The Digital Pill | Exploring the Rise of Global ePharmacy Market Demand

Global ePharmacy Market Demand is predicted to expand at a 14.3% CAGR to US$ 351.9 billion by 2033, up from US$ 81.5 billion in 2022.

“The global ePharmacy industry is expanding due to pharmacies’ increasing efficiency in supplying affordable pharmaceutical products, as well as growing e-commerce penetration.”

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Customers’ preferences are migrating to e-pharmacy platforms due to the ease of purchase, availability of a wide selection of pharmaceuticals, and high-quality medical services available via the internet.

A significant increase in smartphone purchases has happened, as has the development of epharmacy awareness. The growing senior population, which has chronic ailments and lives in remote places, encourages the marketing of ePharmacy. As smartphone sales expand, so does the Indian e-pharmacy market.

Enticing offers, significant discounts, and easy accessibility let end consumers navigate and obtain medications quickly as part of the ePharmacy business model. This speeds up the global market and boosts epharmacy sales.

As e-commerce and the online sector become more accessible, so will medicine availability, as multiple sellers (B2C and B2C) establish an online presence. This creates a more conducive climate for these merchants to sell their wares.

“The major challenge with ePharmacy market is rising number of illegal vendors online that decrease the credibility of online sources. Also, risks associated with counterfeit drugs are downgrading the marketing. To prevent these illegal vendors, e pharmacy regulations are there in every country.”

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Key Takeaway:

• Government initiatives and e-pharmacy regulations promote and control digital technology in order to improve the space’s functionality. Government awareness efforts assist a number of industry participants.
• North America is the market leader, accounting for more than 35% of global epharmacy sales. The quick rise can be attributed to the high rate of internet usage among Americans.
• When epharmacy firms build their product profile and marketing campaign with the prescription portal attached, customers may simply engage with the website and post prescriptions.
• 63% of the world’s population regularly utilises the internet and interacts with eCommerce websites, supporting market development.
• The worldwide epharmacy market is divided into product types, which are further divided into OTC items and prescription drugs.
• The biggest segment by the product type category is OTC products. These products are in high demand because of the easy access and low hassle processes.

Competitive Landscape:

Market participants are experimenting with various growth methods in order to achieve a competitive advantage and secure their market positions. Because of rising customer demand, the global ePharmacy market is likely to expand significantly. The ease with which online retail platforms can obtain controlled prescription medications such as stimulants, pain relievers, and tranquillizing hypnotics is indirectly contributing to market expansion.

Recent Development:

• In 2021, PharmEasy initiated the takeover of MedLife to expand the deliverables and stronghold in India.
• Lately, Express scripts have launched a new program named Express Scripts Parachute Rx that offer price discounts on multiple products.

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Major Players:

1. Netmeds Marketplace Ltd.
2. TEasyMedico
3. Medlife
4. Amazon. Inc
5. Apotek
6. The Kroger Co.
7. Walgreen Co.

Key Segments Covered in ePharmacy Industry Research:

By Product:

• Over the Counter Product
• Prescription Medicines

About Future Market Insights, Inc.

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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