As per the Extrapolate latest report, the global E-Pharmacy Market was estimated at USD 60.4 Bn in 2021. The market is anticipated to reach by USD 136.1 Bn by 2028, registering a remarkable CAGR of 13.84% in the forecast period. The rising utilization of Electronic Prescription Services (EPS) in the pharmacy and medical sector has fuelled the E-pharmacy market expansion as patients can easily upload e-prescriptions and order medication via online. By transmitting prescriptions in digital form, the Electronic Prescription Service (EPS) enables medical providers to completely eliminate paper use.
As e-commerce and Internet use spread, there is an ever-growing need for mail-order medications. Numerous online pharmacies, also referred to as ePharmacies, all around the world provide doorstep delivery and dispensing of prescription drugs and OTC items. However, a prescription from a doctor is needed to order and dispense a prescription drug over an internet channel. Patients no longer need to go to the chemist thanks to the advent of ePharmacy.
The UK Department of Health has declared that, as part of an NHS initiative, all prescriptions will be completely digital starting in October 2019. Therefore, submitting the medication online has become simpler and quicker as a result of the increased use of EPS. Therefore, during the anticipated period, all of the aforementioned factors will be driving market expansion.
On the basis of the operating platform, the global E-Pharmacy market is segmented into apps and websites. The app-based segment is dominating the global E-Pharmacy market. The demand for online pharmaceuticals through app-based platforms has increased in recent years due to the development of mobile usage, internet penetration, and the number of people making online purchases. In 2020, for example, there will be approximately 106 mobile cellular subscribers worldwide (per 100 people).
Additionally, due to the expanding e-commerce industry, many online pharmacies now provide doorstep delivery. E-pharmacies already have a sizable customer base in both developed and developing nations thanks to the rising e-commerce market. Additionally, the use of mobile applications is enhancing the contribution of mHealth to the market's expansion through a number of advantages, including its adequate support for pharmacists, the monitoring of patient disease histories, and the calculation of specific medicine doses. Additionally, mHealth, which is rapidly gaining popularity among consumers, transforms cell phones into point-of-care diagnostic tools to monitor blood pressure.
Rising internet usage and literacy during the projection period is anticipated to accelerate market sales. Owing to the lack of several medications at retail pharmacy stores, a sizable patient pool chooses doorstep delivery of healthcare products globally. E-pharmacies also reduce the reliance of elderly and chronically ill patients on third parties for the purchase of medications and medical supplies. All of the aforementioned variables are therefore encouraging market expansion.
As a result of the unavailability of several medications at retail pharmacy stores, a sizable patient pool worldwide chooses doorstep delivery of healthcare supplies. Additionally, ePharmacies reduce the dependence of elderly and chronically ill patients on third parties for the purchase of medications and medical supplies. Additionally, it is anticipated that rising internet use and literacy would increase market revenue.
Recent Key Development
- Flipkart Health+ was introduced in November 2021, marking the company's entry into the healthcare industry. In tandem with this expansion, the group has entered into binding contracts to acquire a majority stake in Sastasundar Marketplace Limited, which operates the online pharmacy and healthcare platform SastaSundar.com.
- Phoenix UK acquired the Co-op Health online platform in March 2021 to aid independent pharmacies in competing in the digital pharmacy sector.
- A US$ 5.5 million finance was secured by the Swedish online pharmacy Meds in January 2019 to help it grow across Europe. According to estimates, this money will help the corporation concentrate more on growing its presence in other European nations.
- The National Association of Boards of Pharmacy (NABP), USA awarded LegitScript certification to an Indian online pharmacy in March 2019, making it the nation's first business to do so. The certification will boost consumer confidence in the brand's products.
The ePharmacy market trend in North America is anticipated to benefit from the general public's over-reliance on online delivery of consumable items, including over-the-counter healthcare products including vitamin pills, nutrition supplements, and cosmetics, among others. According to estimates, the online purchase of pharmaceuticals in North America will expand as more patients opt for home care services and treatments as a result of high hospital healthcare costs.
Due to the widespread use of the Internet, the market in North America is 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 Asia-Pacific is the second-largest dominating market for e-pharmacy owing to the increasing adoption of e-commerce websites and rising penetration and proliferation of the Internet. Due to the lack of specific medications at retail pharmacy stores, a sizable patient population prefers doorstep delivery of healthcare products, which is driving the market share throughout the anticipated time. Meanwhile, the European Commission has strict regulations that heavily govern the market in Europe, but due to the competitive prices offered by the biggest players in the industry, it is predicted that the global market will increase.
With the top players controlling a significant portion of the industry in 2021, the market is semi-consolidated. These firms' dominance of the market has been aided by their entrenched product presence in the ePharmacy and a potent distribution network. Furthermore, the leading market players' domination in ePharmacy has been made possible by their established market presence and consumers' trust.
On the other hand, other market participants are increasing their market share in ePharmacy, with an emphasis on global growth and a strengthening of their distribution network through mergers and acquisitions with regional companies. During the anticipated timeframe, these competitors are anticipated to significantly increase their market share in ePharmacy. Increased competition among businesses in the industry
Some of the prominent companies profiled in the global E-Pharmacy market include DocMorris, CVS Health, Express Script Holding Company, Walgreen Co., Optum Rx, Inc., Giant Eagle, Inc., Walmart Stores, Inc., Rowland Pharmacy, The Kroger Co.