The global ePharmacy market is expected to reach 146.45 billion by the end of 2029 from USD 67.43 Billion in 2024, registering a CAGR of 13.60% during the forecast period.
Drivers:
The swift adoption of telemedicine in the healthcare industry is escalating the growth rate of the ePharmacy market. Telehealth allows healthcare providers to evaluate, diagnose, inform, and treat patients without any personal visits. Telemedicine is improving healthcare accessibility, providing healthcare in underserved areas, supporting medical education and research, enhancing patient outcomes, facilitating specialist consultations, and reducing healthcare costs are likely to propel the market’s growth. The growing adoption of online pharmacies is additionally to gear up the market growth. The online pharmacy not only helps users to get the required drugs but also a patient can avail online consultancy with wide range of healthcare providers. The increasing number of smartphone users with the high-speed internet connection and rising installations of various applications are lucratively promoting the growth rate of the ePharmacy market.
The increasing internet penetration with high-speed connectivity is ascribed to leverage the growth opportunities for the ePharmacy market during the forecast period. The growing demand for improved healthcare infrastructure and rapidly increasing geriatric population is to escalate the market’s growth. The popularity of the ePharmacy stores especially in urban cities is expected to surge the growth rate of the market.
Restraints:
The increasing regulations governing online pharmaceutical sales and prescription requirements, privacy, licensing, and data security may inhibit the market’s growth. The rising incidents of illegal sale of drugs without prescriptions that leads to adverse effects is degrading the growth rate of the market. The rising cybersecurity risks in the pharmacy industry is attributed in impeding the market’s growth rate. Security breaches and data privacy concerns can undermine consumers' trust.
Segmental Analysis:
By Drug Type
- Prescription Drugs
- Over-the-Counter Drugs
The Over-the-Counter Drugs segment is holding the growth rate of the ePharmacy market. The over-the-counter drugs are legally allowed to be sold by pharmacists without the need for any prescription. The Prescription Drugs segments are also performing well during the forecast period. The rising concern over the risk factors with the self-medication is attributed to leverage the growth rate of the prescription drug segment.
By Product Type
- Skin Care
- Dental
- Cold And Flu
- Vitamins
- Weight Loss
- Others
The Cold and Flu segment is gearing up the growth rate of the ePharmacy market. The increasing incidences of the cold and flu incidences due to frequent climatic changes is enhancing the demand for the over the drugs that are easily available in the online pharmacies. The Skin Care segment holds a substantial share of the e-pharmacy market during the forecast period. The growing priority to maintain healthy skin by purchasing the popular branded skin care products shall leverage the growth rate of the market.
By Platform
- App-Based
- Web-Based
App-Based segment is gaining traction over the share of the market. The rising integration into users' daily routines, setting medication reminders, and placing orders on the go are the major factors in the growth rate of this segment.
By Payment Method
- Cash on Delivery
- Online Payment
Online Payment is ruling with the prominent share of the ePharmacy market. The rising trend of going cashless and opting for digital transactions through many applications available in the smartphones is subsequently to enhance the growth rate of the market. Cash on delivery segment is also esteemed to have the lucrative growth opportunities for the market.
Regional Analysis:
North America ePharmacy market is ruling with the largest share owing to the presence of large scale of pharmaceutical industries. The prominence to launch innovative drugs with the help of latest technologies with safety regulations imposed by government authorities is likely to leverage the growth rate of the market in North America. The increasing online delivery of consumable goods including over-the-counter healthcare products like nutrition supplements, cosmetics, and tablets is likely to create growth opportunities for the North America ePharmacy market. US ePharmacy market is leading with the largest share during the forecast period.
Asia Pacific is expected to grow lucratively in the ePharmacy market. The rising penetration of the internet and higher adoption of e-commerce websites are the major factors to drive the epharmacy market in the region. High disposable income in the high populous countries like India and China is also attributed in elevating the growth rate of the market.
Recent Market Developments:
In August 2020, Pharm Easy merged with rival Medlife to create a $1bn entity. The proposed merger indicates early signs of consolidation in the E Pharmacy segment, which along with edtech platforms outperformed most startups during the lockdown period. Pharmeasy will acquire a 100% stake in its smaller rival Medlife, while the latter is also expected to pick up a 19.59% stake in Pharmeasy, according to the filing. The lockdown and social distancing prompted customers to move to online consultation, treatment, medical tests, and medicine delivery.
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