Press release
The global pharmaceutical eCommerce market is expected to grow at a strong compound annual growth rate (CAGR) of 14.4% over the next decade.
The digital transformation of the pharmaceutical industry is accelerating, with more consumers turning to online platforms for purchasing both prescribed and over-the-counter (OTC) medications. Advances in telehealth, online consultations, and the rising demand for greater convenience in accessing healthcare products are key drivers of this trend.
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Market Drivers and Trends
The growth of the pharmaceutical eCommerce market is driven by several key trends:
Changing Consumer Behavior: Patients are increasingly turning to online platforms for both prescription fulfillment and consultation with healthcare professionals. The ease of obtaining medications without visiting a physical pharmacy is fueling market demand.
Strategic Partnerships with Online Marketplaces: E-drugstore operators are expanding their reach by collaborating with popular online marketplaces, helping them attract a broader audience and increase their customer base.
Digital Literacy and Technological Advancements: The rise in consumer digital literacy and the continued improvement in telemedicine and digital health platforms are enhancing the growth of online pharmaceutical services.
Government Initiatives and Relaxed Regulations: In markets such as India and Germany, relaxed regulations around the sale of OTC drugs and government support for digital pharmacy initiatives are contributing to the expansion of the market.
Regional Insights
United States: Expected to hold a dominant market share, with growth driven by high digital adoption and increasing demand for OTC drugs. The U.S. pharmaceutical eCommerce market is projected to grow at a 7% CAGR from 2024 to 2034.
Germany: Germany's digital pharmacy market is growing rapidly, with an expected CAGR of 8% due to increasing competition and the emergence of online pharmacies offering discounts and promotions.
India: India is set to experience the highest growth in the pharmaceutical eCommerce sector, with a projected CAGR of 20.7%. Government initiatives such as Digital India and the National Digital Health Mission are expected to boost market growth.
China: The Chinese pharmaceutical eCommerce market is expected to grow at a 16% CAGR, driven by increased transparency in medicine pricing and the growing popularity of mobile medication management.
• United Kingdom: Medical tourism is contributing to the growth of the eCommerce pharmaceutical market in the UK, with a forecasted CAGR of 8.7% over the next decade.
Product and Consumer Insights
Over-the-Counter (OTC) Medications: OTC products are expected to account for the largest market share (63.7%) in 2024. Relaxed regulations have made it easier for consumers to purchase these products online, especially in countries like Germany, where online sales of OTC drugs already account for a significant portion of total sales.
Consumers/Individuals: The individual consumer segment is projected to contribute 29.8% of the market revenue in 2024. Increased awareness of discounts, subscription models, and convenience are driving consumers toward online pharmacies.
Key Players
• Netmeds Marketplace Ltd.
• EasyMedico
• Medlife
• Amazon. Inc
• Apotek
• The Kroger Co.
• Walgreen Co.
• Giant Eagle, Inc.
• Walmart
• Express Scripts
• CVS Health
• Optum, Inc.
Recent Developments in the Global Pharmaceutical eCommerce Market
In December 2023, a Canadian FinTech company called Nuvei Corporation partnered with Familiprix to launch a cutting-edge eCommerce program to let associated pharmacists take payments online. It is anticipated that the program would improve acceptance rates, streamline payment processes for pharmacists, and guarantee a safe and easy checkout process for online shoppers. The main objective of this partnership is to enable the more than 400 independent pharmacies that makeup Familiprix's network in Quebec and New Brunswick to enter the online marketplace.
In March 2023, Roman Pharma Company declared its intention to launch a direct-to-consumer (D2C) online store as an avenue for sales growth. Besides, giving consumers a practical means of obtaining many premium nutraceutical products, this new platform facilitates easy purchase of common drugs. The platform includes a safe checkout procedure, simple navigation, and an intuitive user interface. A large assortment of nutraceutical items, such as vitamins, minerals, herbal supplements, and other nutritional supplements, are available for customers to investigate.
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Key Segments Covered by Pharmaceutical eCommerce Industry Survey Report
By Product Type:
• Prescription Medicine
• Over-the-Counter Product
By End User:
• Consumer or Individuals
• Healthcare Professionals
• Hospitals or Clinics
• Other End Users
By Region:
• North America Market
• Latin America Market
• Europe Market
• East Asia Market
• South Asia and Pacific Market
• Middle East and Africa (MEA) Market
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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