e-pharmacy Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3303
e-pharmacy Market size is projected to experience significant growth from 2019 to 2025.
Growing burden of chronic diseases will stimulate global e-pharmacy business growth in the coming years. According to the Australian Institute of Health and Welfare, nearly 87% of the population aged 65 years and above suffered from one of the eight chronic diseases during 2014-15. With growing chronic ailments, the demand for preventive and curative services will increase, thereby increasing the need for medication therapy. Thus, expanding geriatric patient pool and adoption of unhealthy habits will further escalate disease prevalence, hence boosting the e-pharmacy business growth in the forthcoming period.
Increasing number of internet users should upsurge e-pharmacy market size over the forecast timeframe. Rising utilization of internet and adoption of online services, especially by the youth in emerging countries will act as high impacting factor for adoption of e-pharmacy solutions. Also, according to a survey by the U.S. FDA, about one among four adults procures prescription medicine through online platform. Additionally, growing regularization and laws for data protection and against fake online pharmacies will further assist e-pharmacy market growth in the forthcoming years.
Rising investment in e-pharmacy sector will positively impact industry growth. In April 2019, Redwood Global Healthcare, a Korean investment firm funded USD 7.2 million in 1mg online pharmacy. Similarly, in October 2017, Sistema Asia Fund invested in Netmeds, an Indian online pharmacy. Thus, growing investment in online pharmacy space will assist expansion of e-pharmacy business over the coming period. However, stringent and changing regulatory policies may impede e-pharmacy industry growth to certain extent over the forthcoming years.
Over-the-drugs (OTC) drug category segment will hold a significant revenue size over the forecast years. Better affordability and availability of OTC drugs or generic drugs will increase their demand over the forthcoming years. Convenient and quick purchasing of OTC drugs from e-pharmacies without the need of prescription further escalates the customer preference and adoption, thereby stimulating over-the-drugs (OTC) drug category segmental growth in the coming years.
Dermatology e-pharmacy market will progress at significant pace over the projected timeframe. Rising adoption of dermatological products owing to increasing skin diseases will augment segmental growth. In addition, growing preference and demand for cosmetic and aesthetic products will highly impact dermatology product category revenue share over the upcoming years.
U.S. e-pharmacy market will foresee momentous expansion owing to presence of suitable infrastructure and regulatory framework in the country. The U.S. FDA has recommended ways to safeguard from counterfeit drugs and unsafe online pharmacy platforms. Additionally, high awareness and increasing need of drugs owing to rising chronic diseases will further pose lucrative business growth opportunity in the foreseeable future.
India e-pharmacy market will foresee momentous growth due to expanding internet penetration and growing encouragement for utilization of digital solutions. The Indian government is undertaking numerous initiatives and programs such as Digital India, leading to increase in adoption of e-pharmacy solutions by customers across the country. Formation of proper regulatory scenario for sale of drugs through online pharmacies will additionally boost Indian e-pharmacy business growth and development. Moreover, increasing funding in Indian e-pharmacies, emergence of new industrial start-ups as well as growing baby boomer population base will majorly impact India e-pharmacy industry growth during the forecast period.
Some of the major market players involved in the global e-pharmacy market are DocMorris, Netmeds, Rowlands Pharmacy, Walgreen Co. and Walmart Stores Inc. among others. Firms are adopting business expansion strategies and collaborations to increase their market footprint. For instance, in October 2018, McLaren Health Care and Walgreens announced collaboration to expand pharmaceutical and health service business.
e-pharmacy market by drug category, 2014-2025 (USD Million)
- Over-the-counter (OTC) drugs
- Prescription drugs
e-pharmacy market by therapeutic area, 2014-2025 (USD Million)
- Weight management
- Cold and flu
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
- CVS Health Corporation
- Express Scripts Holding Company
- Giant Eagle Inc.
- Optum Rx Inc.
- Rowlands Pharmacy
- Walgreen Co.
- Walmart Stores Inc.
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