The global ePharmacy market demand is predicted to increase at a 14.3% CAGR to US$ 351.9 billion by the end of 2033, up from US$ 81.5 billion in 2022.
“The growth of the global ePharmacy market is being driven by ePharmacies’ efficiency in providing affordable medicinal products as well as increased e-commerce penetration”
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| ePharmacies Market Size (2023) | US$ 92.4 Billion |
| Forecasted Market Value (2033) | US$ 351.9 Billion |
| Value CAGR (2023 to 2033) | 14.3% |
Customers’ preferences are migrating to e pharmacy platforms due to the ease of purchase, availability of a wide choice of pharmaceuticals, and high-quality medical services available on the internet.
A huge number of smartphone purchases and the spread of epharmacy awareness. The growing senior population, which suffers from chronic ailments and lives in remote places, boosts ePharmacy sales. This has an impact on the e-pharmacy sector in India, as smartphone sales are expanding.
As part of the ePharmacy business model, lucrative offers, substantial discounts, and easy accessibility assist end consumers in quickly navigating and ordering medicines. This propels the global market and boosts sales via epharmacy.
As e-commerce and the online sector become more accessible, so does the availability of medicines, as multiple suppliers (B2C and B2C) gain a presence online. This gives these sellers a better place to sell their wares.
“The major challenge with ePharmacy market is rising number of illegal vendors online that decrease the credibility of online sources. Also, risks associated with counterfeit drugs are downgrading the marketing. To prevent these illegal vendors, e pharmacy regulations are there in every country.”
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Key Takeaway
- Government initiatives and e-pharmacy rules encourage and regulate digital technology in order to improve the space and its functionality. Several industry participants benefit from government awareness programmes.
- North America dominates the market, accounting for more than 35% of worldwide epharmacy revenue. The reason for the rapid rise is the high rate of internet penetration among the American people.
- Customers can simply engage with the website and post prescriptions when epharmacy enterprises construct their product profile and marketing campaign with the prescription portal attached.
- 63% of the world’s population uses the internet and interacts with eCommerce websites on a regular basis, fueling market growth.
- The global epharmacy market is segmented by product type that is further segmented into OTC products and prescription medicines.
- The biggest segment by the product type category is OTC products. These products are in high demand because of the easy access and low hassle processes.
Competitive Landscape
The Walgreen Company dominates the global ePharmacy market are Express Scripts Holding, CVS Health, DocMorris, Giant Eagle, Wal-Mart Stores, OptumRx, PharmEasy, 1mg and Netmeds. These companies are adopting new digital channels and processes to increase their stronghold in the ePharmacy market.
- In 2021, PharmEasy initiated the takeover of MedLife to expand the deliverables and stronghold in India.
- Lately, Express scripts have launched a new program named Express Scripts Parachute Rx that offer price discounts on multiple products.
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Key Segments Covered in ePharmacy Industry Research
By Product:
- Over the Counter Product
- Prescription Medicines
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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