Dublin, May 30, 2024 (GLOBE NEWSWIRE) -- The "Global ePharmacy Market Analysis & Forecast to 2024-2034" report has been added to ResearchAndMarkets.com's offering.
The global ePharmacy market accounted for USD 72.28 billion in 2023 and is expected to reach at USD 559.62 billion by 2034 with a CAGR of 20.45% during the forecast period 2024-2034.
Growing use of the internet & smartphones, rising advancements in digitalizing healthcare services, surge in tech-savvy consumers who prefer the convenience of online shopping, increasing integration of digital technologies & e-commerce in the healthcare sector, growing prevalence of chronic illnesses, rising government initiatives supporting online medicine purchases, surge in the convenience, affordability, & accessibility of such platforms, are driving their adoption among consumers, growing aging population, and increasing proliferation of innovative ePharmacy platforms are some of the key factors boosting the market growth.
By drug type, over-the-counter drug was the highest revenue-grossing segment in the global ePharmacy market in 2023 owing to the rising trend of self-medication, growing burden of pain, and increase in the introduction of innovative e-commerce platforms by industry players. Customers are increasingly favoring online pharmacies, prompting companies to transition from prescription (Rx) to over-the-counter (OTC) medications as a strategic response to rising patent expiration rates. Additionally, prescription drug is predicted to grow at the fastest CAGR during the forecast period owing to the ease of ordering prescription medications from online pharmacies and growing awareness about their utilization.
By product type, skin care was the highest revenue-grossing segment in the global ePharmacy market in 2023 owing to the increasing attention to beauty consciousness and increase in the introduction of new platforms. Additionally, vitamins is predicted to grow at the fastest CAGR during the forecast period owing to the growing aging population, increasing prevalence of chronic diseases, and surge in the introduction of innovative solutions.
North America is anticipated for the highest revenue share during the forecast period owing to the rising uptake of e-commerce, growing elderly population, surge in the adoption of novel technologies, increasing online retail transactions, well-established healthcare infrastructure, rising prevalence of chronic diseases, and growing launch of new online pharmacy.
Additionally, Asia Pacific is predicted to grow at fastest CAGR during the forecast period owing to the rise in government initiatives supporting the adoption of digital technologies, growing technological advancements, surge in strategic efforts from both public & private entities, and increase in the introduction of advanced ePharmacy platforms.
Report Scope
- Base Year: 2023
- Forecast Period: 2024-2034
- Market Forecast by Drug Type and Product Type
- Market Forecast for 5 Regions and 17+ Countries
- Exhaustive Company Profiles of Top 10+ Major Market Players
Companies Featured
- Netmeds
- CVS Health
- Walmart Inc.
- Walgreen Co.
- The Kroger Co.
- Optum Rx Inc.
- Giant Eagle Inc.
- Amazon.com Inc.
- Apollo Pharmacy
- Rowlands Pharmacy
- Axelia Solutions (Pharmeasy)
- DocMorris (Zur Rose Group AG)
- Express Scripts Holding Company
- Apex Healthcare Berhad (Apex Pharmacy)
- Cigna Corporation (Express Scripts Holdings)
ePharmacy Market Analysis & Forecast by:
Drug Type
- Over-the-counter Drug (OTC)
- Prescription Drug
Product Type
- Dental
- Vitamins
- Skin Care
- Cold and Flu
- Weight Loss
- Other
Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
For more information about this report visit https://www.researchandmarkets.com/r/1ctx29
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