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Breaking Barriers in Healthcare: The e-pharmacy industry takes centre stage, propelling digital transformation and reshaping medication services by empowering patients in the digital age with a 16.71% CAGR by 2023–28.
May, 31
2023

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Breaking Barriers in Healthcare: The e-pharmacy industry takes centre stage, propelling digital transformation and reshaping medication services by empowering patients in the digital age with a 16.71% CAGR by 2023–28.

 

e pharmacy market
Gone are the days of long queues at physical pharmacies or rushing to get prescriptions filled before closing time. E-pharmacies offer a wide range of benefits, including easy online ordering, doorstep delivery, and the ability to conveniently browse and compare products. This accessibility and convenience have made healthcare more accessible to individuals, particularly those with mobility issues, busy schedules, or limited access to local pharmacies. The E-pharmacy industry has emerged as a transformative force in the healthcare landscape, revolutionizing the way people access and manages their medications and healthcare needs. With the power of technology and the convenience of online platforms, E-pharmacies have transcended geographical boundaries, providing individuals with a seamless and accessible solution to their pharmaceutical requirements. This burgeoning sector combines the expertise of licensed pharmacists, cutting-edge digital platforms, and a vast array of high-quality medications and healthcare products, all delivered right to the doorstep of consumers. By offering an extensive range of prescription medications, over-the-counter products, personal care items, and even specialized services like telemedicine consultations and health monitoring devices, E-pharmacies have empowered individuals to take charge of their well-being with utmost convenience and efficiency. The industry's commitment to stringent quality standards, secure transactions, and adherence to regulatory guidelines ensures that consumers can trust in the authenticity and reliability of the products and services offered. As the e-pharmacy industry continues to innovate and evolve, it not only enhances accessibility to vital healthcare resources but also heralds a new era of personalized and patient-centric care, all within the realm of a user-friendly digital ecosystem.

According to the research report," Global E-Pharmacy market Research Report, 2028" published by Actual Market Research, the market is anticipated to across USD 217.06 Billion market size by 2028, increasing from USD 87.46 Billion in 2022. The market is projected to grow with 16.71% CAGR by 2023-28. The E-pharmacy industry is reshaping the healthcare landscape by providing individuals with a convenient, accessible, and reliable solution for their medication and healthcare needs. As technology advances and consumer demands evolve, E-pharmacies are poised to play a significant role in improving healthcare outcomes and enhancing the overall patient experience. As the E-pharmacy industry continues to grow and innovate, it is driving a shift towards patient-centric care. Through integrated digital platforms, these online pharmacies are increasingly offering personalized services, such as medication reminders, refill notifications, and access to healthcare professionals for virtual consultations. This emphasis on personalized care enhances patient engagement and empowers individuals to take an active role in managing their health. Consumer behaviour has shifted towards online shopping and digital solutions across various industries, including healthcare. The increasing comfort and trust in online transactions, coupled with the desire for convenience, have led more individuals to turn to E-pharmacies for their medication needs. The ability to research products, read customer reviews, and compare prices online has empowered consumers to make informed choices and take control of their healthcare decisions. Also, the escalating costs of healthcare, including medication prices, have driven individuals to seek more cost-effective alternatives. E-pharmacies often offer competitive pricing and discounts, making healthcare more affordable for consumers. This cost-saving aspect has been a significant driver for individuals to embrace online pharmacies as a viable option for obtaining their medications.

Governments and regulatory bodies in various countries have recognized the potential benefits of E-pharmacies and have introduced regulatory frameworks to govern their operations. These frameworks help ensure consumer safety, quality assurance, and compliance with ethical and legal standards. Clear guidelines and regulations provide a level of trust and legitimacy to the E-pharmacy industry, fostering its growth and acceptance. Regionally, the North American e-pharmacy market accounted for the dominant share of the global market in 2022 and the domination of the North American market is expected to continue throughout the forecast period. The growth of the North American market is majorly driven by the rapid adoption of e-commerce, increasing adoption of technological developments in the healthcare industry and rising usage of online pharmacies to purchase medications by the North American population. The presence of key market participants and increasing R&D efforts by the market participants are further fuelling the growth rate of the North American market. In 2022, the U.S. e-pharmacy market accounted for the largest share of the North American market, followed by Canada. During the forecast period, the U.S. online pharmacy market is predicted to showcase a promising CAGR and the growth of the U.S. market is attributed to the increasing patient population of chronic diseases and rising health consciousness among the population. The growing aging population and the presence of well-established IT infrastructure favour the growth of the market. Increasing support by the regulatory bodies to promote awareness regarding the benefits of online pharmacies supports the U.S. market growth. In the United States, the e-pharmacy market is influenced by the presence of pharmacy benefit managers (PBMs), which negotiate drug prices and reimbursement rates between pharmacies and insurers. The U.S. has seen the emergence of e-pharmacy startups that focus on mail-order prescriptions, offering competitive pricing and convenience to consumers. PillPack (United States), Blink Health (United States), HealthWarehouse (United States), PocketPills (Canada) and Maple (Canada) are some popular e-pharmacy platforms in North America.

The Asia-Pacific e-pharmacy market stood as the second largest regional market globally in 2022 and is expected to register a notable CAGR during the forecast period owing to the growing patient population of various diseases, the presence of emerging economies and the large population. During the forecast period, China and India are predicted to capture the leading share of the Asia-Pacific market. The growing emphasis of international market players to capture the market potential of China and India and an increasing number of local players propel the e-pharmacy market growth in China and India. The implementation of new technologies and rapid penetration of web and cloud-based technologies boost the regional market growth. In India, e-pharmacies have gained popularity due to their convenience, particularly in rural areas where access to physical pharmacies is limited. However, the sector has faced regulatory challenges, with various states implementing different regulations for online pharmacy operations. China has a thriving e-pharmacy market, with several online platforms offering a wide range of medications and healthcare products. Mobile apps and online platforms have played a significant role in driving the growth of e-pharmacies in China. Netmeds (India), 1mg (India), Medlife (India), Alibaba Health (China) and JD Health (China) are some popular e-pharmacy platforms in Asia-Pacific. On the other hand, in Europe, the growing adoption of online pharmacies to purchase medications by the European population, the increasing patient count suffering from chronic diseases, and rising aging population across the European region propel the e-pharmacy market growth in Europe. Zur Rose Group, Shop Apotheke, Pharmacy2U, and DocMorris are some of the notable companies in the European online pharmacy market. During the forecast period, Germany, France and the UK are predicted to control the leading share of the European market. In some European countries like Germany, e-pharmacies face strict regulations that limit online sales of prescription drugs. However, over-the-counter products and non-prescription medications are widely available through e-pharmacies. The European e-pharmacy market is characterized by cross-border sales, allowing consumers to order medications from neighbouring countries with more favourable pricing. Zur Rose (Switzerland), Farmacia Morlan (Spain), Apotea (Sweden), DocMorris (Germany) and Pharmacy2U (United Kingdom) are some popular e-pharmacy platforms in Europe.

The South American e-pharmacy market is predicted to occupy a considerable share of the worldwide market during the forecast period. The growth of the South American market can be attributed to factors such as the growing adoption of ecommerce platforms and increasing internet penetration are primarily driving the online pharmacy market growth in South America. Countries such as Brazil and Mexico play a vital role in the South American region and assist the region in registering a healthy CAGR. Brazil has witnessed significant growth in the e-pharmacy market, with a rising number of consumers opting for online platforms to purchase medications and healthcare products. Government regulations have been implemented to ensure the authenticity and safety of medications sold online. Drogaria Onofre (Brazil), Droga Raia (Brazil), Farmacity (Argentina), Salcobrand (Chile) and Farmatodo (Venezuela) are some popular e-pharmacy platforms in South America. However, the Middle East and Africa are expected to have an inclined CAGR during the forecast period. Growing emphasis on digitization in the healthcare sector and rising internet penetration and smartphone adoption are boosting the e-pharmacy market growth in MEA. On the other hand, UAE is estimated to showcase a healthy CAGR during the forecast period. E-pharmacies are gaining traction in countries like Nigeria and Kenya, where they offer access to a wide range of medications and healthcare products. These platforms help overcome challenges related to counterfeit drugs and limited access to healthcare services in some regions. MyDawa (Kenya), Medplus (Nigeria), HealthPlus (Nigeria), Dawaai (Egypt) and Goodlife Pharmacy (Kenya) are some popular e-pharmacy platforms in Middle East & Africa.

E-pharmacies play a significant role in facilitating the online ordering and delivery of prescription medications. Consumers can upload their prescriptions or have them sent directly by their healthcare providers. E-pharmacy platforms employ licensed pharmacists who review and verify the prescriptions before dispensing the medications. This segment of the e-pharmacy market is particularly important for individuals with chronic conditions who require regular medication refills. CVS Pharmacy, Walgreens, Rite Aid, OptumRx, Express Scripts, PillPack, Medco Health Solutions, HealthWarehouse, Blink Health and PocketPills are some well-known e-pharmacy platforms that specialize in Prescription drugs. However, e-pharmacies also offer a vast selection of OTC drugs, which are medications that do not require a prescription and are readily available for purchase. Consumers can browse through various categories such as pain relief, cold and flu, allergies, digestive health, and more. E-pharmacy platforms provide detailed product information, including usage instructions and potential side effects, enabling consumers to make informed choices. The convenience and accessibility offered by online platforms have attracted consumers looking to avoid long waiting times at physical pharmacies or seeking a wider selection of medications. Additionally, e-pharmacies often provide competitive pricing, discounts, and home delivery, further enhancing their appeal. Amazon Pharmacy, HealthWarehouse, Chemist Direct, 1mg, Netmeds, iHerb, Drugstore.com, Boots Pharmacy, Watsons and Superdrug are some well-known e-pharmacy platforms that specialize in Over-the-Counter (OTC) Drugs.

Based on the product types, the global market is segmented into skin care (skin diseases & skin injuries), allergy & food intolerance, stomach, intestines & digestion, diabetes care, heart care, circulation & veins, BP, cholesterol, orthopaedic (muscles, bones, joints), urology (bladder, kidney & prostate), animal pharmacy, naturopathy, ENT (eyes, ears, tooth & mouth), cold flu, vitamins & minerals, cosmetics, painkiller and others. Among them, skin care segment is dominating the market in 2022. Dermatology-focused e-pharmacies offer a range of products for skin conditions such as eczema, psoriasis, acne, and wound care. These platforms provide specialized creams, ointments, dressings, and skincare regimens to address various dermatological needs. These products are witnessing higher demands by the end of the forecast period. E-pharmacies offer allergy relief medications, antihistamines, nasal sprays, and eye drops to manage allergies. Additionally, they provide products for individuals with food intolerances, including lactose-free, gluten-free, and allergen-specific dietary supplements. E-pharmacies also offer a variety of products for digestive health, including antacids, probiotics, digestive enzymes, and medications for conditions like acid reflux, gastritis, and irritable bowel syndrome (IBS). E-pharmacies provide a comprehensive range of products for diabetes management, including blood glucose meters, test strips, insulin, diabetic footwear, and dietary supplements designed for blood sugar control.

Startup Scenario:
• Capsule is a New York-based e-pharmacy startup that aims to simplify the pharmacy experience. They offer online prescription ordering, free same-day delivery, and personalized customer support.
• PharmEasy is an Indian e-pharmacy startup that provides a platform for users to order medicines, healthcare products, and diagnostic services. They offer doorstep delivery, discounts, and easy online payment options.
• Medlife is an Indian e-pharmacy and healthcare platform that enables users to order prescription medications, over-the-counter products, and healthcare services online. They also offer lab tests and doctor consultations through their platform.
• NowRx is a California-based e-pharmacy startup that focuses on prescription medication delivery. They offer same-day and scheduled deliveries, along with a mobile app for easy ordering and tracking.
• MedAdvisor is an Australian e-pharmacy platform that provides medication management solutions. Their app helps users manage their prescriptions, order medications, receive reminders, and connect with healthcare professionals.
• Myra is an e-pharmacy startup based in India. They provide online medicine ordering and quick doorstep delivery, with a focus on delivering within 30 minutes in select cities.
• Netmeds is an Indian e-pharmacy company that offers a wide range of prescription medications, OTC products, and healthcare items. They provide home delivery and have a network of physical pharmacies across the country.