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E-pharmacy Market size to exceed $206bn by 2028
- Published Date: February 15, 2022
E-pharmacy Market size is expected to exceed USD 206 billion by 2028, according to a new research report by Global Market Insights Inc.
Growing geriatric population coupled with increasing prevalence of chronic diseases is anticipated to foster the e-pharmacy industry growth. According to the statistics published by the Government of Canada, hypertension, ischemic heart disease, osteoporosis, and chronic obstructive pulmonary disease (COPD) are amongst the highest prevalent diseases in people aged 85 years and older in the country. Such chronic conditions require continuous medication for a longer period or throughout the lifetime. This has led to preference for e-pharmacy among elderly population due to at home services.
Moreover, increasing adoption of mobile-based software applications among geriatric population offering a variety of in-app benefits, such as discounted drug prices, personalized purchases and quick delivery will offer tremendous growth opportunities to the e-pharmacy market in the forthcoming years.
The COVID-19 pandemic has positively impacted the market demand owing to increased preference for self-medication during the period. The consumer preference towards non-prescription drugs to manage several general diseases in home settings and avoid infection risk associated with hospital or clinic visits has majorly contributed to the online sales. Further, during lockdown period across several countries, population inclination towards healthy lifestyle was observed. Thus, the demand for mineral and vitamin supplements has experienced significant growth due to population focus on strengthening immune system. Therefore, with continued product sales via e-pharmacy, the industry witnessed significant revenue growth.
Supportive initiatives by the government to improve medicine accessibility will stimulate the market statistics
Increasing government initiatives aimed to promote and support digital health platforms will accelerate the e-pharmacy market expansion. For instance, the Government of India's Jan Aushadhi Program, in conjunction with its Digital India platform, aims to improve population access and affordability to medicines. Furthermore, during the COVID-19 pandemic, e-pharmacy networks were collaborating with governments’ Common Service Centers to improve access to essential healthcare services in rural areas. Thus, collaborative efforts by the government as well as non-government organizations to improve population health with expanded medicine access will drive the adoption of e-pharmacy channels during the forecast years.
Improving policies enabling sales of prescription drugs through e-pharmacies will strengthen market outlook
E-pharmacy market by product type is segmented as OTC products and prescription medicine. Prescription medicine segment surpassed USD 17 billion revenue in 2021 and is anticipated to progress at momentous rate during the analysis timeframe. Increasing rate of electronic prescriptions has escalated the number of online transactions. Thus, adoption of digital platforms by both healthcare providers as well as patients will boost the sales of prescription drugs through online pharmacies.
Browse key industry insights spread across 100 pages with 67 market data tables & 8 figures & charts from the report, “E-pharmacy Market Forecasts By Product Type (OTC Products, Prescription Medicine), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
Wide adoption of e-pharmacy platforms in Europe with business expansion by market players will spur regional industry landscape
Europe e-pharmacy market accounted for over 26% revenue share in 2021 and is anticipated to proceed at significant rate during the forecast period. The regional market is primarily driven by the developing pharmaceutical sector, as well as increasing adoption of e-pharmacy platforms for convenient delivery of medicines, and personal care products among others. Furthermore, business expansion efforts by the well-known pharmacy networks will lead to improved accessibility across the European countries. Thus, rapid expansion of e-pharmacies with escalating sales of pharmaceutical products in the region will augment the European market size.
Growing adoption of internet-of-things (IoT) will further drive the regional market outlook. Additionally, the European e-pharmacy business expansion will be aided by a significant increase in the number of internet users and the digitalization in pharmaceuticals industry. Moreover, with customer preference for doorstep and quick services during COVID-19 outbreak creating immense opportunities for e-pharmacies in the region.
Eminent market players are competing with the adoption of collaborative and expansion strategies to achieve sustainable business growth
Some of the notable industry players involved in the e-pharmacy market are 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 companies have undertaken several strategies such as service expansion, collaborations, and partnerships to expand their market foothold. For instance, in December 2020, Express Script launched its first digital health formulary for apps and devices. This formulary allowed effective management of health care services on online platform, thereby strengthening its business operations in the market.