WASHINGTON, April 10, 2023 (GLOBE NEWSWIRE) -- Global ePharmacy Market is valued at USD 54.11 Billion in 2022 and is projected to reach a value of USD 86.90 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 6.10% over the forecast period 2023-2030.
Market Overview
According to Vantage Market Research, the ePharmacy market is expected to grow due to several key factors. One of the biggest drivers is the pharmaceutical industry's increasing reliance on e-commerce platforms, which makes it easier for consumers to purchase prescription drugs and other healthcare products online.
Another factor contributing to the growth of the ePharmacy market is the widespread use of smart devices and increased internet connectivity. As more people use smartphones and tablets to access the internet, it's becoming easier for them to order medications and other healthcare products online. This trend is particularly relevant for the growing senior population, who are more likely to suffer from chronic illnesses and benefit from monitored and door-to-door delivery of prescription drugs, medical equipment, and personal care products.
In terms of sales, Vantage Market Research predicts that over-the-counter (OTC) medications will account for more than 30% of total ePharmacy sales by 2028. This is because OTC medications are easy to purchase without a prescription from a doctor and are widely available in pharmacy stores.
Finally, if you're interested in regional trends, the United States is expected to significantly contribute to ePharmacy market growth. This is due to the large population of internet users in the country, as well as the thriving online retail market, which is dominated by retail giants.
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ePharmacy Market Dynamics
The global patient population is expanding rapidly, leading to increased demand for medicines. Fortunately, ePharmacies provide a convenient way for the elderly and chronically ill to obtain and receive their medications without requiring a third party. Additionally, ePharmacies specialize in finding and supplying medications at reasonable prices.
As internet usage and digital literacy levels continue to rise, it's expected that the demand for ePharmacies will increase globally. With the availability of internet systems worldwide, web-based and online services are becoming more accessible, offering users numerous benefits, including deep savings on purchases, coupons, availability around-the-clock, and enhanced security. As a result, the adoption of the e-pharmacy model is expected to grow, and the global ePharmacy Market will expand.
One of the key technological advancements in the pharmacy industry is the electronic prescribing feature, or "e-prescription." This feature enables medical professionals to send electronic prescriptions in place of handwritten ones, potentially significantly increasing the effectiveness of pharmacy management and operations. As e-prescriptions increase, pharmacy management and operations become more effective, reducing the possibility of prescription errors caused by interpreting doctors' handwriting on paper prescriptions.
The ePharmacy market is rapidly expanding, and the increasing penetration of smartphones is fueling this growth. According to The Mobile Economy 2020, smartphone usage was at 65.0% in 2019 and is projected to increase to 80.0% by 2025. To cut operational costs, ePharmacy solutions are being implemented in the healthcare sector, which is experiencing significant growth. The rising prevalence of chronic illnesses is also driving the demand for various healthcare products, including drugs, and this highlights the growing adoption of online drug procurement worldwide.
Top Players in Global ePharmacy Market
- The Kroger Co.
- DocMorris
- Giant Eagle Inc.
- Optum Rx Inc.
- Walgreen Co.
- Rowlands Pharmacy
- Walmart Inc.
- CVS Health
- Express Scripts Holding Company
- Netmeds
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Key Challenges Facing the ePharmacy Market:
One of the major challenges in the ePharmacy market is ensuring the safety and authenticity of medications. EPharmacies must take steps to prevent counterfeit drugs and ensure that the medications they sell are legitimate and safe for use.
Another challenge is the regulatory environment. EPharmacies must comply with various laws and regulations related to the sale and distribution of pharmaceuticals, which can be complex and costly.
ePharmacy Market Opportunities
The ePharmacy market offers significant opportunities for growth and expansion. With the increasing demand for online pharmacy services, ePharmacies can reach a wider audience and generate more revenue.
In addition, ePharmacies can leverage data analytics and customer insights to improve their marketing and sales strategies. By analyzing customer behavior and preferences, ePharmacies can tailor their offerings to meet the unique needs of their customers.
Top Report Findings
- The global ePharmacy market is expected to reach $ 86.90 Billion by 2030, growing at a CAGR of 6.10% from 2023 to 2030.
- The online pharmacy segment is expected to account for the largest share of the ePharmacy market, followed by the brick-and-mortar pharmacies with online ordering segment.
- The Asia Pacific region is expected to grow at the highest CAGR during the forecast period.
- The key drivers of the ePharmacy market include the increasing popularity of online shopping, the growing demand for convenience, and the rising cost of traditional healthcare.
- The key challenges of the ePharmacy market include the need for regulatory compliance, the need for patient trust, and the need for competition.
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Top Trends in ePharmacy Market
The ePharmacy market is growing rapidly, and there are several trends driving this growth. One of the main factors is the increasing demand and adoption of telemedicine. Many individuals who have an affinity for technology are using telemedicine to access healthcare providers, resulting in more transparency, awareness, and access to various health services. This trend is supporting the growth of the ePharmacy market, as it offers patients a convenient way to access their medications online.
Another trend that Vantage Market Research (VMR) expects is boosting the ePharmacy market is the increasing penetration of e-commerce. Patients are turning to online pharmacies to buy medicines that are not easily available in brick-and-mortar stores. Millennials, in particular, are relying on online procurement of OTC drugs, which is contributing to the growth of the ePharmacy market. Doorstep delivery of medicines is another factor that is making ePharmacy an attractive option for patients who cannot easily find the medications they need.
Moreover, the rise of vitamin deficiencies among people is another factor that is driving the growth of the ePharmacy market. Consumers are becoming increasingly aware of the importance of vitamins and the need to include dietary supplements in their lifestyle. As a result, there is a growing demand for vitamins, which is mainly being met through online platforms. Additionally, the rise in the number of self-medication practices among people is leading to an increase in the sale of multivitamin products. Since these products are easily available on e-commerce platforms, the ePharmacy market is poised for significant growth.
In summary, the ePharmacy market is growing due to several trends such as the increasing adoption of telemedicine, the penetration of e-commerce, the rise of vitamin deficiencies among people, and the increase in self-medication practices. These trends are creating a demand for online pharmacies that offer convenient access to healthcare products and services. As the ePharmacy market continues to grow, it is likely that more patients will turn to online pharmacies to meet their healthcare needs.
Global ePharmacy Market Segmentation
By Product
- Over-the-Counter (OTC) Products
- Prescription Medicine
By Type
- Analgesics
- Cold & Flu
- Vitamins & Minerals
- Skin Care
- Dental
- Weight Loss
- Other Types
By Drug Type
- Foam Dressings
- Hydrocolloid Dressings
- CHG Adhesive Dressings
- Alginate Dressing
- Film Dressings
- Surgical Tapes
- Hydrogel Dressings
- Tissue Sealants
- Collagen Dressings
- Barrier Tapes
- Negative Pressure Wound Therapy Drapes
- Other Drug Types
By Operating Platform
- Diabetic Foot Ulcers
- Surgical & Traumatic Wounds
- Burns
- Pressure Ulcers
- Ostomy Care
- Other Operating Platforms
By Platform
- Mobile Users
- Desktop Users
By Payment Method
- Cash on Delivery
- Online Payment
By Business Model
- Hospitals & Clinics
- Home Care Settings
- Other Business Models
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on ePharmacy Market Forecast Report (2022-2028).
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 54.11 Billion |
| Revenue Forecast by 2030 | USD 86.90 Billion |
| CAGR | 6.10% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | The Kroger Co., CVS Health, DocMorris, Walgreen Co., Rowlands Pharmacy, Giant Eagle Inc., Optum Rx Inc., Walmart Inc., Express Scripts Holding Company, Netmeds |
| Customization Options | If our report does not include the information you are searching for, you may contact us to have a report tailored to your specific business needs https://www.vantagemarketresearch.com/epharmacy-market-1895/request-sample |
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Recent Development in ePharmacy Market
- In January 2022, one notable development in this market is the launch of a digital pharmacy by venture capitalist Mark Cuban. This pharmacy offers over 100 generic pharmaceuticals at low prices, providing customers with an accessible and affordable option for their medication needs.
- In March 2022, another significant development in the ePharmacy market is the introduction of the Pixel by Labcorp COVID-19 at-home collection kit by Walgreens and Labcorp. This kit, which is supplied in collaboration with the US Department of Health and Human Services, provides easy access to testing services for many communities. This demonstrates how ePharmacy services can contribute to public health initiatives and improve access to healthcare services.
- In January 2022, Hyphens Pharma International Limited, the largest specialty pharmaceutical and consumer healthcare company in Singapore, launched WellAway ePharmacy. This platform simplifies access to pharmaceutical services for customers and also assists doctors with teleconsultation, demonstrating how ePharmacy services can contribute to the overall healthcare system.
Key Questions Answered in ePharmacy Market Report
- What are the major drivers and challenges in the ePharmacy market, and how are they expected to impact market growth in the coming years?
- What is the current market size of the ePharmacy industry, and what is its growth potential over the forecast period?
- What are the major trends and opportunities in the ePharmacy market, and how are they likely to shape the market in the future?
- What are the different types of ePharmacy models, and how do they compare in terms of market share and growth potential?
- Which geographic regions are the major markets for ePharmacy, and what are the growth prospects for each region?
- Who are the key players in the ePharmacy market, and what are their market shares and growth strategies?
- What are the different regulatory frameworks governing the ePharmacy market, and how are they expected to evolve over the forecast period?
- What are the major challenges faced by ePharmacy players in terms of supply chain management, customer acquisition, and business sustainability?
- What are the emerging technologies and innovations in the ePharmacy market, and how are they likely to impact market dynamics in the future?
- What are the major trends and opportunities in the ePharmacy market, and how can players capitalize on them to gain a competitive edge?
Regional Analysis
North America is one of the largest markets for ePharmacies, with the United States being a key contributor to the market's growth. The market is driven by the increasing adoption of telemedicine services, rising healthcare costs, and growing internet penetration. However, regulatory challenges and competition from traditional brick-and-mortar pharmacies remain significant hurdles for ePharmacies in this region.
Europe is another major market for ePharmacies, with the United Kingdom and Germany being key contributors to the market's growth. The market is driven by the increasing use of mobile applications, the growth of telemedicine services, and the adoption of blockchain technology to improve the security and authenticity of medications. However, the strict regulatory environment and high operational costs remain significant challenges for ePharmacies in this region.
The Asia-Pacific region is expected to witness significant growth in the ePharmacy market over the coming years. The market is driven by the increasing demand for affordable and convenient healthcare services, growing internet penetration, and rising healthcare expenditure. However, regulatory challenges, lack of digital infrastructure, and competition from traditional pharmacies remain significant challenges for ePharmacies in this region.
The Middle East and Africa region is also expected to witness significant growth in the ePharmacy market due to the increasing adoption of digital technologies and the growing demand for healthcare services. However, the lack of regulatory frameworks and the limited availability of digital infrastructure remain significant challenges for ePharmacies in this region.
Why Should You Buy this ePharmacy Market Report?
- To stay ahead of the competition. The ePharmacy market is constantly evolving, and it can be difficult to keep up with the latest trends and developments. An ePharmacy market report can give you the information you need to make informed decisions about your business.
- To identify new opportunities. The ePharmacy market is a large and growing market, and there are always new opportunities for businesses to capitalize on. An ePharmacy market report can help you identify these opportunities and develop strategies to take advantage of them.
- To understand the risks. Any business venture comes with risks, and the ePharmacy market is no exception. An ePharmacy market report can help you understand the risks involved in this market and develop strategies to mitigate them.
- To make informed decisions. The ePharmacy market is a complex market, and it can be difficult to make informed decisions without the right information. An ePharmacy market report can provide you with the information you need to make sound decisions about your business.
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