E-Pharmacy Market Overview, 2023-28

E-pharmacy, also known as online or internet pharmacy, refers to the practise of selling prescription medications and other healthcare products online through a website or mobile application. It provides a platform for consumers to browse and purchase medications and health supplements. Furthermore, Rising emerging technologies like artificial intelligence (AI) and machine learning (ML) help in ensuring customer satisfaction through recommendation engines. Increasing internet penetration due to cheap data rates, rising government initiatives, changing regulations, increasing internet penetration in urban as well as rural areas, and rising prevalence of e-prescriptions are all key factors escalating market growth. Moreover, the rising prevalence rates of lifestyle disorders like diabetes and obesity, rising health-care spending, and the fast-growing diagnostic industry are driving the worldwide e-pharma market's expansion. In addition, the growing elderly population, increased demand for laboratory automation, and increased awareness of preventative healthcare are all driving the e-pharma market forward. In addition, there is an ever-increasing demand for mail-order medicines with the increasing penetration of e-commerce and use of the Internet. Many online pharmacies, otherwise known asePharmacy, around the globe offer doorstep delivery and dispensing of prescription medicines and over-the-counter products. However, ordering and dispensing a prescription drug through the online channel requires a prescription from a medical practitioner. With the onset of ePharmacy, patients do not have to travel to the pharmacist.

According to the research report, Global E-Pharmacy market Overview, 2023-28 the market is anticipated to across USD 217.06 Billion market size by 2028, increasing from USD 87.46 Billion in 2022. The market is projected to grow with 16.71% CAGR by 2023-28. E-pharmacy platforms are introducing subscription-based models, where customers can sign up for regular medication refills and receive them automatically at predefined intervals. This subscription approach ensures medication adherence, eliminates the need for frequent reordering, and provides convenience for users with chronic conditions. Furthermore, e-pharmacy platforms are investing in same-day or on-demand delivery services to provide faster and more convenient access to medications and healthcare products. They are partnering with logistics providers and employing innovative delivery models like drones and autonomous vehicles to expedite order fulfilment. Moreover, e-pharmacy platforms are integrating voice-activated assistants and smart devices to enhance the user experience. Users can place medication orders, get dosage instructions, and receive medication reminders through voice commands, leveraging the growing popularity of smart speakers and virtual assistants. In addition, some e-pharmacy platforms are exploring the use of 3D printing technology to produce personalised medications. This allows for precise dosing and formulation tailored to individual patients' needs, improving medication effectiveness and patient outcomes.

The general public's over-reliance on online delivery of consumable goods in North America, including over-the-counter healthcare items like vitamin pills, nutrition supplements, and cosmetics, among others, is anticipated to have a beneficial impact on the ePharmacy market trend. According to estimates, the number of patients choosing home care services and treatments will increase in North America as a result of high hospital healthcare costs. Due to the widespread use of the Internet, the market in North America is also well established and has attracted a sizable demographic base. Additionally, the Food and Drug Administration (FDA) in the United States concentrates on actively educating the populace about the laws and guidelines of ePharmacy and ensuring their awareness of the security of drug purchases made online. The European Commission has strict regulations that heavily govern the market in Europe, but because of the attractive prices offered by the biggest players in the industry, it is predicted that the global market will rise. In the United States, about 75% of people have internet access, whereas in Germany, 84% of people use it regularly, according to the World Bank. Global demand for ePharmacy is increasing as a result of the big population that depends on the internet for purchasing goods and the tempting pricing offers made by key companies. During the anticipated period, ePharmacy growth is expected to be further boosted by the entry of new companies into the market and increasing worldwide competition.

Prescription drugs have traditionally held a significant share of the e-pharmacy market. They represent a substantial portion of the overall revenue generated by e-pharmacy platforms. Furthermore, e-pharmacy platforms typically have processes in place to verify the authenticity and validity of prescriptions. This may involve validating the prescription with the prescribing healthcare professional or using electronic prescription systems. In addition, the OTC drug segment in the e-pharmacy market has been gaining prominence in recent years. The convenience and accessibility offered by e-pharmacy platforms have contributed to the increasing demand for OTC medications online. OTC drugs are often associated with self-care and wellness. E-pharmacy platforms may offer additional resources, such as educational content, to help users make informed choices about OTC medications and manage their health effectively.

The skin care segment in the e-pharmacy market focuses on products for the treatment of skin diseases and injuries. The skin care segment also includes products for wound care, such as dressings, bandages, antiseptics, and wound healing creams. E-pharmacy platforms offer a selection of wound care products for different types of injuries and wound severities. In addition, e-pharmacy platforms offer a wide range of diabetes medications, including oral hypoglycemic agents and insulin. Users can conveniently order their prescribed medications online and have them delivered to their doorstep. Furthermore, e-pharmacy platforms may also offer a range of diabetic supplies, including diabetic socks, diabetic footwear, and skin care products specifically formulated for individuals with diabetes. These products cater to the unique needs and challenges faced by people living with diabetes. Furthermore, the naturopathy segment may include products related to alternative therapies such as homoeopathy, Ayurveda, traditional Chinese medicine, and other holistic approaches to health. E-pharmacy platforms may provide access to a range of products associated with these alternative therapeutic practises.

Recent Development:

• In September 2022, Amazon stated that it was planning to sell prescription medications online in Japan. To build a platform where patients can get online instructions on taking medications, it aims to collaborate with small and medium-sized pharmacies. Without visiting a pharmacy, customers could have their drugs delivered to their homes.
• In September 2022, Walmart Canada and Canada Health Infoway entered a partnership. Infoway's PrescribeIT electronic prescribing service is now accessible in 14 Walmart Canada pharmacies in Ontario, Alberta, Saskatchewan, and New Brunswick, with plans to expand to additional locations by year's end.
• In January 2022, to be radically transparent, venture capitalist Mark Cuban launched a digitalmpharmacy that sells more than 100 generic pharmaceuticals at low prices.
• In March 2022, Pixel by Labcorp, a (COVID-19 at-home collection kit), PC test, was introduced by Walgreens and Labcorp, a prominent global life sciences firm. Furthermore, because Walgreens includes the kits, which are supplied in collaboration with the US Department of Health and Human Services, many communities can easily obtain testing services (HHS).

Major Companies present in the market:

Amazon.Com, Inc., Walmart Inc., Lloyds Pharmacy Limited, Rite Aid Corporation, Zur Rose Group, Apollo Hospitals Enterprise Limited, Raia Drogasil S.A., Walgreens Boots Alliance, Inc., McKesson Corporation, CVS Health Corporation.

Considered in this report

• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Regions & Countries covered in the report:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Aspects covered in this report

• Global E-Pharmacy market with its value and forecast along with its segments
• Region-wise E-Pharmacy market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Drug Type

• Prescription drug
• Over-the-counter drug

By Product Type Channel

• Skin Care (Skin diseases & skin injuries)
• Allergy & food intolerance, Stomach, Intestines & Digestion
• Diabetes Care
• Heart care, circulation & veins, BP, cholesterol
• Orthopedic (muscles, bones, joints)
• Urology (Bladder, Kidney & Prostate)
• Animal pharmacy
• Naturopathy
• ENT (Eyes, ears, Tooth & Mouth)
• Cold flu
• vitamins & minerals
• Cosmetics
• Painkiller
• Others (gynec, Calm down, sleep & stress, sexuality, Lose weight, Diet & Lifestyle, Self-tests & everyday aids, smoking cessation)

The approach of the report:

This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to E-Pharmacy industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.