In terms of revenue, the Global ePharmacy Market is expected to reach USD 73.8 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 6.10% from 2022 to 2028.
Rise in R&D spending have been a major factor in the expansion of the Online Pharmacy Market. However, the current COVID-19 outbreak and economic downturn have profoundly impacted the overall market statistics of several sectors worldwide. As a result, vitamin and mineral supplements were widely adopted as preventative measures.
Governments worldwide implemented harsh measures like lockdowns, border closures, and the introduction of stringent social distancing regulations to slow the rapid spread of the COVID-19 virus. These choices had a significant impact on the world economy, which negatively impacted a number of industries. Therefore, when analyzing current and projected market sizes and growth patterns for all regions and countries, the impact of COVID-19 on market demand is taken into account.
Key Developments in the Industry
· As of January 2022, Venture capitalist Mark Cuban started a digital pharmacy that offers more than 100 generic medications at discount prices in an effort to be radically transparent.
· A (COVID-19 at-home collection kit), PCR test called Pixel by Labcorp was released in March 2022 by Walgreens and Labcorp, a renowned international life sciences company. Additionally, many communities can easily access testing services because Walgreens includes the kits, which are provided in cooperation with the US Department of Health and Human Services.
· The largest state-owned specialty pharmaceutical and consumer healthcare company in the city-state of Singapore, Hyphens Pharma International Limited, launched WellAway ePharmacy in January 2022. Customers' access to pharmaceutical services is made simpler by WellAway, which also helps doctors with teleconsultation.
· PharmEasy announced the acquisition of MedLife in May 2021 in order to increase its product options and clientele in India. The company's market footprint has expanded thanks to this combination, which has also increased revenue.
· During the COVID-19 pandemic, Express Scripts announced in May 2020 the launch of a new programme called "Express Scripts Parachute Rx" that provides Americans with substantial discounts on prescription medications at reasonable prices. In a highly competitive market, this has aided the company in growing both its business revenue and customer base.
· Labcorp, a well-known international life sciences company, and Walgreens unveiled the PCR test Pixel by Labcorp in March 2022. Since Walgreens offers the kits, which are provided in collaboration with the U.S. Department of Health and Human Services, many communities can easily access testing services.
· Well Pharmacy and Omnicell, a renowned supplier of supply and medication management solutions as well as adherence tools for healthcare systems and pharmacies, announced a new partnership in May 2021. In an effort to lower medication errors, improve patient safety, and increase operational efficiencies so that care staff can devote more time to direct patient care, this partnership is likely to highlight Omnicell's innovative eMAR solution to more than 350 care homes across the U.K.
· Investors like Think Investments, Fundamentum, Bessemer, Eight Roads Ventures, Trifecta Capital, Orios VP, Aarin Capital, and JM Financial contributed a total of about US$ 65 Mn to PharmEasy in 2018. Over the past six years, the Indian online pharmacy market has attracted the most private equity (PE) and venture capital (VC) investments.
Many people around the world prefer to have their medication and other medical supplies delivered straight to their door rather than having to travel to a retail pharmacy. E-pharmacies also reduce the dependence of elderly and chronically ill patients' dependence on third parties for purchasing medications and medical supplies. Additionally, it is anticipated that rising internet use and literacy would increase market revenue. The ePharmacy has been able to attract a sizable consumer base in both developed and developing nations thanks to the expanding reach of e-commerce. This generation's Millennials heavily rely on online shopping for products like cosmetics and over-the-counter medications. Due to the introduction of new information technologies and algorithms that provide a better customer experience and pleasure, several startups are also emerging all over the world. Artificial intelligence-based new technologies are predicted to boost market customer happiness. The expansion of the Global ePharmacy Market is anticipated to be fueled by all of these reasons taken together.
On the other hand, selling prescription medications online is subject to strict laws. The market growth in and Europe may be impacted by the strict regulations that apply to the sale of prescription drugs through ePharmacy in these regions. Additionally, not all nations in the world have made internet sales of prescription medications legal. The unregulated sale of prescription drugs, which could result in banning online pharmacies, is one factor that is seen to be limiting the worldwide market's earnings.
In 2021, dominated the world's ePharmacy Market. The rapidly growing geriatric population, rising prevalence of chronic diseases, and high acceptance of technologically advanced products and services are some of the significant factors that have significantly fueled the growth of the ePharmacy Market. These factors are all made possible by the well-established telecommunications and IT infrastructure. By 2060, it is predicted that the elderly would make up about 24% of the country's population. Furthermore, one or more chronic diseases affect more than 50% of the US population.
The Global ePharmacy Market is Segmented as follows:
- Over-the-Counter (OTC) Products
- Prescription Medicine
- Skin Care
- Cold & Flu
- Vitamins & Minerals
- Weight Loss
- Other Types
- Drug Type
- Foam Dressings
- Film Dressings
- Hydrocolloid Dressings
- CHG Adhesive Dressings
- Alginate Dressing
- Surgical Tapes
- Hydrogel Dressings
- Collagen Dressings
- Barrier Tapes
- Tissue Sealants
- Negative Pressure Wound Therapy Drapes
- Other Drug Types
- Operating Platform
- Diabetic Foot Ulcers
- Pressure Ulcers
- Surgical & Traumatic Wounds
- Ostomy Care
- Other Operating Platforms
- Mobile Users
- Desktop Users
- Payment Method
- Cash on Delivery
- Online Payment
- Business Model
- Hospitals & Clinics
- Home Care Settings
- Other Business Models
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global ePharmacy Market is:
The Kroger Co., DocMorris, Walgreen Co., Rowlands Pharmacy, Giant Eagle Inc., Optum Rx Inc., Walmart Inc., CVS Health, Express Scripts Holding Company, Netmeds
The Global ePharmacy Market Scope can be Tabulated as below:
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|