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Key Factor Supporting E-Pharmacy Market Development in 2025: Booming Digital Health Fueling The Growth Of The E-Pharmacy Market
E-Pharmacy Market
How Large Will the E-Pharmacy Market Size By 2025?
The online pharmacy industry has seen an explosive growth in recent years. The market is projected to expand from $109.25 billion in 2024 to $131.64 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 20.5%. The past growth in this sector is linked to factors such as the increase in internet usage and e-commerce, rise in chronic diseases, an aging demographic with health needs, regulatory backing for online pharmacies, and the convenience and time-saving factors for consumers.
How Big Is the E-Pharmacy Market Size Expected to Grow by 2029?
In the upcoming years, substantial growth is anticipated for the e-pharmacy market, with projections estimating its value at $303.34 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 23.2%. This future growth can be associated with several factors including an increased preference for telemedicine, greater emphasis on healthcare services in rural and remote regions, advancements in online prescription services, and improved e-commerce infrastructure. The expansion of e-pharmacy services in rural areas is also a significant factor. The forecast period will also likely feature the incorporation of virtual health consultations, enhancement of prescription delivery services, the rise of personalized medication management apps, the use of blockchain technology for supply chain transparency, and the practice of cross-border e-pharmacy operations.
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Which Key Market Drivers Powering E-Pharmacy Market Expansion and Growth?
The expansion of the digital health sector is anticipated to spur the e-pharmacy market's growth. Digital health technologies and e-pharmacy services harness the power of computer platforms, networks, software, and sensors to support healthcare and related applications. These applications encompass mobile health, health IT, wearable devices, telehealth, personalized medicine, and telemedicine, and they can be utilized for everything from general wellness to medical equipment. To illustrate, the Australian Digital Health Agency 2022 cited that between 13 March 2020 and 31 July 2022, 118.2 million telehealth services were provided to 18 million patients, with over 95,000 practitioners engaging in telehealth services in 2022. As such, the thriving digital health landscape is a key driver for the E-Pharmacy market's growth.
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Which Fast-Growing Trends Are Poised to Disrupt the E-Pharmacy Market?
Top E-Pharmacy market players are increasingly harnessing the potentials of digital technology to augment patient access to drugs, by offering amenities like home delivery, online health consultations, and customized medication management for improved healthcare accessibility and adherence. LillyDirect, an innovative digital healthcare platform developed by Eli Lilly, provides personalized disease management tools, telehealth services, and direct home delivery of drugs, remarkably designed to make healthcare access easier for patients suffering from chronic ailments such as obesity, migraine, and diabetes. In January 2024, Eli Lilly and Company, a US-based pharma entity, unveiled LillyDirect, a fresh digital healthcare experience for US-based patients grappling with obesity, migraine, and diabetes. LillyDirect incorporates an element known as LillyDirect Pharmacy Solutions, allowing patients to order selected Lilly medications over the internet. Partnered online pharmacy fulfillment services directly deliver these medications to patient homes, thereby heightening user convenience.
What Are the Emerging Segments in the E-Pharmacy Market?
The e-pharmacy market covered in this report is segmented -
1) By Drug Type: Prescription Drugs, Over-The-Counter (OTC) Drugs
2) By Product Type: Skin Care, Dental, Cold And Flu, Vitamins, Weight Loss, Other Product Types
3) By Payment Method: Cash on Delivery, Online Payment
4) By Platform: App-Based, Web-Based
Subsegments:
1) By Prescription Drugs: Chronic Disease Medications, Acute Disease Medications, Specialty Drugs, Controlled Substances
2) By Over-The-Counter (OTC) Drugs: Pain Relievers, Cold And Allergy Medications, Digestive Health Products, Vitamins And Supplements
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Who Are the Global Leaders in the E-Pharmacy Market?
Major companies operating in the e-pharmacy market include Walgreen Company, Express Scripts Holding Company, CVS Health Corporation, DocMorris N. V, OptumRx Holdings LLC, PharmEasy, Tata 1mg, Netmeds, Amazon Inc., Apollo Pharmacy Ltd., Rowlands Phamacy, The Kroger Co., Wal-Mart Stores Inc., Medlife International Private Limited, MedPlus Health Services Private Limited, Medikabazaar Private Limited, MedPlusMart Private Limited, MedsIndia Limited, MedsOnCall Healthcare Private Limited, MedsSure Healthcare Private Limited, MedsDelight Healthcare Private Limited, MedsBazaar Healthcare Private Limited
Which are the Top Profitable Regional Markets for the E-Pharmacy Industry?
North America was the largest region in the e-pharmacy market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the e-pharmacy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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