Global ePharmacy Market Size & Share to Surpass $73.8 Bn by 2028
WASHINGTON, Nov. 22, 2022 (GLOBE NEWSWIRE) — Global ePharmacy Market is valued at USD 51.2 Billion in 2021 and is projected to reach a value of USD 73.8 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 7.3% over the forecast period 2022-2028.
The ePharmacy Market is one of the most important economic areas, and future growth is expected to be consistent. Regardless of the industry’s volatility, various factors could impact its growth or collapse. This study provides a complete overview of the sector by examining current trends and possible advancements. It also includes information on the major industry players and their expansion plans.
The study provides a complete evaluation of worldwide producers and suppliers and their current state and future potential. It also includes information on demand-side variables influencing the global need for, such as expanding technology, rising investment demands, and new laws.
Top Players in the Global ePharmacy Market
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According to Vantage Market Research, some key factors anticipated accelerating the ePharmacy Market growth over the forecast period. The pharmaceutical industry’s growing reliance on e-commerce platforms drives the market’s growth. The market is growing due to increased internet connectivity and the widespread use of smart devices. Additionally, the growing senior population, which is more prone to chronic illnesses, is accelerating the use of e-pharmacy services for monitored and door-to-door delivery of prescription drugs, medical equipment, personal care products, etc.
We forecast that the over-the-counter (OTC) category in ePharmacy Market sales will account for more than 30% of total sales by 2028 since OTC medications are frequently referred to as non-drugs because they may be purchased easily in pharmacy stores without a prescription from a doctor.
Throughout the forecast period, the US will significantly contribute to regional growth. The United States also has a large population of internet users and a thriving online retail ecosphere, which can be attributed to the dominance of retail behemoths on the online market.
Increased Effectiveness of Online Pharmacies in Delivering Affordable Medical Products:
The global patient population is expanding quickly, increasing the demand for medicines. The elderly and chronically ill can conveniently obtain and receive their medications from ePharmacies without needing a third party. The ePharmacies are experts in finding and supplying medications at reasonable prices. Shortly, it is anticipated that the demand for ePharmacies will increase across the globe due to rising internet usage and levels of digital literacy in the general population.
Enhanced Access to Online and Web-based Services:
The accessibility of web-based and online services has significantly risen due to the availability of internet systems worldwide and the facilitation of the emergence of various new market participants. This factor is expected to significantly impact how quickly the global ePharmacy Market grows. Web-based and online services offer users several advantages, including deep savings on purchases, coupons, availability around-the-clock, and security. The adoption of the e-pharmacy model is anticipated to grow as internet access spreads to more remote locations, fueling the global ePharmacy Market expansion.
Increasing Use of E-Prescriptions in Clinics and Other Healthcare Facilities:
The electronic prescribing feature known as “e-prescription” enables medical professionals to send electronic prescriptions in place of handwritten ones. This technology can potentially significantly increase the effectiveness of pharmacy management and operations. Interpreting doctors’ handwriting on paper prescriptions reduces the possibility of prescription errors. So, as e-prescriptions increase, pharmacy management and operations will become more effective.
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Top Trends in Global ePharmacy Market
One trend that Vantage Market Research (VMR) expects to see in the ePharmacy Market industry is the increased preference for e-commerce by individuals. The growing global reach of e-commerce has made it possible for ePharmacy to amass a sizable customer base in both developed and developing nations. Additionally, millennials of this generation heavily rely on online shopping for goods like cosmetics and over-the-counter medicines.
Another trend that VMR predicts will continue in the ePharmacy Market industry due to various benefits offered by pharmacies. Every online transaction is conducted to find ease, dependability, and affordability. They already feel comfortable making online purchases in categories like movies, food, and music. As a result, during the projection period, an increase in the trend of epharmacies is anticipated.
Top Report Findings
Based on product, the over-the-counter (OTC) category held the largest revenue share in the ePharmacy Market. The market’s demand for over-the-counter (OTC) items is expanding due to consumers’ growing awareness of common ailments and primary medications.
Based on type, the analgesics control most of the ePharmacy Market’s revenue. This market is expanding due to the growing popularity of natural products. This segment is expected to account for a significant share of the overall market due to increasing consumer demand for these products.
Based on drug type, the foam dressing category dominated the ePharmacy Market, and this trend is anticipated to continue. This is because foam dressings are lightweight, simple to use, and preferred for wound healing applications because they make it simple to absorb moisture into the wound.
Based on the operating platform, the diabetic foot ulcers category dominated the ePharmacy Market, and this trend is anticipated to continue. The global increase in diabetes prevalence is to blame for this expansion. The increasing prevalence of diabetic foot ulcers serves as a warning about the rising healthcare costs placed on society due to diabetes mellitus.
Based on the platform, the mobile user’s category dominated the ePharmacy Market, and this trend is anticipated to continue. Due to the increased use of mobile phones and the Internet, people are more likely to choose online pharmacies than local ones.
Based on the payment method, the cash-on-delivery category held the largest revenue share in the ePharmacy Market. This is because it is an easy and secure payment method for online pharmacy services.
Based on the business model, the hospitals & clinics category held the largest revenue share in the ePharmacy Market because many patients purchase and refill their medications online.
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Top 10 Players Generates More Than 45% of the Global ePharmacy Market Revenue
The report also found that the largest players in the ePharmacy Market are technology providers such as the Kroger Co., DocMorris, Walgreen Co., Rowlands Pharmacy, Giant Eagle Inc and Optum Rx Inc. These companies are expected to benefit from increased demand for their products and services, as well as growing investments in new mines. Other major players include the Kroger Co., DocMorris, Walgreen Co., Rowlands Pharmacy, Giant Eagle Inc., Optum Rx Inc., Walmart Inc., CVS Health, Express Scripts Holding Company, Netmeds and others. As per latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% revenue of the market.
Over-the-counter (OTC) Category in ePharmacy Market to Generate Over 30% Revenue
ePharmacy Market is an expensive investment. Vantage Market Research has analyzed the market for ePharmacy Market to understand its current state and potential future growth factors. For better understanding, based on product ePharmacy Market is divided into: over-the-counter (OTC) products and prescription medicine.
The category dominated the global ePharmacy Market over the forecast period. The demand for over-the-counter (OTC) items in the ePharmacy Market are expanding as a result of consumers’ growing awareness of common ailments and primary medications. The easy access to a broader variety of OTC medications for commonly occurring illnesses like the common cold, the flu, and fever is anticipated to fuel the expansion of this market. During the projected period, the OTC products category is anticipated to experience a considerable increase due to the growing adoption of OTC ePharmacy in developing and underdeveloped nations.
On the other hand, the prescription medications category is anticipated to grow significantly over the forecast period. Global hospital and clinic visits are increasing due to the rising elderly population and the incidence of various diseases. The industry is expanding due to the increasing use of online pharmacies to purchase prescription medications.
Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on ePharmacy Market Forecast Report (2022-2028).
Global ePharmacy Market Segmentation
Cold & Flu
Vitamins & Minerals
By Drug Type
By Operating Platform
By Payment Method
Cash on Delivery
By Business Model
Hospitals & Clinics
Home Care Settings
Other Business Models
Middle East & Africa
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Scope of the Report:
Market Size in 2021
USD 51.2 Billion
Revenue Forecast by 2028
USD 73.8 Billion
6.3% from 2022 to 2028
2022 to 2028
The Kroger Co., DocMorris, Walgreen Co., Rowlands Pharmacy, Giant Eagle Inc., Optum Rx Inc., Walmart Inc., CVS Health, Express Scripts Holding Company, Netmeds
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