E-Pharmacy Market worth over $149 Bn by 2026
Published Date: December 9, 2020 Authors: Sumant Ugalmugle, Rupali Swain
E-pharmacy Market size is set to surpass USD 149.4 billion by 2026, according to a new research report by Global Market Insights, Inc.
Increasing adoption of advanced technologies has led to digitalization in healthcare sector that has offered significant growth opportunities to the market. Ease of purchasing, in-time and quality services and growing use of internet has led to preference for e-commerce platforms. Ability to capture broader customer base and cater unmet needs in the pharmaceutical distribution will drive the industry growth in future. Exponentially rising number of internet users further contributes to the increasing frequency of medicine dispensing through e-pharmacies.
Supportive initiatives by government to increase drug accessibility
Several government initiatives and support for digital health platforms will foster the market growth over the coming years. For instance, the Jan Aushadhi Program by the Government of India aims to improve accessibility and affordability of medicines to the general population in conjunction with its Digital India platform. Due to the incidence of COVID-19, the e-pharmacy networks are effectively working with the Government Common Service Centers to enhance its accessibility of essential healthcare services in rural areas. In addition, growing geriatric population with diabetes, cardiovascular and pulmonary diseases will considerably augment the market revenue. E-pharmacies offer feasible and easily accessible services that cater to frequent medication needs of these patients. Therefore, rising population prone to chronic diseases backed by government support, will expand the market during forecast years.
Education about primary drug treatment for common health conditions will benefit OTC drugs
OTC medicine accounted for USD 40 billion revenue in 2019. Over-the-counter drugs provide primary medications for broad range of health conditions, thereby avoiding hospital visits. Awareness and education about primary drug treatment among general population will thus stimulate the market expansion. Growing prevalence of various dermatological conditions will also contribute to the segment growth with increase in dermal OTC product sales. Furthermore, affordability of OTC drugs will continue to boost its preference, thereby driving segment revenue.
Browse key industry insights spread across 120 pages with 125 market data tables & 10 figures & charts from the report, “E-pharmacy Market Size By Product Type (OTC Medicine, Prescription Medicine), By Therapy Area (Weight Loss, Vitamins, Cold & Flu, Dermatology), Industry Analysis Report, Regional Outlook, Industry Analysis Report, Application Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Significant demand for weight loss therapy owing to increasing obese population pool will impel product demand
Weight loss segment is expected to witness 14% growth rate till 2026 led by rising focus and preference for physical fitness among adults. Moreover, growing demand for weight loss products within obese population to minimize the burden of associated health risks such as high blood pressure, coronary heart diseases and osteoarthritis will influence the product demand. Thus, consumer preference for online pharmacy due to convenience and favorable services will positively impact the industry development in the coming years.
Wide adoption of e-commerce platform in Europe with high internet penetration rate will spur the regional growth
Europe e-pharmacy market held more than 26% of revenue share in 2019 on account of increasing usage of internet-of-things (IoT). Significant rise in the number of internet users and digitalization in pharmaceuticals industry will further contribute to the regional value. Additionally, growing e-commerce industry in European countries will impel the market revenue. Customer preference for at-home timely services during COVID-19 pandemic has created immense opportunities for e-pharmacies in the region.
Eminent industry players are competing with the help of collaborative and expansion strategies to achieve sustainable growth
Some of the notable participants involved in the market are 1mg, DocMorris, Netmeds Marketplace Ltd., Express Scripts and Medlife International Pvt. Ltd. among other players. These companies have undertaken few strategies such as service innovations, collaborations and partnerships to expand their market foothold. For instance, in August 2020, Reliance Retail Ventures Limited announced the acquisition of majority stakes in Netmeds’ Vitalic Health. This will provide 60% stake in Netmeds to the company and equity ownership of its subsidiaries, thereby allowing industry expansion in online pharmacies segment.
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