ePharmacy Market - Upcoming Trends Analysis 2022-2031

ePharmacy Market Outlook 2031

The global ePharmacy market was valued at US$ 63.5 Bn in 2021

It is projected to advance at a CAGR of 19.2% from 2022 to 2031

The global ePharmacy market is anticipated to reach more than US$ 362.8 Bn by the end of 2031

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ePharmacy Market Introduction

The term 'ePharmacy' refers to an online pharmacy that provides medical care and allows patients to buy prescribed medications online. E-pharmacy is a branch of pharmacy that primarily operates online. It makes use of the Internet and sends medications to customers via dedicated delivery companies. Online pharmacies include independent Internet-only outlets, electronic subsidiaries of "brick-and-mortar" hospitals, and platforms serving pharmacy companies. It makes up 8% to 10% of the pharmaceutical market; however, there exists significant room for growth due to the rise in awareness about online pharmacies. People are able to access labs and medications from the security of their homes, as online pharmacies are primed and prepared for home delivery of medicines.

Electronic pharmacy systems, including online shopping and the sale of prescribed and non-prescribed drugs and medicines, are growing rapidly. Some of India's largest conglomerates and multinational e-commerce firms are striving to establish a presence in the sector, which is also undergoing consolidation among existing players.

E-commerce is becoming increasingly important in wholesale and retail trade. Orders have increased by approximately 20% to 30% for e-commerce companies. The concept of electronic pharmacies and online drug sales has been popular across the world since more than two decades. Online pharmacy has experienced exponential growth across categories due to rise in availability of smartphones and the Internet. People have started purchasing various things online including groceries, apparel, and medicines.

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E-pharmacy has emerged as a promising industry as a result of this significant change in consumer shopping habits. E-pharmacies also offer online services such as doctor consultations as well as a number of offline services (including diagnostics). The global ePharmacy market size is anticipated to increase during the forecast period owing to the rise in number of smartphone users and growth in penetration of the Internet across the globe. Increase in adoption of electronic signature pharmacies is also likely to augment the market during the forecast period.

Increase in Preference for Online Pharmacies Augmenting Global ePharmacy Market

Increase in online medicine sales has caused significant disruption in the pharmacy market. Growth of mail order and online pharmacies is another factor that has the potential to have a significant impact on pharmacy service structures and medicine costs. The COVID-19 pandemic has had a significant effect on consumer purchasing behavior. It has induced more people to buy healthcare products from online retailers or dedicated ePharmacies.

According to a study published in the Pharmaceutical Journal, the number of items dispensed from distance-selling pharmacies in the U.K. increased by 45% in 2020. Using dispensing data and lists of distance-selling pharmacies obtained through the Freedom of Information Act from the NHS Business Services Authority, it was discovered that these pharmacies dispensed 42 million items in 2020.

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In Denmark, pharmacies have the exclusive right to sell prescription-only medicines to consumers. Several over-the-counter (OTC) drugs are available only at pharmacies. Denmark had 227 pharmacies and two online pharmacies as of January 1, 2021. Moreover, one of the pharmacies has 80 branches, 209 voluntarily established branches, 24 pharmacy outlets, approximately 350 OTC outlets, and around 400 medicine delivery facilities.

People look for convenience, dependability, and affordability in every online transaction. They are already at ease in purchasing categories such as music, food, and media from online retailers. They are now seeking the same level of service for more complex categories (OTC, medical devices, and prescription medicines). Hence, the trend of online pharmacy is expected to increase during the forecast period.

Growth in Smartphone Availability and Internet Penetration to Fuel Online Sale of Prescribed Medicines

In terms of product, the prescription medicines segment accounted for the largest global ePharmacy market share in 2021. The segment is expected to maintain its leading position in the market during the forecast period. Patients benefit significantly from online pharmacies, as these offer a much wider variety of options than conventional pharmacies. Several drugs are available in regular drug stores, but it is not always possible to find prescribed medicines at a local physical pharmacy. The Internet makes everything simple and practical. Patients can now order medicines online with a registered medical practitioner's prescription and have them delivered right to their door.

This is a popular practice of ordering drugs prescribed by doctors. People are likely to opt for online pharmacies instead of visiting a nearby pharmacy owing to the rise in penetration of smartphones and the Internet. They can also order their prescriptions from the convenience of their homes by comparing the prices of medications. They can have their medications delivered right to their doorstep with just a few clicks. This convenience is a key selling point that is likely to fuel the ePharmacy market growth in the next few years.

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Regional Outlook of Global ePharmacy Market

North America accounted for the largest share of the global ePharmacy market in 2021. The region is expected to maintain its share during the forecast period. Increase in number of Internet users has led to a rise in adoption of digital technologies, thus offering unprecedented growth opportunities to the ePharmacy market in the region.

The U.K. and Germany are the major hotspots of the e-pharmacy industry in Europe, led by the rise in inclination toward the online mode of medicine purchase among the people in these countries. According to a YouGov survey for the General Pharmaceutical Council (2021), 25% of people in the U.K. are likely to use an online pharmacy in the future. The country has more than 350 registered online pharmacies. Over the last 12 months, 300,000 patients have used Pharmacy2U's NHS prescription service to have their medication delivered, with a new facility in Leicestershire capable of dispensing 7.5 million items per month.

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 The market in Asia Pacific is anticipated to grow at the fastest CAGR during the forecast period. Large population base in emerging economies such as China and India; increase in government initiatives to encourage the adoption of digital technologies; and rise in preference of customers to use ePharmacy solutions have led to a steady growth in investor interest in e-pharmacies, with the sector attracting US$ 700 Mn in investments in 2020 alone. Some of the leading players in the market in Asia Pacific include Pharmeasy, Medlife, 1Mg, and Netmeds.

Analysis of Key Players in Global ePharmacy Market

The global ePharmacy market is consolidated, with the presence of a small number of leading players that control majority of the share. Expansion of product portfolio and mergers & acquisitions are the key strategies adopted by the leading players in the global ePharmacy market. Chemist Direct, DocMorris, Express Scripts Holding Company, Giant Eagle, Inc., Healthxchange Pharmacy, LloydsPharmacy, MedExpress, Netmeds, Optum Rx, Inc., PharmEasy, 1Mg, Rowlands Pharmacy, The Kroger Co., Walgreen Co., and Well Pharmacy are the prominent players operating in the global ePharmacy market.

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