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How E-Pharmacy is Transforming Global Healthcare in 2024 and Beyond | Key Players Walgreen Company, Express Scripts Holding Company, CVS Health Corporation, DocMorris N.
E-Pharmacy Global Market Share
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According to The Business Research Company's, The e-pharmacy market size has grown exponentially in recent years. It will grow from $91.78 billion in 2023 to $111.16 billion in 2024 at a compound annual growth rate (CAGR) of 21.1%. The growth in the historic period can be attributed to internet penetration and e-commerce growth, increased chronic disease incidences, aging population and healthcare needs, regulatory support for e-pharmacy, consumer convenience and time savings.
The e-pharmacy market size is expected to see exponential growth in the next few years. It will grow to $247 billion in 2028 at a compound annual growth rate (CAGR) of 22.1%. The growth in the forecast period can be attributed to rising adoption of telemedicine, increased focus on rural and remote healthcare access, growth of online prescription services, expanding e-commerce infrastructure, expansion of e-pharmacy services in rural areas. Major trends in the forecast period include integration of virtual health consultations, expansion of prescription delivery services, personalized medication management apps, blockchain technology for supply chain transparency, cross-border e-pharmacy operations.
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Market Drivers and Trends:
The booming digital health is expected to propel the growth of the e-pharmacy market going forward. Digital health technologies and e-pharmacy services make use of computing platforms, networking, software, and sensors for health care and related applications that include mobile health (mHealth), health information technology (IT), wearable devices, telehealth, telemedicine, and personalized medicine. These technologies can be used for a variety of things, from general wellness to medical equipment. For instance, in June 2021, according to the Federation of Indian Chambers of Commerce & Industry (FICCI), an India-based non-governmental trade association, before the COVID-19 pandemic, 3.5 million families purchased online pharmaceuticals and during the pandemic, the figure increased to 9 million, and by 2025, it is expected to reach 70 million. Therefore, booming digital health is driving the e-pharmacy market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Walgreen Company, Express Scripts Holding Company, CVS Health Corporation, DocMorris N. V, OptumRx Holdings LLC, PharmEasy, Tata 1mg, Netmeds, Amazon Inc., Axelia Solutions Pvt. Ltd., Apex Pharmacy Marketing Sdn Bhd, Apollo Pharmacy Ltd., Rowlands Phamacy, Healthkart, The Kroger Co., Wal-Mart Stores Inc., Medlife International Private Limited, Practo Technologies Private Limited, MedPlus Health Services Private Limited, Medikabazaar Private Limited, MedPlusMart Private Limited, MedsIndia Limited, Medsonway Solutions Private Limited, Medzone Healthcare Private Limited, MedsOnCall Healthcare Private Limited, MedsSure Healthcare Private Limited, MedsEngage Healthcare Private Limited, MedsDots Healthcare Private Limited, MedsDelight Healthcare Private Limited, MedsBazaar Healthcare Private Limited
E-Pharmacy Market 2024 Key Insights:
• The e-pharmacy market size is expected to see exponential growth in the next few years. It will grow to $247 billion in 2028 at a compound annual growth rate (CAGR) of 22.1%.
• Booming Digital Health Fueling The Growth Of The E-Pharmacy Market
• Revolutionizing Healthcare Access Product Innovation In The E-Pharmacy Market
• North America was the largest region in the e-pharmacy market in 2023
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