ePharmacy Market: Key Trends and Growth Drivers
The global ePharmacy market size was valued at USD 60.0 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 20.4% from 2023 to 2030.
Rising penetration of the internet across the globe, improving digitalization of healthcare services, and an increasing number of tech-savvy consumers are the key factors boosting the market growth. Rising consumer preference for online purchases with an increased focus on convenience is also aiding the growth. The increasing adoption of digital technologies and e-commerce in the healthcare sector is anticipated to propel overall growth. In January 2022, Mark Cuban, the venture capitalist, launched a digital pharmacy that sells more than 100 generic pharmaceuticals at a low cost, to be radically transparent. ePharmacy offers easier access that significantly benefits chronic elderly patients from nuclear families, as well as patients that are not in a condition to go out.
Increasing penetration of smartphones is further aiding the market growth. As per The Mobile Economy 2020, smartphone penetration was 65.0% in 2019 and is expected to reach 80.0% by 2025. The boom in the healthcare sector coupled with high operational costs has created the need to cut operational costs with the implementation of ePharmacy solutions. The increasing prevalence of chronic conditions is leading to a rise in the demand for various healthcare products, including drugs. This signifies the increasing penetration of online modes of drug procurement across the globe.
Gather more insights about the market drivers, restrains and growth of the ePharmacy Market
Detailed Segmentation:
Regional Insights
North America accounted for the largest market share of over 40.4%% in 2022. Rising adoption of e-commerce, growing geriatric population, increasing online sales, developed healthcare infrastructure, and positive attitude towards the adoption of new technologies are some of the major factors contributing to the regional market growth. Moreover, nearly 80% population of the U.S. is connected to ePharmacy and the shifting trend toward the direct-to-patient model.
The digital world has opened doors to consumer-friendly online experiences and other advanced services is further propelling the overall market growth in North America. As a result, in December 2020, Medicure Inc., the cardiovascular pharmaceutical business, announced that the company has entered into a formal agreement to purchase 100% of Marley Drug, Inc. through its wholly-owned U.S. subsidiary, Medicure Pharma Inc. The COVID-19 pandemic has significantly impacted the purchasing behavior of consumers, leading to more people than ever seeking medicines and other healthcare-related supplies through the ePharmacy platform. For instance, in April 2022, Walgreens and Wing launched drone delivery in the first large urban region in the U.S. as a pilot study.
Browse through Grand View Research's Healthcare IT Industry Research Reports.
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Key Companies & Market Share Insights
Key players implement various marketing strategies to gain a competitive edge and increase their share. In addition, the companies also implement strategies, such as mergers, acquisitions, and partnerships, for increasing their market share. For instance, in January 2019, The Zur Rose Group finalized the purchase of the e-commerce operations of medpex, Germany's third-largest online pharmacy. With this move, the Zur Rose Group has greatly increased its market share in Germany. In 2018, Walgreen and Kroger jointly launched a pilot program for analyzing one-stop shopping with access to products from both companies. In 2018, Amazon.com, Inc. acquired a U.S.-based online pharmacy company named PillPack. Therefore, such initiatives indicate potential growth opportunities in the market.
Some prominent players 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
• DocMorris (Zur Rose Group AG)
• Cigna Corporation (Express Scripts Holdings)
• Amazon.com Inc.
• Axelia Solutions (Pharmeasy)
• Apex Healthcare Berhad (Apex Pharmacy)
• Apollo Pharmacy
• Netmeds
ePharmacy Market Segmentation
Grand View Research has segmented the global ePharmacy market based on drug type, and region:
ePharmacy Drug type Outlook (Revenue, USD Million, 2017 - 2030)
• Prescription drug
• Over-the-counter drug (OTC)
ePharmacy Regional Outlook (Revenue, USD Million, 2017 - 2030)
• North America
o U.S.
o Canada
• Europe
o Germany
o U.K.
o Italy
o Spain
o France
o Russia
o Denmark
o Sweden
o Norway
• Asia Pacific
o Japan
o China
o India
o Australia
o Singapore
o South Korea
o Thailand
• Latin America
o Brazil
o Mexico
o Argentina
• MEA
o South Africa
o Saudi Arabia
o UAE
o Kuwait
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