E-pharmacy Market Technological Advancements & Competitive Insights to 2027

ePharmacy, also known as electronic pharmacy or Internet pharmacy, is an online retail platform that acts as an intermediary between customers and the vendors to enable the sale of medicine. It offers round-the-clock delivery of drugs, access to comprehensive information on prescribed drugs, and transparency in prices. Patients need not physically visit the pharmacies to receive their medication, but can instead order the drugs online.

The global ePharmacy market is estimated to account for US$ 81.6 Bn in terms of value in 2020 and is estimated to reach US$ 244.0 Bn by the end of 2027.

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Global ePharmacy Market: Drivers
Increasing adoption of Internet is expected to propel growth of the global ePharmacy market over the forecast period. For instance, according to Pew Research Center, the percentage of households with broadband connection in the U.S. increased from 68% in January 2018 to 77% in February 2019.

Increasing geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.     

North America held dominant position in the global ePharmacy market in 2019, accounting for 35.9% share in terms of value, followed by Europe and Asia Pacific, respectively.

Global ePharmacy Market: Restraints  
Likely occurrences of substance abuse are expected to hinder growth of the global ePharmacy market. Easy availability of controlled prescription drugs such as stimulants, anxiolytics, narcotic painkillers, and sedative hypnotics through online retail platforms is indirectly resulting in increasing instances of substance abuse and has raised concerns for public health.
Moreover, presence of a large number of rogue ePharmacies reduces customer trust, thereby hindering growth of the market. A large number of false ePharmacies or illegitimate ePharmacies have come into existence, which do not abide by the necessary safeguards. Such pharmacies provide medication without actual visits to the doctor and require neither prescriptions nor a medical history. As a result, there are increasing instances of falsified drug deliveries, which is hampering the trust of consumers on the desirability of purchasing their prescription drugs online.

Global ePharmacy Market: Opportunities  
Large untapped markets in Latin America are expected to offer lucrative growth opportunities for players in the market. Presently, Latin America and Middle East and Africa are the least-tapped markets for ePharmacy, owing to high presence of physical pharmacy stores and underdeveloped healthcare infrastructure in most countries in these regions. Countries such as Brazil, Uruguay, Chile, and Argentina are expected to show significant growth in the market.

Moreover, increasing disposable income in Asia Pacific is also expected to display lucrative growth opportunity for players in the market. For instance, according to The Ministry of Statistics and Program Implementation, Government of India, disposable personal income in India increased to US$ 2,699,821.02 Million in 2019 from US$ 2,517,856.54 Million in 2018.
The global ePharmacy market was valued at US$ 69.7 Bn in 2019 and is forecast to reach a value of US$ 244.0 Bn by 2027 at a CAGR of 17.0% between 2020 and 2027.

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Market Trends/Key Takeaways

Major players in the market are focused on offering various digital services. For instance, in February 2020, Ro, an ePharmacy, launched Health Guide, a new medical handbook for the internet.
Major players in the market are also focused on investing in shop-in-shop pharmacies. For instance, in October 2019, Zur Rose Group AG partnered with Migros, a Switzerland-based retail company, to start the first shop-in-shop pharmacy in Switzerland.

Global ePharmacy Market: Competitive Landscape   
Major players operating in the global ePharmacy market include, CVS Caremark, Banner Health, DocMorris NV, Ro, Zur Rose Group AG, Right ePharmacy, PlanetRx.com.Inc., Lloyds Pharmacy Ltd., Dr. Fox Pharmacy, eDrugstore.MD, MediSave, Walgreen Co, and Rowlands Pharmacy.

Global ePharmacy Market: Key Developments    
Major players in the market are focused on adopting partnership and collaboration strategies to expand their product portfolio. For instance, in December 2019, DocMorris NV partnered with KRY International AB, a healthcare company, under which electronic prescription issued through KRY app can be redeemed at the DocMorris pharmacy or an on-site pharmacy.

Major players in the market are also focused on adopting M&A strategies to expand their product portfolio. For instance, in January 2019, Zur Rose Group AG announced the acquisition of e-commerce activities of medpex, an online pharmacy, which include, Comventure GmbH, Visionrunner GmbH, medpex wholesale GmbH, and Apotheke esando B.V.

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