E-pharmacy Market Size By Product Type (OTC Products, Prescription Medicine), Industry Analysis Report, Regional Outlook, Growth Potential, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2022 – 2028

Industry Overview

E-pharmacy Market size exceeded USD 68 billion in 2021 and is anticipated to witness over 16.8% CAGR from 2022 to 2028 owing to the growing penetration of e-pharmacy platforms across the world coupled with increasing awareness regarding services offered by e-pharmacy.
 

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Ease of purchasing, quality services, availability of range of medications and increasing accessibility to internet have shifted the customer preference towards e-pharmacy platforms. Further, significant increase in the number of smartphone users is expected to impel the global market as it enables e-pharmacy players to capture broad range of customer base across the developed and developing economies.
 

During the COVID-19, e-pharmacy business has witnessed significant growth across the developing countries including India. Regional lockdowns and movement restrictions has led to the adoption of e-pharmacy mobile applications providing online medicine delivery services. Further, government initiatives supporting digital technologies to improve the medicine access has positively impacted the e-pharmacy market growth. Therefore, several industry players operating in the e-pharmacy business experienced increase in the number of application subscriptions amid the pandemic.
 

E-pharmacy is a digital platform also known as internet pharmacy or online pharmacy, involved in sales of drugs, or medication to the consumers. The platform is designed to provide online pharmacy services, including drugs delivery. E-pharmacy allows prescription refilling and deliver over the counter as well as specialty medicines to the patients.
 

Growing number of internet users leading to the higher adoption of digital technologies will offer unprecedented growth opportunities to the e-pharmacy industry

Significant increase in the number of online service providers have enhanced the accessibility to internet pharmacies in developing nations. During recent years, considerable increase in the number of internet users have further led to high adoption rate. According to the report published by the World Telecommunication ITU, internet users were estimated to account for nearly 63% of the world’s population in 2021 and represents increase of 17% since 2019.
 

Therefore, ease of access to internet pharmacies through smartphones and availability of range of pharmaceutical products are major factors driving the growth of e-pharmacy market. Further, collaborations between the manufacturers and e-pharmacies to broaden their products accessibility and expand customer base via online channels will propel market growth during the projection period.
 

 Rising awareness regarding the primary disease treatment for common health conditions will benefit the OTC drugs segment size

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E-pharmacy market by product type is segmented into OTC products and prescription medicine. OTC products segment held over 70% market share in 2021 and is anticipated to witness substantial growth during the forecast period. Awareness and education regarding the primary medication for common diseases among the population will benefit the segment demand.
 

Availability of range of over-the-counter drugs for several frequent occurring diseases such as cold and flu will drive the e-pharmacy market statistics. Furthermore, regulatory scenario, boosting Rx to OTC switch, will augment the segment revenue growth. According to the Consumer Healthcare Products Association, prescription allergy drugs switch to OTC drugs leads to higher consumer preference due to better accessibility and cost effectivity. Thus, the abovementioned factors will lead to greater product availability in the market.
 

Presence of numerous market players in the North America will stimulate the product distribution via online channels

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North America e-pharmacy market dominated the global industry with over 35% revenue share in 2021 due to the higher internet penetration coupled with rapid adoption of digital technologies among the population. Further, presence of leading industry players offering services in international market as well as number of local pharmacy drugstores providing online services is projected to augment the North America market forecasts during the forecast period.
 

Additionally, rapidly increasing burden of common health conditions such as flu, cough, backpain, and cold will lead to demand for related OTC products and with expanding access, dependence on e-pharmacy to purchase these products is expected to increase in coming years. Furthermore, growing number of start-ups, intense competition among market players offering discounts and offers will strengthen the e-pharmacy market share.
 

Prominent market players are focusing on collaborative strategies that will enhance their business growth potential

Some of the notable market players operating in the e-pharmacy market include The Kroger Co, The Walgreen Company, Express Scripts Holding, CVS Health, DocMorris, Giant Eagle, Wal-Mart Stores, OptumRx, PharmEasy, 1mg and Netmeds among other players. These market players are adopting various inorganic growth strategies to obtain competitive advantage and strengthen their market position.
 

Some of the recent industry developments:

• In May 2021, PharmEasy announced the acquisition of MedLife, to expand offerings and customer base in India. This merger has helped the company to broaden its market presence and generate more revenue.
   
• In May 2020, Express Scripts announced the launch of new program called “Express Scripts Parachute Rx” during COVID-19 pandemic that offers extensive discounts on prescription drugs to Americans with affordable prices. This has helped the company to enhance its business revenue and customer base in highly competitive market.
   

The e-pharmacy market report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2028 for the following segments:

By Product Type

• OTC products
• Prescription medicine

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • France
  • Germany
  • Spain
  • Italy
  • Russia
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East & Africa
  • Saudi Arabia
  • South Africa
  • UAE
  • Others