E-Pharmacy Global Market Report 2024

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.

The main types of drugs in e-pharmacy are prescription drugs and over-the-counter (OTC) drugs. Prescription drugs are used in the diagnosis, cure, mitigation, treatment, or prevention of disease. The prescription drug can only be used under the supervision of a medical professional who is legally permitted to do so. The different product types include skin care, dental, cold and flu, vitamins, weight loss, and others. The various payment methods include cash on delivery, and online payment, and involve several platforms such as app-based, and web-based.

The e-pharmacy market research report is one of a series of new reports that provides e-pharmacy market statistics, including e-pharmacy industry global market size, regional shares, competitors with an e-pharmacy market share, detailed e-pharmacy market segments, market trends and opportunities, and any further data you may need to thrive in the e-pharmacy industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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.

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.

The increasing internet penetration is expected to propel the growth of the e-pharmacy market in the coming years. The internet is an enormous worldwide network that links billions of computers all around the world and enables the transmission and transfer of information across geographical boundaries using various electronic devices. The internet, providing the foundation of e-pharmacy platforms, enables a more effective, readily available, and easy-to-use experience in accessing pharmaceuticals and healthcare services. For instance, in 2022, according to The GSM Association, a UK-based non-profit business association that represents mobile network operators worldwide, the total number of people using mobile internet has risen to 4.6 billion (57 % of the global population). Therefore, the increasing internet penetration is driving the e-pharmacy market.

Product innovation is the key trend gaining popularity in the e-Pharmacy market. Major players operating in the e-pharmacy market are focused on developing an innovative platform to strengthen their market position. For instance, in December 2021, HealthPlus, a Nigeria-based integrative pharmacy company launched West Africa’s first pharmacy and digital prescription platform that would make it easier for patients (customers) and healthcare professionals to communicate throughout the country. The launch also marks a significant step forward in Nigeria's health democratization, delivering unparalleled healthcare access to Nigerians across the country. Customers can now use mobile devices to consult with experienced pharmacists from the comfort of their own homes.

Major companies operating in the e-pharmacy market are focusing on producing innovative products, such as e-pharmacy apps, to better meet the needs of their existing consumers. E-pharmacy apps are mobile programs or software platforms that enable the purchase, distribution, and use of pharmaceutical items and healthcare services via the Internet. For instance, in June 2023, Sun Life Health, a Canada-based health solutions company, launched the Lumino Health Pharmacy app. Sun Life customers will have the convenience of pharmacy services at their fingertips owing to the Lumino Health Pharmacy app. The characteristic features include access to a genuine pharmacist via chat or phone call. Medications are delivered directly to the home the same day or the following working day. Personalized pre-packaging to ensure that the correct prescriptions are taken at the precise time. The app allows users to track consumption, manage refills, and get vital notifications.

In May 2021, PharmEasy, an India-based health-tech start-up acquired MedLife for an undisclosed amount. With this acquisition, PharmEasy would become the leading participant in the domestic online pharmacy business, with the aim to service 2 million users each month. MedLife is an India-based company that provides online pharmacy, diagnostics, and e-consultation.

Major companies operating in the 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

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

The countries covered in the e-pharmacy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The E-pharmacy market includes revenues earned by entities by taking orders online and sending the drugs to their destination by post. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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