Global ePharmacy Market Report and Forecast 2024-2032

Global ePharmacy Market Outlook

The global ePharmacy market size reached approximately USD 93.18 billion in 2023. The market is projected to grow at a CAGR of 14.2% between 2024 and 2032, reaching a value of around USD 308.61 billion by 2032.

Key Takeaways

• E-pharmacies in regions such as the US and the UK provide end-to-end healthcare solutions, including teleconsultations and e-diagnostics.

• Players are increasingly investing in mergers and acquisitions and are partnering with offline pharmacies to increase their reach.

• As healthcare goes mobile, teleconsultation and e-pharmacy are becoming the new normal even in developing nations like India.

An epharmacy is an online pharmacy or a platform that operates over the Internet and allows users to order or purchase medicines without physically visiting any medical store. These orders are delivered to the customer’s place via mail. The option to place an online order and the easy access to healthcare products with timely delivery have resulted in increased consumer satisfaction, thus, increasing the demand for epharmacies globally.

The growing consumer preference for doorstep services and online procurement of goods, including healthcare products, is driving the epharmacy market growth. The market is being supported by the expansion of the e-commerce sector both in developed and developing countries. With the rapid technological advancements and the increasing startup investments, the market is expected to witness healthy growth over the forecast period. The ability of epharmacies to offer convenient and hassle-free services at low costs and discounted prices supports the market.

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Key Trends and Developments

Increased adoption of digital health solutions; ability to offer personalised services and improve customer engagement; use of blockchain for security and transparency; and regulatory changes and compliance are the major trends impacting the ePharmacy market

ePharmacy Market Trends

The growing comfort of consumers with online platforms for health consultations, prescription management, and purchasing medications is a significant trend that is driving the expansion of the market. The advancement of secure and user-friendly digital platforms has made online health consultations, prescription management, and medication ordering more reliable and easier to use, and enhanced digital interfaces, mobile apps, and improved cybersecurity measures have contributed to increased consumer trust.

Many e-pharmacies and digital health platforms are now integrated with health systems, allowing for seamless communication between patients, doctors, and pharmacists and this integration supports efficient prescription management, medication adherence, and continuity of care.

Moreover, the market players are increasing their collaboration efforts to broaden their reach. The 2023 partnership between Unfabled, a startup specialising in menstrual care, and E-pharmacy, a platform regulated by the General Pharmaceutical Council and operated by clinicians, represents a strategic collaboration aimed at expanding the range of healthcare services available to consumers via digital platforms. By partnering with an e-pharmacy, Unfabled is broadening its service offerings beyond just menstrual care products to include a wider range of pharmacy services. This could encompass prescription medications, over-the-counter drugs, and other health and wellness products accessible through the convenience of an online platform.

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Market Segmentation

“ePharmacy Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Prescription medicines account for the majority of the ePharmacy market share owing to the increased convenience of purchasing medicines through digital prescriptions

Prescription medicines hold the highest share in the market. The increasing acceptance and regulatory approval of digital prescriptions in many countries have made it easier for patients to purchase prescription medications online and this convenience, combined with the need for ongoing medication by patients with chronic conditions, drives a high volume of sales. In many regions, prescription drugs are covered by health insurance plans, making them more accessible and affordable for consumers when ordered online.

The demand for over-the-counter products is also anticipated to grow at a robust rate in the forecast period. Consumers value the convenience of purchasing OTC products online, especially for common ailments and personal wellbeing, and the ability to compare products, read reviews, and receive home delivery appeals to a broad consumer base. The trend towards self-care and wellness has led to an increase in the consumption of vitamins, supplements, and other health-related OTC products.

Mobile applications lead the ePharmacy market as these apps offer highly personalised services to the users

The epharmacy market is driven by the widespread use of smartphones and the convenience of accessing services through mobile apps. Consumers appreciate the ease of browsing, ordering, and tracking deliveries on their phones, which are always within reach. Mobile apps allow for a higher degree of personalisation, offering users recommendations based on their browsing and purchase history. Push notifications enable real-time updates on promotions, order status, and prescription refill reminders, enhancing user engagement.

Websites also hold a sizeable share in the epharmacy market as websites can be accessed from any device with internet connectivity, including desktops, laptops, tablets, and smartphones, ensuring that e-pharmacy services are available to a wide audience, including those who may not use smartphones extensively. Websites often provide more comprehensive information about products, health resources, and customer support options and the larger screen size of desktops and laptops facilitates easier browsing of extensive product catalogs and the reading of detailed product descriptions and reviews.

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Competitive Landscape

The market players are focused on strengthening their product and services offerings through acquisitions and diversification, further directing their efforts to improve supply-side economics

Other major players in the ePharmacy market include OptumRx, Inc. and Medlife International Pvt.Ltd., among others. Key market players in the market engage in a variety of activities to serve their customers, maintain competitiveness, and expand their market share.

ePharmacy Market Analysis by Region

North America dominates the global market for epharmacy. The high internet penetration and the increased literacy of the general population regarding internet resources in the region are aiding the market growth. The early access to advanced technology in the region and the thriving e-commerce sector are significantly contributing to the regional market growth.

Europe is another key market, contributing to the overall revenue. However, the stringent regulatory compliance regarding the sales of prescription drugs in developed countries is expected to be a major challenge for the manufacturers.

Meanwhile, the Asia Pacific ePharmacy market is expected to witness robust growth in the forecast period owing to the growing digitisation and the increasing penetration of the e-commerce sector in the region. Moreover, with the outbreak of the COVID-19 pandemic, the sales of pharmaceuticals and healthcare products through online platforms and mobile apps have significantly increased, along with the penetration of virtual care and digital health services, which is expected to have a positive influence on the market globally.

Key Highlights of the Report