -- ePharmacy Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “ePharmacy Market Information By Drug Type, Operating Platform, Business Models and Region - Forecast till 2030", the market size was valued at USD 65.90 billion in 2022 and is projected to grow from USD 74.13 Billion in 2023 to USD 150.29 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.50% during the forecast period (2023 - 2030).
Market Scope
Increasing online orders, rising investment for small companies and a rising number of counterfeit online pharmacies are the key market driver enhancing market growth. Efficiency of ePharmacy in providing affordable medical products and the growing prevalence of e-commerce is driving the global market growth. An online pharmacy known as an "e-pharmacy" provides orders to consumers via postal services or shipping firms. The following instances demonstrate how internet pharmacies have expanded. The Department of Health in the UK stated that the electronic prescription service (EPS) will save the NHS money by improving efficiency, lowering the quantity of paper processing needed, and reducing prescribing mistakes. It was planned to launch in November 2019. Providing healthcare services to more than 3 million people, Ping An Good Doctor, a one-stop healthcare ecosystem platform from China, stated in January 2019 that it had put its One-minute Clinics throughout 8 provinces and cities in China and had inked service contracts for approximately 1,000 units.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 150.29 Billion |
| CAGR | 12.50% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Drug Type, Operating Platform, Business Models |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Efficiency of ePharmacy in providing affordable medical products |
| Adoption of advanced technologies in bioanalytical testing services |
Key Players
The central contenders in the ePharmacy Market are
- 3M
- B. Braun Melsungen AG
- Baxter International INC
- Smith & Nephew Plc
- Cardinal Health
- Coloplast Corp.
- ConvaTec Group Plc
- Integra Lifesciences Holdings Corporation
- Mölnlycke Health Care AB
- Avery Dennison Corporation
ePharmacy Market Dynamics
The more than 100 categories of popular medications available at Every One-Minute Clinic are all cryogenically chilled to assure their high quality. In 2016, New York made it a requirement for prescribers to send prescriptions to pharmacies electronically.
The ePharmacy market is expanding as a result of factors including the convenience offered in the delivery of medicine at a reduced price and legislation encouraging the usage of ePharmacy. The ePharmacy industry is expanding due to increased small business investment as well. The expansion of the ePharmacy sector, however, is being hampered by the growing number of phony online pharmacies.
A pharmacy that uses the Internet to do business and delivers orders to consumers via the mail, shipping services, or an online pharmacy web portal is known as an online pharmacy, internet pharmacy, or mail-order pharmacy. In order to survive and thrive in a fiercely competitive and expanding market environment, key participants in the ePharmacy industry must offer timely, cost-effective services.
The ePharmacy business is expanding due to a shift in customer preferences towards buying medications online and a rise in the adoption of high-speed internet. The expansion of the ePharmacy market is further anticipated by an increase in the number of online pharmacies and the thriving pharmaceutical sector. As of January 2020, 50+ start-ups were active in the Indian e-Pharmacy market, serving over 5,000,000 patients each month with high-quality, reasonably priced medications. With increased industry investment, there are now more ePharmacies. Meds, a Swedish online pharmacy, raised USD 5.7 million in a round that was co-founded by Inbox Capital.
E-pharmacy enhances customer convenience and accessibility, which will primarily benefit countless elderly people living in family units and patients who are unable to leave their homes to find a pharmacy. More people above the age of 65 are being born worldwide than people under 65. One in six persons worldwide will be over 65 by 2050 (16%), up from one in eleven (9%), according to statistics from World Population Prospects: the 2019 Revision. There are a lot of patients in nursing homes who are 65 years of age or older who have chronic illnesses including diabetes, arthritis, eye problems, or cognitive impairment.
According to studies done by the Ohio State University Wexner Medical Center, there were between 1.4 to 1.5 million individuals in nursing homes in the state. Growing senior populations with chronic illnesses are anticipated to drive the ePharmacy industry.
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Market Segmentation
The Drug Type, Operating Platform, and Business Model segments of the global ePharmacy market have been identified.
Prescription medications and over-the-counter (OTC) pharmaceuticals are the two categories into which the ePharmacy market has been divided based on Drug Type. In 2019, the sector of prescription pharmaceuticals held the biggest market share, with 55.6%. This highest percentage can be due to consumers' preference for it over over-the-counter medications.
Based on the operating platform, the ePharmacy industry has been divided into apps and websites. In 2019, the app sector held the biggest market share, with 57.6%. The primary driver of this segment's growth is the increase of retail pharmacies that are releasing applications for product delivery around the globe.
The ePharmacy market is divided into three segments based on business models: marketplace, pharmacy, and direct. With a value of USD 33,222.2 million in 2019, the marketplace category had the biggest market share thanks to the rise in online drug purchases and refills.
Regional Outlook
The regions of the Americas, Europe, Asia-Pacific, and the Middle East & Africa make up the global ePharmacy market. Due to the existence of significant manufacturers, growing consumer awareness, and an increase in product launches by significant players in the Americas, the region is predicted to dominate the worldwide market of ePharmacy. With a 48.9% market share in the worldwide ePharmacy industry in 2019, the Americas held the greatest market share.
A sizable portion of the worldwide ePharmacy market was located in Europe. Due to factors including increased online orders, e-quick commerce's growth, the prevalence of chronic illnesses, an increase in the geriatric population, and well-developed IT infrastructures, the market of ePharmacy in Europe is predicted to soar throughout the projected period.
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The Asia-Pacific area has experienced rapid expansion as a result of increased diabetes incidence, rising per capita income, and government measures to improve the standard of healthcare. Because of their aging populations, China, India, and Australia have potential markets for online pharmacies. Furthermore, between 2015 and 2030, the number of individuals in the globe who are 60 years of age or older is expected to increase by 56%, according to a research released by the UN in 2015. The Asia-Pacific area would also be home to about 66% of the world's senior population.
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