Wilmington, Delaware, United States, April 21, 2023 (GLOBE NEWSWIRE) -- The global ePharmacy market is estimated to be valued at USD 362.8 Bn by 2031. Rise in consumer awareness about online pharmacies, extensive use of digital devices, and significant changes in consumer shopping habits are fueling the ePharmacy market. The ePharmacy model is simple to use; hence, it is increasingly replacing traditional pharmacies.
ePharmacy refers to an online pharmacy that offers medications and medical services. This branch of pharmacy primarily operates online, where the Internet is the medium to receive orders that are dispatched via dedicated delivery companies.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | USD 63.5 Bn in 2021 | |
| Estimated Value | USD 362.8 Bn by 2031 | |
| Growth Rate | 19.2% | |
| Forecast Period | 2022-2031 | |
| No. of Pages | 156 Pages | |
| Market Segmentation | By Product | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Chemist Direct, DocMorris, Express Scripts Holding Company, Giant Eagle, Inc., Healthxchange Pharmacy, LloydsPharmacy, MedExpress, Netmeds, Optum Rx, Inc., PharmEasy, 1Mg, Rowlands Pharmacy, The Kroger Co., Walgreen Co., and Well Pharmacy | |
Key Findings of Study
Rise in Practice of Online Shopping for Pharmacy Products – Electronic pharmacy systems, which entail the online purchase and sale of pharmaceutical and non-pharmaceutical products, are growing steadily. This is attracting large conglomerates and multi-national e-commerce firms toward the sector, which is undergoing consolidation among existing players.
Rapid growth of e-commerce has led to increase in orders by 20% to 30% for e-commerce companies in the wholesale and retail trade. Consumers have started purchasing everyday essentials, including groceries, apparel, and medicines, from online stores. Online pharmacies have witnessed exponential growth due to the excessive penetration of smartphones and the Internet. Consequently, ePharmacy has emerged as a lucrative industry that is witnessing sizable market demand.
Increase in Preference for Online Pharmacies – Changing practice of buying medicines online has caused significant disruption in the pharmacy market. The COVID-19 pandemic has had a significant impact on consumer purchasing behavior. It has led more consumers to purchase healthcare products from dedicated ePharmacies or online retailers.
According to data published in the Pharmaceutical Journal, the number of items sold from virtual pharmacies increased by 45% in the U.K. in 2020. The detailed examination of dispensing data and lists of virtual pharmacies obtained from a subsidiary of the NHS revealed that 42 million items were dispensed from these pharmacies in 2020.
Online retailing is growing rapidly as it offers convenience, dependability, and affordability to consumers. Consumers are already comfortable purchasing categories such as food, music, and media from online retailers. They are now looking for the same level of service for more complex items, such as prescription medicines, medical devices, and over-the-counter drugs. This is anticipated to propel global ePharmacy market size.
Growth in Internet Penetration and Smartphone Availability – In terms of product, the prescription medicines segment held the leading market share in 2021. The trend is anticipated to continue during the forecast period. Online pharmacies offer a much wider product range than conventional pharmacies, thereby benefiting patients.
Risk of unavailability of prescribed medicine at local physical pharmacies is propelling the global market. Patients order medicines online with a prescription from a registered medical practitioner and have them delivered to their doorstep. The practice of ordering prescription drugs online is increasing as the penetration of smartphones and the Internet continues to increase. Comparing prices of medications and ordering from the convenience of home are driving online sales of prescription medicines. This is anticipated to augment ePharmacy market growth during the forecast period.
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Competitive Insights
Competition landscape of the ePharmacy market is consolidated, with a small number of leading players that hold the majority share. Expansion of product portfolios and M&As are key growth strategies of key players in the global market.
Key players in the ePharmacy market include Chemist Direct, Express Scripts Holding Company, MedExpress, Optum Rx Inc., Rowlands Pharmacy, and Well Pharmacy.
Growth Drivers
- Surge in awareness about online pharmacies, excessive digital penetration, and shift in consumer shopping habits are fueling the ePharmacy market
- Key advantages of convenience, dependability, and affordability of ePharmacy solutions are driving adoption
Regional Analysis
North America held the leading share of the global ePharmacy market in 2021. The trend is anticipated to continue during the forecast period. Increase in penetration of the Internet leading to a rise in the adoption of digital technologies offers lucrative opportunities in the ePharmacy market in the region.
Germany and the U.K. are key contributors to the ePharmacy market in Europe, fueled by a rise in consumer inclination toward online purchase of medicines. According to published data, the U.K. has over 350 registered online pharmacies. In the last 12 months, 300,000 patients used Pharmacy2U’s NHS prescription service for doorstep delivery of their medication, and a new facility in Leicestershire is equipped to dispense 7.5 million items per month.
The ePharmacy market in Asia Pacific is expected to grow at the fastest CAGR during the forecast period. The region is home to the world’s two most populous economies—China and India. The key role of governments in emerging economies to promote the adoption of digital technologies, and shift in consumer preference to use ePharmacy solutions have led to a consistent rise in investment in ePharmacies, with the sector attracting investments of US$ 700 Mn in 2020 alone.
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The ePharmacy market is segmented as follows:
By Product
- Prescription Medicine
- Over-the-counter (OTC) Products
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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