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ePharmacy Market

Market Study on ePharmacy: Venture Capitalist Fundings in ePharmacy Market to Swell Revenue

ePharmacies Market Segmented By Pharmacy Size - Large | Medium | Small

ePharmacy Market Outlook (2022-2032)

Newly-released ePharmacy market analysis report by Persistence Market Research shows that global sales of ePharmacy market in 2021 was held at US$ 70.4 Bn. With 21.1% CAGR, the projected market growth during 2022 - 2032 is expected to be significantly higher than the historical growth. The ePharmacy market is projected to witness an absolute dollar opportunity of US$ 485 Bn during the forecast period.

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Global ePharmacy Market (2022)

US$ 84.4 Bn

Global ePharmacy Market (2032)

US$ 569.4 Bn

Global ePharmacy Market CAGR (2022 – 2032)

21.1%

U.S. ePharmacy Market CAGR (2022 – 2032)

20.2%

Key Companies Profiled

  • The 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)
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Revenue of ePharmacy market from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032

As per the ePharmacy market research by Persistence Market Research - a market research and competitive intelligence provider, historically, from 2017 to 2021, market value of the ePharmacy markets increased at around 17.7% CAGR, wherein, countries such as the U.S., China, UK, Japan, South Korea held a significant share in the global market.

With the internet being so pervasive in our times, it was not a surprise that people started to see online pharmacies as more inevitable. An online pharmacy is a store that can sell both drugs and prescription devices both online and conventionally.

However, online pharmacies accept on-demand orders over the internet and send prescriptions to their destinations by mail. Roughly 32,500 online pharmacies operate globally from authorized locations to prevent the spread of illness.

The ease of ordering medicines online with a prescription makes ePharmacy more convenient than conventional pharmacies. It is a boon for those who live at far distances from a pharmacy, as well as patients with disability, old people, and those who have a busy schedule. Moreover, the shipping charges is also less than the expenses incurred by travelling to conventional pharmacy.

Another advantage of E-Pharmacy is that it offers privacy and confidentiality. This system is among the most beneficial for those who are wary of speaking with health professionals and pharmacists. Consumers also have the ability to order prescription medicine without any embarrassment, for instance, issues relating to sexuality or adolescence that may be offensive.

Pharmacy establishments with onsite over-the-counter medicine strive to find any corresponding prescription from a physician before providing prescriptions. They fill out a questionnaire on a patient's health after obtaining a prescription for safe and secure distribution. The questionnaire is reviewed and endorsed by a medical doctor prior to being distributed.

Owing to these factirs, ePharmacy market is projected to grow at a CAGR of 21.1% over the coming 10 years.

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What are the growth prospects of ePharmacy market?

The key factor contributing to the growth of ePharmacy market is the growing internet penetration. Around 62.5% of the global population have internet access which is likely to swell significantly in near future. For instance, the digital initiatives the government, and the Ministry of Health & Family Welfare of India have undertaken to improve the efficiency and effectiveness of the public healthcare system such as the National Health Portal, Online registering system, e-hospital@NIC, Central Drugs Standards Control Organization (SUGAM) has propagated the healthcare infrastructure in India.

The Union Cabinet of India approved of amending the existing FDI law in the pharmaceutical sector to 100%, making FDI up to this amount permissible in the case of the production of medical devices under certain conditions. This helps India maintain a continuous pipeline of drugs and streamline the production of life-saving medicines.

Medical expenditures for people are projected to rise at a 3.6-6% CAGR between 2022 and 2025, reaching approximately US$ 1.6 trillion, driven by rising consumer spending, rapid urbanization, the rise of noncommunicable diseases, and progressive increasing medical insurance among others.

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Which Region is projected to Offer the Largest Opportunity for ePharmacy markets?

ePharmacy market in Asia Pacific is expected to grow at a CAGR of over 20% during 2022 - 2032. Some of the key companies having manufacturing units in all major locations in APAC have started to expand their production units to different locations of APAC to increase fast distribution. While this implies to a shift in the diversification of global locations, it promises a significant opportunity for ePharmacy market.

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Country-wise Analysis

U.S. ePharmacy Market Analysis

US dominated the global ePharmacy market and is poised to reach USD$ 184 Bn by 2032. The growing number of hospital admission and ease of medicare reimbursement policy are the key factors towards the market growth in the country.

CVS Pharmacy is one of the two main specialty drug pharmacies in the United States. CVS Health consists of pharmacies, clinics and retail locations. According to recent estimates, the number of CVS pharmacies has increased significantly over the past few years. The pharmacy industry saw significant changes in recent years, especially with the rapid growth of CVS.

U.K. ePharmacy Market Analysis

ePharmacy Market in the U.K. is expected to register a market size of US$ 23.3 Bn by 2032. With a projected CAGR of 20% during 2022 – 2032, the market in the U.K. is expected to register an absolute dollar opportunity of US$ 19.5 Bn.

Japan ePharmacy Market Analysis

ePharmacy Market in Japan is projected to witness a market size of US$ 18 Bn by 2032. With a projected CAGR of 18.4% during 2022 – 2032, the market in Japan is expected to register an absolute dollar opportunity of US$ 14.9 Bn.

South Korea ePharmacy Market Analysis

ePharmacy Market in South Korea is projected to witness a market size of US$ 13 Bn by 2032. With a projected CAGR of 21.7% during 2022 – 2032, the market in South Korea is expected to register an absolute dollar opportunity of US$ 11.3 Bn.

Category-wise Insights

Which Type of ePharmacy is Likely to Expand Largest in the Forthcoming Years?

The ePharmacy revenue through large pharmacies will account for around 21.3% of global ePharmacy CAGR during 2022-2032. While large ePharmacies have significant capital to expand, they also have price dominance. They are more likely to offer discounts as well as offers to gain new customers as well as retain the existing ones. However, in the forthcoming years, the medium-sized ePharmacies are also expected to grow owing to the external investments in them.

How Has COVID-19 Impacted on ePharmacy market?

The American Association of Homeopathic Pharmacists has enacted a law concerning Coronavirus Aid Relief and Economic Security amid COVID. This law will decrease people's dependence on private medical treatment for self-treatable symptoms, which will also be available through the pre-tax account. Within this framework, the U.S. government is helping individuals respect homeopathy causally via its own medicinal products.

People above the age of 65 years, and those with co-morbidities, were advised to stay at home during COVID-19. About 1 million doctors in India, all are nearly practicing online, on the given guidelines published by the government. All of them are issuing prescriptions using digital means. This leads the more dependency on ePharmacy industries.

Following the lockdown, the Union Ministry of Home India placed a special order for the effective circulation of medical products through the e-commerce sector, especially as an essential service. Therefore, during the COVID-19 crisis, the ePharmacy sector surged significantly.

Competitive Analysis

Some of the key vendors in the global ePharmacy market include The Kroger Co., Walgreen Co., Giant Eagle Inc., Walmart Inc., Express Scripts Holding Company, CVS Health, Optum Rx Inc., Rowlands Pharmacy, and DocMorris (Zur Rose Group AG)

Some of the recent developments in ePharmacy market are:

  • In January 2022, Hyphens Pharma officially launched first HSA-approved e-pharmacy in Singapore.
  • In November 2021, The Majority Stake in epharmacy Sasta Sundar was acquired by Flipkart Health.
  • In April 2021, API Holdings Pvt. raised roughly US$ 350 million from Prosus Ventures and TPG Growth LLC. The company was valued at about US$ 1.5 billion.
  • In December 2021, Healthplus developed an application of ePharmacy to connect patients with pharmacists without time constraint.
  • In June 2021, Tata?Digital acquired the majority of stake?in?e-pharmacy 1MG.
  • In August 2020, Amazon launched Amazon pharmacy its online pharmacy service.

Market Segments Covered in ePharmacy Industry Analysis

By Pharmacy Size

  • Large
  • Medium
  • Small

By Region

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA

- Companies Covered in This Report -

  • THE 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)

- Frequently Asked Questions -

The global ePharmacy market is worth more than US$ 70.4 Bn at present.

The value of ePharmacy market is projected to increase at a CAGR of around 21.1% during 2022 – 2032.

The value of ePharmacy increased at US$ 84.4 in 2022.

Top 5 countries driving demand for ePharmacy market are the U.S., China, UK Japan and South Korea.

ePharmacy Market in North America will account for 20.4% CAGR during 2022-2032.

The key players in ePharmacy market are The Kroger Co., Walgreen Co., Giant Eagle Inc., Walmart Inc., and CVS Health.

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