The global ePharmacy market size was estimated at US$ 70.42 billion in 2023 and is expected to hit around US$ 345.79 billion by 2032, growing at a notable CAGR of 17.30% from 2023 to 2032.
The rapidly growing geriatric population, rising penetration of e-commerce, rising prevalence of diseases, and rapidly growing adoption of the digital technologies across the globe are the most prominent factors that are driving the growth of the global ePharmacy market. According the International Telecommunications Union, the around 64% of the global population were using internet in 2021 and most of them operated through their smartphones. The rising government spending on the development of digital infrastructure and boost the digital businesses have led to the market growth significantly. Moreover, the global geriatric population is projected to reach 1.5 billion by 2050, as per the United Nations.
Get the Sample Pages of Report@ https://www.precedenceresearch.com/sample/1793
The significantly rising adoption of the smartphones, e-commerce, and internet among the population owing to the ease and conveniences of shopping the desired products and brands from the comfort of their home is driving the growth of the global ePharmacy market. The growing popularity of the e-commerce channels among the Gen Z and the millennials are expected to boost the adoption of the ePharmacy in the upcoming future. The ePharmacy platforms offers a huge variety of pharmaceutical products, huge discounts and cashbacks, quick and free home deliveries, easy replace and refund options, and easy payment options.
Report Highlights
- Based on product, the over-the-counter (OTC) products segment dominated the market with over 70% of the market share in 2021. The increased consumer awareness regarding the commonly and frequently prevailing diseases and primary medication has led to the growth of this segment. The increasing demands for the primary medications in the developing economies are expected to foster the growth of this segment in the forthcoming years.
- North America was the leading ePharmacy market with a market share of 41% in 2021.
- North America ePharmacy market was valued at USD 21.5 billion in 2021.
- Europe region accounted 19% revenue share in 2021.
- Asia Pacific region garnered market share of around 25% in 2021.
Regional Snapshot
North America has a positive attitude towards the innovative and technologically advanced products and services, which has led to the significant growth of the ePharmacy market in the past few years. Nearly 80% of the US population is connected to the ePharmacy platforms. The significant shift towards the direct-to-patient model has driven the market growth. The presence of well-established transportation and digital infrastructure in the regions has led to the rapid adoption of the e-commerce channels among the consumers. The increasing online sales, rising geriatric population, growing prevalence of diseases, and rising penetration of telehealth platforms are the major factors that are supporting the growth of the ePharmacy market. More than half of the population is US is suffering from chronic diseases and it is also expected that the geriatric population will constitute 24% of the US population by 2060. The ease and conveniences of buying medicines from ePharmacy will contribute significantly towards the market growth in the upcoming years.
Asia Pacific is expected to be the fastest-growing market during the forecast period. The presence of huge population in the region, growing geriatric population, and rising prevalence of diseases are boosting the demand for drugs across Asia Pacific region. The rising technological advances, rising government initiatives to boost the adoption of digital technologies, growing popularity of e-commerce, and rising penetration of the ePharmacies are the major factors that are expected to drive the growth of the Asia Pacific ePharmacy market during the forecast period.
Report Scope of the ePharmacy Market
| Report Coverage | Details |
| Market Size by 2032 | USD 345.79 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 17.30% |
| North America Market Share in 2022 | 42% |
| OTC Products Segment Market Share in 2022 | 71% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Product, Type, Drug Type, Operating Platform, Platform, Payment Method, Business Model, Geography |
ePharmacy Market Dynamics
Driver
The higher efficiency of the online pharmacies in providing low cost medical products
The rapidly growing patient population across the globe is boosting the demand for the medicines. The ePharmacies allows the chronically ill and elderly people to conveniently order and receive the drugs without depending on any third person. The ePharmacies specializes in the procurement and supply of medicine at low costs. The rising penetration of internet and growing digital literacy among the population is expected to drive the demand for the ePharmacies across the globe in the forthcoming future.
Restraint
Stringent regulations on online sales of prescription drugs
The online sales of the prescriptions drugs in the developed markets like North America and Europe are highly regulated by the government. The market players face a challenge to comply strictly with the various regulations and rules. Moreover, there are several countries that do not legalize the sales of the prescription drugs through online channels. These factors may hamper the growth of the ePharmacy market.
Opportunity
Rising penetration of internet
The market has witnessed an increasing number of market players across the globe. The rising advances in the IT and telecommunications infrastructure has led to the increased penetration and adoption of internet among the global population. According to the International Telecommunications Union, a rise of around 17% has been noticed in the number of internet users from 2019 to 2021. Around 64% of the global population had access to the internet in 2021 and majority of them operated through their smartphones. The rising penetration of internet is expected to offer growth opportunities to the market players in the undeveloped and developing markets.
Challenge
Risk of counterfeit drugs through online pharmacies
The e-commerce platforms are vulnerable to the counterfeit products especially in the developing and underdeveloped economies. The presence of various counterfeit drug providers in the market may hamper the growth of the market and countering these illegal drug suppliers are the major challenge for the ePharmacy providers.
Read Also: Pacemakers Market Size, Growth, Share, Report By 2032
Key market Developments
- In January 2022, Singapore’s leading specialty pharmaceutical and consumer healthcare company named Hyphens Pharma International Ltd. introduced its WellAwaye Pharmacy platform. This assists the consumers to access the pharmaceutical services and also allows doctors with teleconsultations.
- In August 2020, Reliance Retail acquired 60% of the stake in Netmeds, an ePharmacy platform in India, for US$83 million. This strategy aimed at providing affordable services and healthcare products it its customers.
- In January 2019, The Zur Rose Group decided to acquire the e-commerce business of Medpex, the third-largest online pharmacy in Germany. This strategy aimed at increasing the market share of The Zur Rose Group in Germany.
ePharmacy Market Comapnies
- The Kroger Co.
- DocMorris
- Walgreen Co.
- Rowlands Pharmacy
- Giant Eagle, Inc.
- Optum Rx, Inc.
- Walmart, Inc.
- CVS Health
- Express Scripts Holding Company
- Netmeds
Segments Covered in the Report
By Product
- Over-the-Counter (OTC) Products
- Prescription Medicine
By Type
- Analgesics
- Skin Care
- Dental
- Cold and Flu
- Vitamins & Minerals
- Weight Loss
- Other
By Drug Type
- Foam Dressings
- Film Dressings
- Hydrocolloid Dressings
- CHG Adhesive Dressings
- Alginate Dressing
- Surgical Tapes
- Hydrogel Dressings
- Collagen Dressings
- Barrier Tapes
- Tissue Sealants
- Negative Pressure Wound Therapy Drapes
- Others
By Operating Platform
- Diabetic Foot Ulcers
- Pressure Ulcers
- Surgical and Traumatic Wounds
- Burns
- Ostomy Care
- Others
By Platform
- Mobile Users
- Desktop Users
By Payment Method
- Cash on Delivery
- Online Payment
By Business Model
- Hospitals and Clinics
- Home Care Settings
- Others
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Philippines
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa
Contact Us:
Mr. Alex
Sales Manager
Call: +1 9197 992 333
Email: sales@precedenceresearch.com
Web: https://www.precedenceresearch.com
Blog: https://www.expresswebwire.com/
Blog: https://www.uswebwire.com/