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The E-Pharmacy market size was valued at USD 72.63 Bn in 2023 and is expected to reach USD 334.20 Bn by 2031 and grow at a CAGR of 21.02% over the forecast period of 2024-2031.
Market Scope:
E-Pharmacy market will have a high growth rate during the forecasted period, as the rising adoption rate of internet usability for medicine is growing rapidly. The major players in this market have experienced a high adoption rate in the developing nations, as per the analysis done by the SNS the adoption rates since the pandemic have grown by 18.30%. The adoption rate of E-pharmacies is expected to rise even higher as awareness of E-pharmacy is introduced in the major economies as well as the developing economies.
The growth of the E-Pharmacy Market is also supported by the rising healthcare trends of telemedicine, precision medicine, and ageing population trends. Industry experts have claimed the rising geriatric population and the increase in the number of people suffering from chronic diseases will also support the growth of the market.
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List of Key Companies Profiled in E-Pharmacy Market Report:
- Kroger Co.
- Walgreen Co.
- Giant Eagle Inc.
- Walmart Inc.
- Express Scripts Holding Company
- CVS Health
- Optum Rx Inc.
- Rowlands Pharmacy
- DocMorris (Zur Rose Group AG)
- Cigna Corporation (Express Scripts Holdings)
- com Inc.
- Axelia Solutions (Pharmeasy)
- Apex Healthcare Berhad (Apex Pharmacy)
- Apollo Pharmacy
- Netmeds
Market Analysis:
A recent survey conducted by SNS Insider found the adult population suffering from chronic diseases will be increased by 28.30% by 2035. The rising prevalence of diseases and the rising awareness of e-commerce across industries will be the factors which will have a major impact on the market’s growth. The challenging factors which will negatively impact the growth of the market will prove to be, strict regulatory approaches, and high costs associated with the logistics and supply chain constraints because of the ongoing geopolitical tensions. Another study explains the rising usage of the internet will be the key leading indicator for market growth as internet adoption in emerging economies is said to reach 70% in 2030 from 41% in 2018. This socio-indicator will be the driving factor having a major impact on the market growth in the future.
Segment Analysis:
The E-Pharmacy Market is studied by SNS Inside based on one segment. i.e., By dug type. This segment includes prescription drugs and over-the-counter drugs as the major sub-segments, Both the segments will have their rate as the industry trend will be making both the sub-segments grow at a higher pace. But when we closely analyse the OTC segment, it will be holding the maximum share. The prescription drugs will be growing at the highest CAGR growth rate, the estimated CAGR for the prescription drugs sub-segment according to SNS Insider will be 22.01%. The OTC share estimated was 69.70%.
Key Market Segmentation:
By Drug type
- Prescription drug
- Over-the-counter drug (OTC)
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Regional Analysis:
Regional analysis includes the study of how the market will perform in the different economies despite the external challenges which are currently been faced by the domestic and international players. The major region which holds the highest share and from where the companies should be expecting maximum revenue during the forecasted period will be North America regions. The share calculated by SNS INSIDER for the North America region is 48.50%. Apart from this, the focus of the investors will be, what is the major economy which will have the highest CAGR growth rate.
APAC will be the region which will be having the highest CAGR growth rate. The CAGR for the APAC region will be approx. 21.60%. The major economies which will be holding significant shares in the APCA region will be China, India, and Japan, with China holding the maximum share.
Key Takeaways:
- The rising healthcare trend where E-commerce is the core of innovations and creativity is said to impact the E-Pharmacy Market growth in the present and future scenarios.
- Indeed, government support regarding improving the overall infrastructure to improve the overall feasibility will also be a noticeable factor.
- The restraining factor for the market will be the trust element among the customers, as many of the customers in developing economies are still in the dilemma of, is buying online medicines safe.
Recent Developments:
- The most important thing which companies are focusing on as of now is how they will be able to improve the customer experience and the entire buying cycle. This will include the improvement in the interface and the delivery systems. This will be attracting new customers in the future.
- The developments done by OptumRx, where it places its 8 products in the Tier 1 category, as a matter of fact, the rising out-of-pocket expenditure will prove to be the major indicator for the company’s developments.
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Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 E-Pharmacy Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 forces model
Chapter 7 PEST Analysis
Chapter 8 E-Pharmacy Market Segmentation, By Drug Type
Chapter 9 Regional Analysis
Chapter 10 Company profile
Chapter 11 Competitive Landscape
Chapter 12 Use Case and Best Practices
Chapter 13 Conclusion
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