ePharmacy Market to Reach USD 177.7 Billion by 2026, Exhibiting a CAGR of 16.5% in The Forecast Period 2022-2032
According to a recent study done by FMI, the ePharmacy market is expected to reach US$ 329.83 billion by 2032, up from US$ 69.8 billion in 2021, expanding at a high CAGR of 16.4%.
This study explains how the ePharmacy market is directly proportional to the increasing penetration of internet-based pharmacy in the world market coupled with rising awareness of epharmacy amongst the common masses.
Easy purchasing, availability of a range of medications and quality medical services on the internet is holding up the customer preferences and shifting them to e pharmacy platforms.
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A large number of smartphone sales and spreading awareness about the concept of epharmacy.
The rising geriatric population base that suffers from chronic diseases and staying in remote areas increases sales through ePharmacy.
This also affects the e-pharmacy market in India as sales of smartphones are increasing here as well.
Lucrative offers, high discounts, and easy accessibility help end users navigate and order medicines easily, part of the ePharmacy business model. This drives the global market and increases sales through epharmacy.
With the increasing accessibility of e-commerce and the online industry, the availability of medicines is also rising as multiple vendors (B2C and B2C) are getting a space online.
This provides these vendors with a better space to sell their products.
“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.”
- The government initiatives and e pharmacy regulations support and control digital technology to improve the space and its functionality. Several industry players get benefitted from the government awareness programs.
- North America dominates the market as it holds more than 35% of the global epharmacy market. The factor behind the excessive growth is the extreme internet penetration amongst the American population.
- epharmacy businesses design their product profile and marketing campaign with the prescription portal attached to it that makes customers interact with the website easily and upload the prescription without a hitch.
- 63% of the world’s population is on the internet and interacts with eCommerce websites daily which directly proliferates the 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.
The Walgreen Company dominates the global ePharmacy market, 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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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified 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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