New York, NY, March 24, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “E-pharmacy Market Share, Size, Trends, Industry Analysis Report by Drug Type (Prescription Drug, OTC Drug), By Product Type, By Payment Method, By Platform, By Regions; and Forecast, 2023-2032” in its research database.
“According to the latest research analysis, the global e-pharmacy market size/share is anticipated to be valued at approximately USD 63.33 Billion in 2022 and is projected to hit a revenue of around USD 371.25 Billion By 2032, at a CAGR of around 19.36% between 2023 and 2032.”
What is E-pharmacy? How Big is E-pharmacy (Online) Market Share?
- Overview
E-pharmacy is a business process model that offers medical care and provides the ability to sell prescribed and non-prescribed drugs for patients online. Orders of these medications are taken online, and drugs are sent to the customer’s location by post. Around 32,500 e-pharmacists globally serve services within the bounds of the law to safeguard public health everywhere. Online pharmacy is incredibly user-friendly and keeps expanding quickly, beginning to displace conventional pharmacies.
Ordering medicines online through this model is very easy. It is especially beneficial for those who reside far from a traditional pharmacy, the elderly, those with disabilities, and those who work very hard. The rising use of the internet worldwide, enhanced healthcare service digitization, and the growth of tech-savvy consumers are some of the key factors driving the e-pharmacy market size. Growing consumer preference for online shopping and an emphasis on convenience are both enhancing market growth.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report May Includes:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Key Highlights of the Report
- Market size (value & volume) by company, key regions/countries, products and applications, history data, and forecast
- The value and volume of submarkets, with respect to key regions
- Data on significant drivers, restraints, and opportunities
- Market segment analysis by types, applications, and regions
- Value chain analysis with price analysis and forecast
- Current market trends, application solutions, and market landscapes may be useful to organizations in the industry.
Some of the Top Market Players Are:
- Express Scripts Holding
- Giant Eagle
- The Walgreen Company
- Kroger Co
- CVS Health Corporation
- DocMorris
- PharmEasy
- Wal-Mart Stores
- OptumRx
- Rowland Pharmacy
- Lloyds Pharmacy Ltd (McKesson Corporation)
- 1mg
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Market Dynamics
Growth driving factors
- Expanding the use of e-prescription in the healthcare sector to push the market growth
Rising use of web-based and online services and the increasing use of electronic prescriptions in healthcare facilities and other settings is supporting the e-pharmacy market growth. Increasing smartphone adoption is another factor supporting the industry's growth. A surge in the number of chronic diseases is contributing to an increase in the demand for various healthcare products, including pharmaceuticals. This factor is fueling the online pharmacy market growth. E-pharmacies are anticipated to be majorly utilized nationwide because of their convenience and value.
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Recent trends influencing the market
Rise in a number of government initiatives to accelerate business in the online pharmacy sector flourishes the industry expansion
- The growing adoption of digital technologies and e-commerce across the healthcare area is expected to boost e-pharmacy market sales. For instance, in January 2022, venture capitalist Mark Cuban introduced a digital pharmacy that sells more than 100 genetic medications at a discount, to be completely open.
- In recent years, the government has formed a number of initiatives to promote market expansion and increase business accessibility in the online pharmacy sector. Some of these initiatives include Ayushman Bharat, National Digital Health Mission (NDHM), Startup India, Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP), and Digital India.
Segmental Analysis
- The OTC product is anticipated to dominate the market
Based on drug type, the market is segmented into OTC and prescription drugs. Among these, the OTC product category accounted for the highest e-pharmacy market share and is expected to register the largest market share during the forecast period. Increased public awareness and knowledge about the main treatments for prevalent ailments are further accelerating segment growth. Growing consumer awareness coupled with the rise in demand for OTC drugs is the key e-pharmacy market trend boosting the market growth.
- The platform segment is likely to witness growth in the market
The platform-based segment predicts high growth due to the services offered through apps and websites to the patients. Such services also offer patients with discounts and coupons. Platform-based services also collaborate with manufacturers to offer lower costs, as well as with medical clinics, which augments the market growth.
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E-pharmacy (Online) Market: Report Scope
| Report Attribute | Details |
| Revenue forecast in 2032 | USD 371.25 Billion |
| Market size value in 2023 | USD 75.50 Billion |
| Expected CAGR Growth | 19.36% from 2023 - 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | Express Scripts Holding, Giant Eagle, The Walgreen Company, Kroger Co, CVS Health Corporation, DocMorris, PharmEasy, Wal-Mart Stores, OptumRx, Rowland Pharmacy, Lloyds Pharmacy Ltd (McKesson Corporation), 1mg and Netmeds |
| Segments Covered | By Drug Type, By Product Type, By Payment Method, By Platform and region, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
- The demand in North America is estimated to show significant growth
In terms of geography, North America is projected to grow at a significant rate owing to the rise in the number of people using the internet and the use of online services. With the increased prevalence of minor diseases like the flu, fever, backaches, coughs, and colds, the demand for over-the-counter pharmaceuticals is increasing. Thus, more people prefer internet pharmacies to get these prescriptions which is propelling the market growth in the region. In addition, the ease of ordering prescription drugs from the comfort of one's home is anticipated to foster the e-pharmacy market in North America.
Moreover, Asia Pacific is predicted to grow with a faster CAGR over the foreseen period. One of the key factors contributing to the market growth in Asia Pacific is the increasing cases of common diseases which is expected to accelerate the demand for associated over-the-counter (OTC) medications.
Browse the Detail Report “E-pharmacy Market Share, Size, Trends, Industry Analysis Report By Drug Type (Prescription Drug, OTC Drug), By Product Type, By Payment Method, By Platform, By Regions; and Forecast, 2023-2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/e-pharma-market
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Recent Developments
- In May 2021, PharmEasy announced the acquisition of MedLife in order to expand its services and clientele in India. This combination has generated revenue for the corporation and broadened its market reach.
Some of The Important Questions Answered in the Market
- Which region offers the most rewarding open doors for the market?
- What are the business threats and variable scenarios concerning the market?
- Who are the significant players confronting and developing in the market?
- What is the projected size of the market?
- What are the opportunities and threats to which players are exposed in the market?
Polaris Market Research has segmented the E-pharmacy Market report based on Drug Type, Product Type, Payment Method, Platform and Region:
By Drug Type Outlook
- Prescription Drug
- OTC Drug
By Product Type Outlook
- Skin Care
- Dental
- Cold and Flu
- Vitamins
- Weight Loss
- Other Product Types
By Payment Method Outlook
- Cash On Delivery
- Online Payment
By Platform Outlook
- App Based
- Web Based
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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