The Global ePharmacy Market size is expected to reach $167.6 billion by 2027, rising at a market growth of 16.4% CAGR during the forecast period. ePharmacy refers to the online sales of non-prescription and prescription drugs like conventional pharmacies. These pharmacies take online orders and deliver them to the customers in a stipulated time frame. The major factors fueling the growth of the market are rapid rate digitalization in healthcare services, a growing number of tech-savvy customers, and increasing penetration of the internet around the world.
In addition, purchasing medicines from ePharmacies is a very convenient option, resulting in increased preferences of customers towards this new concept. Additionally, patients, especially chronic elderly patients, who live in nuclear families or far locations where there is no medical store or pharmacy available receive host of benefits by ordering medicines through an online platform. Moreover, a significant increase in the integration of e-commerce and digital technologies within the healthcare sector is witnessed to open new growth avenues for the market.
The outbreak of COVID-19 has shown a negative impact on several nations across the world. Nations are still trying to find ways to defeat the pandemic and reduce its impact on health, livelihoods, and businesses. During this pandemic, the industries including ePharmacy, around the world has exhibited unprecedented solidarity and stood with their corresponding governments in their fight against the pandemic. The most crucial measures to avoid the effect of the coronavirus are maintaining social distancing, wearing a mask, and regularly washing or sanitizing hands.
Moreover, people were advised to stay at home, especially those who are above the age of 65 years. Further, doctors across the globe were practicing online, according to the telemedicine practice guidelines announced by governments. Doctors were issuing prescriptions using digital platforms and patients were also purchasing medicines and other medical products using these prescriptions by ePharmacies. Thus, the emergence of COVID-19 has increased the sales of drugs and other essential health products through the means of digital platforms. Therefore, it is anticipated that the ePharmacy market will witness strong growth in the forthcoming years.
A wide range of patients across the world prefers such ePharmacies that provide doorstep delivery as many times certain medicines are not available at the retail pharmacy stores. In addition, these pharmacies help the geriatric population and chronically ill patients in lowering their dependency on others for purchasing healthcare products and medicines. Also, there is a significant surge in the penetration of the internet as people are becoming more aware of using internet resources.
A significant surge in the implementation of e-prescriptions in hospitals & other healthcare services, an increasing number of internet consumers, and rising access to web-based & online services are some of the factors that are expected to fuel the penetration rate of ePharmacy across the world. In addition, the increasing scope of e-commerce is proportionally increasing the customer base of ePharmacies in well-established and emerging nations around the world.
There are some mandatory regulations that all ePharmacies across the world follow but due to the emergence of illegal ePharmacies, customers are resisting themselves from ordering medications through online portals. The customers have fear of receiving counterfeit medicines that will have a negative impact on their health after their consumption.
Based on Drug Type, the market is segmented into Over-the-Counter Products and Prescription Medicines. OTC drugs witnessed considerable growth during the COVID-19 pandemic. This growth is attributed to the declining number of patients visiting clinics for minor ailments to prevent themselves from getting infected by the COVID-19. Furthermore, the utilization of OTC drug is providing economic benefits that have resulted in saving the drug cost and the cost that have to be paid at the time of visiting the clinic. Thus, all these factors are anticipated to boost the segment’s growth in developing nations.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 55 Billion |
| Market size forecast in 2027 | USD 167.6 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 16.4% from 2021 to 2027 |
| Number of Pages | 117 |
| Number of Tables | 164 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Drug Type, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America acquired the highest market share of the ePharmacy market in 2020. The determinants such as developed healthcare infrastructure, positive attitude towards the adoption of new technologies, growing adoption of e-commerce, surging online sales, and rising geriatric population are driving the growth of the regional market. Digitalization across the world has opened its doors to offer customer-friendly experiences and other enhanced services due to which, the trend is shifting towards the direct-to-patient model, thereby augmenting the growth of the regional market.
Free Valuable Insights: Global ePharmacy Market size to reach USD 167.6 Billion by 2027
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Amazon Pharmacy (Amazon.com), Optum Rx, Inc., and Walmart, Inc. are the forerunners in the ePharmacy Market. Companies such as The Kroger Co., Walgreens Boots, Alliance and Giant Eagle Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include The Kroger Co., Walgreen Co., Giant Eagle, Inc., Walmart, Inc., Express Scripts Holding Company (Cigna), CVS Health (CVS Pharmacy, Inc.), Optum Rx, Inc. (United Health Group), Rowlands Pharmacy (the PHOENIX group), DocMorris (Zur Rose Group AG), and Amazon Pharmacy (Amazon.com).
By Drug Type
By Geography
The ePharmacy market size is projected to reach USD 167.6 billion by 2027.
Offers a wide range of inexpensive medical products are driving the market in coming years, however, the emergence of various unauthorized ePharmacies limited the growth of the market.
The Kroger Co., Walgreen Co., Giant Eagle, Inc., Walmart, Inc., Express Scripts Holding Company (Cigna), CVS Health (CVS Pharmacy, Inc.), Optum Rx, Inc. (United Health Group), Rowlands Pharmacy (the PHOENIX group), DocMorris (Zur Rose Group AG), and Amazon Pharmacy (Amazon.com).
The expected CAGR of the ePharmacy market is 16.4% from 2021 to 2027.
Yes, the emergence of COVID-19 has increased the sales of drugs and other essential health products through the means of digital platforms. Therefore, it is anticipated that the ePharmacy market will witness strong growth in the forthcoming years.
The Over-the-Counter Drugs Segment is anticipated to display the fastest growth rate over the forecasting years.
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