The global ePharmacy market was valued at USD 78 billion in 2021 and is expected to reach USD 177.7 billion by 2026, at a CAGR of 16.5% during the forecast period 2022 to 2032.
Easy purchasing, availability of a range of medications and quality medical services on the internet is holding up the customer preferences and shifting them to e pharmacy platforms.
A large number of smartphone sales and spreading awareness about the concept of epharmacy. The rising geriatric population base that suffers from chronic diseases and staying in remote areas increases sales through ePharmacy. This also affects the e-pharmacy market in India as sales of smartphones are increasing here as well.
Lucrative offers, high discounts, and easy accessibility help end users navigate and order medicines easily, part of the ePharmacy business model. This drives the global market and increases sales through epharmacy.
With the increasing accessibility of e-commerce and the online industry, the availability of medicines is also rising as multiple vendors (B2C and B2C) are getting a space online. This provides these vendors with a better space to sell their products.
“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.”
Competitive Landscape
The Walgreen Company dominates the global ePharmacy market, Express Scripts Holding, CVS Health, DocMorris, Giant Eagle, Wal-Mart Stores, OptumRx, PharmEasy, 1mg and Netmeds. These companies are adopting new digital channels and processes to increase their stronghold in the ePharmacy market.
- 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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Key Market Segments
By Product Type:
· OTC products
· Prescription medicine
