E-Pharmacy Market 2024 - Trend Analysis, Industry Growth, Key Players, Growth Opportunities And Outlook By 2033

 

Overview and Scope

E-pharmacy refers to a business model that operates similarly to traditional pharmacies in that it deals with the preparation and sale of prescription and over-the-counter medications. On the other hand, internet pharmacies accept online orders and mail the medications to the customer. E-pharmacy allows patients to refill prescriptions and receive over-the-counter and specialized medications.

 

Sizing and Forecast

The e-pharmacy market size has grown exponentially in recent years. It will grow from $91.78 billion in 2023 to $111.16 billion in 2024 at a compound annual growth rate (CAGR) of 21.1%.  The  growth in the historic period can be attributed to internet penetration and e-commerce growth, increased chronic disease incidences, aging population and healthcare needs, regulatory support for e-pharmacy, consumer convenience and time savings.

 

The e-pharmacy market size is expected to see exponential growth in the next few years. It will grow to $247 billion in 2028 at a compound annual growth rate (CAGR) of 22.1%.  The growth in the forecast period can be attributed to rising adoption of telemedicine, increased focus on rural and remote healthcare access, growth of online prescription services, expanding e-commerce infrastructure, expansion of e-pharmacy services in rural areas. Major trends in the forecast period include integration of virtual health consultations, expansion of prescription delivery services, personalized medication management apps, blockchain technology for supply chain transparency, cross-border e-pharmacy operations.

 

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Segmentation & Regional Insights

The e-pharmacy market covered in this report is segmented –

1) By Drug Type: Prescription Drugs, Over-the-Counter (OTC) Drugs

2) By Product Type: Skin Care, Dental, Cold and Flu, Vitamins, Weight Loss, Other Product Types

3) By Payment Method: Cash on Delivery, Online Payment

4) By Platform: App-Based, Web-Based

 

Top Major Players

Walgreen Company

Express Scripts Holding Company

CVS Health Corporatio

DocMorris N. V

OptumRx Holdings LLC

 

North America was the largest region in the e-pharmacy market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the e-pharmacy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

 

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Major Driver Impacting Market Growth

The booming digital health is expected to propel the growth of the e-pharmacy market going forward. Digital health technologies and e-pharmacy services make use of computing platforms, networking, software, and sensors for health care and related applications that include mobile health (mHealth), health information technology (IT), wearable devices, telehealth, telemedicine, and personalized medicine. These technologies can be used for a variety of things, from general wellness to medical equipment. For instance, in June 2021, according to the Federation of Indian Chambers of Commerce & Industry (FICCI), an India-based non-governmental trade association, before the COVID-19 pandemic, 3.5 million families purchased online pharmaceuticals and during the pandemic, the figure increased to 9 million, and by 2025, it is expected to reach 70 million. Therefore, booming digital health is driving the e-pharmacy market growth.

 

Key Industry Players

Major companies operating in the e-pharmacy market report are Walgreen Company, Express Scripts Holding Company, CVS Health Corporation, DocMorris N. V, OptumRx Holdings LLC, PharmEasy, Tata 1mg, Netmeds, Amazon Inc., Axelia Solutions Pvt. Ltd., Apex Pharmacy Marketing Sdn Bhd, Apollo Pharmacy Ltd., Rowlands Phamacy, Healthkart, The Kroger Co., Wal-Mart Stores Inc., Medlife International Private Limited, Practo Technologies Private Limited, MedPlus Health Services Private Limited, Medikabazaar Private Limited, MedPlusMart Private Limited, MedsIndia Limited, Medsonway Solutions Private Limited, Medzone Healthcare Private Limited, MedsOnCall Healthcare Private Limited, MedsSure Healthcare Private Limited, MedsEngage Healthcare Private Limited, MedsDots Healthcare Private Limited, MedsDelight Healthcare Private Limited, MedsBazaar Healthcare Private Limited

 

The e-pharmacy market report table of contents includes:

1. Executive Summary

2. E-Pharmacy Market Characteristics

3. E-Pharmacy Market Trends And Strategies

4. E-Pharmacy Market - Macro Economic Scenario

5. Global E-Pharmacy Market Size and Growth

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31. Global E-Pharmacy Market Competitive Benchmarking

32. Global E-Pharmacy Market Competitive Dashboard

33. Key Mergers And Acquisitions In The E-Pharmacy Market

34. E-Pharmacy Market Future Outlook and Potential Analysis

35. Appendix

 

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