Global E-Pharmacy Market Outlook, 2028

E-pharmacy refers to an online platform that allows vendors to sell medicines and send orders to consumers through shipping companies. It offers medical care providers the ability to prescribe and deliver medications for patients, provide value-added information to consumers, such as drug interactions, side effects online. E-Pharmacy is gaining higher importance because of the benefits it offers to the consumers to simply upload the prescription and get the drugs at door delivered and easy availability of medicines at discounted prices without even visiting the pharmacy stores. 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 also 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. Increasing penetration of smartphones is further aiding the market growth. As per the obtained data, smartphone penetration is expected to cross 80% by 2028. The boom in the healthcare sector coupled with high operational costs has created the need to cut operational costs with the implementation of E-Pharmacy 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. E-Pharmacy 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. A large patient pool worldwide chose doorstep delivery of medical supplies because of the unavailability of some prescription medicines at retail pharmacy stores. E-Pharmacies reduce the need for senior citizens and people with chronic illnesses to rely on other parties to get their medications and medical supplies.

According to the research report, Global E-Pharmacy market Outlook, 2028 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. Youngsters of the current population heavily rely on online shopping for products like cosmetics/cosmeceuticals and over-the-counter pharmaceuticals. The rapid development of the internet, the rise of digital health or eHealth, the transition from direct doctor-patient interactions toward self-diagnosis, consumer experience with online purchases, the simplicity of mail-order commerce, and distance selling all contribute to the growth of the online pharmacy market. However, customers now use the internet to self-diagnose and order a variety of health products and services in addition to getting health information. For instance, Hyphens Pharma International Ltd. officially unveiled its WellAway e-pharmacy in Singapore in January 2022. Singapore's Health Sciences Authority (HSA) has registered Kellaway as the country's first e-pharmacy. Patients can obtain electronic prescriptions from duly qualified medical professionals on this digital platform, and the suggested medication will be delivered in a secure and safe manner. Due to the growing adoption of e-pharmacy services in Asian nations, such initiatives are anticipated to propel market expansion. An increase in internet consumers, more accessible access to web-based and online services, and an increase in the use of e-prescriptions in healthcare facilities are all factors contributing to the growth of the e-pharmacy market. For instance, Phoenix UK acquired Co-op Health in March 2021, a digital prescription service that enables people to order medication through an application for pickup at a nearby pharmacy or home delivery. Due to the increase in service usage and expansion, such acquisitions in the e-pharmacy market are anticipated to fuel market growth.

Due to the growth potential of the ePharmacy market, numerous new companies are acquiring, launching, or expanding their businesses into the online pharmacy domain. This will increase demand, along with the online services in the region in medicine delivery and is estimated to positively affect the growth of the market. For instance, Amazon.com, Inc. established Amazon Pharmacy in the United States to deliver prescription medications in the country in November 2020. The company provides its consumers with co-pay and non-insurance options and a substantial drugstore discount for its Prime members. Due to the increased access to web-based and online services in pharmacy, it is anticipated that the adoption of these services will increase globally. Consequently, the global ePharmacy market will expand significantly over the forecast period. E-prescription is the electronic prescribing technology that allows healthcare professionals to go paperless by sending prescriptions in digital format instead of handwritten prescriptions. Doctors now prefer e-prescriptions to let patients quickly access medicine with the help of e-prescriptions. Countries like the UK are putting more effort into the implementation of e-prescriptions. For instance, in March 2021, Co-op Health, a digital prescription service that allows individuals to obtain medication via an app or the web for pickup at a nearby pharmacy or home delivery, was acquired by Phoenix UK. The app has shown a sharp increase in demand, and PHOENIX UK will use its network of Numark and Rowlands to meet that need. Such acquisitions in the e-pharmacy segment are expected to drive market growth due to the rise in the adoption and expansion of services.

The pandemic has transformed the priorities of health systems worldwide. It has encouraged developing economies to rethink their infrastructure priorities in urban centers. Countries including India are rendering the urgency to combat the spread of COVID-19 into opportunities to make more resilient health systems. Increasing government focus on advancement and improvement in the overall healthcare system can contribute to market growth. Although medical stores were classified as vital services, online pharmacies emerged as one of the largest beneficiaries of the pandemic-induced lockdown, as individuals preferred to buy medicines online to avoid the risk of disease spreading. In March 2022, Walgreens and Labcorp, a prominent global life sciences firm introduced Pixel by Labcorp, its (COVID-19 at-home collection kit), PCR test. Moreover, many communities can obtain easy testing services owing to Walgreens' inclusion of the kits, which are supplied in conjunction with the US Department of Health and Human Services (HHS). However, the presence of some illegitimate online pharmacies is limiting the growth of the market. These unlicensed pharmacies sell medicines that have not been authorized by the FDA, which, in turn, increases the possibility of obtaining counterfeit and adulterated medications with incorrect active ingredients from these pharmacies. For instance, as per a warning issued by the FDA in 2020, some online pharmacies were caught to be engaged in illegal activity and violating the U.S. Federal Food, Drug, and Cosmetic Act, which included some points, such as the sale of unapproved prescription drugs, sale of prescription drugs without prescription, inadequate explanation of directions for safe use of some prescription drugs, etc. In addition, in June 2021, the FDA also published a list of illegally operating online pharmacies (not all-inclusive), such as Buy Pharma, Rx 2 Go Pharmacy, Pharmacy Geoff’ and Sandra Pharma, that have been issued warning letters.

According to the report, North America accounts for the largest share of the market. This can be primarily attributed to the higher number of internet users and higher adoption of online services, which are expected to augment the market's growth over the forecast period. For instance, in February 2022, Medicure Inc. launched its national direct-to-consumer e-commerce pharmacy platform through its subsidiary, Marley Drug Pharmacy, in the United States. With this, Americans can buy FDA-approved pharmaceuticals at bargain prices on Marley Drug's new e-commerce website, which offers home delivery to all 50 states. The growing prevalence of minor illnesses, such as flu, fever, backache, cough, and cold, increases the demand for OTC (over-the-counter) medications, and thus, the dependence on online pharmacies to obtain these drugs increases. Additionally, the ease of getting medicines from the comfort of home is expected to drive the e-pharmacy market in North America, especially the United States. Also, the high concentration of market players and the incorporation of advanced technologies by key players to improve the experience of online medicine purchases by customers are expected to drive the market's growth in North America. For instance, in January 2022, Mark Cuban started an online pharmacy offering affordable generic medications under the name Mark Cuban Cost Plus Drug Company (MCCPDC), a brand-new online pharmacy. Although the company does not accept insurance, the website is now selling more than 100 medications, many of which are priced below what a person would have to pay even with insurance. Such initiatives to provide cost-effective medication are further expected to drive market growth in this region.

On the other hand, in Europe, Germany, contribute massively to the regional growth. In Germany, a change in consumer behaviour characterized by greater demand for comfort is one of the primary contributors to market expansion. In addition, the increased usage of e-commerce and digital technology in the healthcare industry is anticipated to stimulate growth. Rising imports of over-the-counter (OTC) pharmaceuticals, relaxation of relevant restrictions, growing awareness of self-medication, and increasing healthcare expenses drive ePharmacy market expansion. In Germany, medications recommended for symptoms, such as pain, the common cold, cough, and fever, and over-the-counter pharmaceuticals formerly covered by insurance are no longer covered. Due to the ease of acquiring prescriptions and the substantial discounts, these businesses offer, the online selling of cough, cold, and flu medications have increased dramatically in the region. In addition, the increasing usage of information technology in the healthcare industry enables clinicians to submit prescriptions electronically, which is anticipated to stimulate market expansion. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period. China is a significant contributor to the regional market. The growing prevalence of internet use throughout the country, advancements in healthcare infrastructure, the enormous burden of chronic diseases, and users' growing awareness of e-commerce are primary factors influencing the online pharmacy industry in China. One of the most critical aspects contributing to the expansion of the regional market is the change in consumer behaviour that has resulted in an increased desire for convenience.

Based on drug type, the OTC drugs segment is predicted to showcase a healthy CAGR during the forecast period owing to the increasing adoption of online pharmacies to purchase OTC drugs, increasing reliability and convenience of consumers. The availability of a wide range of OTC drugs is limited in traditional pharmacies and online pharmacies provide access to various OTC drugs, which is another major attribute contributing to the growth of the segment. OTC drugs are available at a cheaper price in online pharmacies compared to traditional pharmacies and due to this, consumers are showing an increased willingness to purchase OTC drugs using online pharmacies, which is fuelling the growth rate of the segment. Major industry trends, such as Rx to OTC switch by pharmaceutical manufacturers, a growing tendency of people toward self-medication in developing regions, an increasing burden of pain, and the inclination of customers towards online pharmacies are strongly driving the segmental growth. The increasing patent expiration rates result in companies switching from Rx to OTC as a counter strategy. In July 2022, the FDA received an application from HRA Pharma for the first OTC birth control pill sold in the United States. The company has submitted an Rx-to-OTC transition application for Opill, a daily birth control pill containing only progestin (also referred to as a mini pill or non-estrogen pill). This is expected to easy access to the mentioned drugs for the customers. Also, in the current COVID-19 pandemic, the e-pharmacy market, particularly for OTC drugs, witnessed significant growth as consumers were reluctant to visit clinics for minor ailments for fear of COVID-19. Furthermore, in January 2022, the Drug Technical Advisory Board of India (DTAB), as part of a new OTC drug policy, will soon permit the sale of some medications without a prescription. A list of OTC medications, including analgesics (pain relievers), cough syrups, decongestants, laxatives, antiseptics, and medicines for gum infections, has been approved by the DTAB. Such initiatives from the governments of highly populated countries are expected to drive the market significantly, driving the market's growth.

On the other hand, the prescription drugs segment accounted for a prominent market share of the global ePharmacy market in 2022 and is expected to witness a notable CAGR during the forecast period. The convenience of online pharmacies to order prescription drugs, increasing awareness among consumers regarding how to use online pharmacies to order prescription drugs and personalized services of online pharmacies such as automatic refill reminders and access to licensed pharmacists who can answer questions and provide advice are primarily contributing to the growth of the prescription segment. Patients benefit significantly from online pharmacies, as this offer a much wider variety of options than conventional pharmacies. Several drugs are available in regular drug stores, but it is not always possible to find prescribed medicines at a local physical pharmacy. The Internet makes everything simple and practical. Patients can now order medicines online with a registered medical practitioner's prescription and have them delivered right to their door. This is a popular practice of ordering drugs prescribed by doctors. People are likely to opt for online pharmacies instead of visiting a nearby pharmacy owing to the rise in penetration of smartphones and the Internet. They can also order their prescriptions from the convenience of their homes by comparing the prices of medications. They can have their medications delivered right to their doorstep with just a few clicks. This convenience is a key selling point that is likely to fuel the e-Pharmacy market growth in the next few years.

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, cholstrol, orthopedic (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. E-pharmacies also provide personal care and beauty products such as skincare products, hair care products, oral care products, cosmetics, and grooming products. These items may range from popular brands to niche and organic options. E-pharmacies often feature health and wellness products that promote overall well-being. These can include dietary supplements, herbal remedies, fitness and nutrition products, weight management products, and other wellness-related items. Some e-pharmacies offer medical devices and equipment for home use, such as blood pressure monitors, glucose meters, thermometers, nebulizers, and mobility aids. These products are intended to help individuals monitor their health conditions and manage their healthcare at home. E-pharmacies also cater to the needs of new parents and expectant mothers by providing a range of baby care products, including diapers, baby food, baby toiletries, and breastfeeding accessories. They may also offer maternal care products like prenatal vitamins and breastfeeding supplies. Infections like cold and headache are prevalent worldwide. Increasing consumer knowledge of e-pharmacies and a rapidly expanding patient population are two of the causes driving growth. Due to the ease of acquiring medications, the global online sales of cough, cold, and flu medications have increased dramatically. The other product segment comprises dietary supplements like vitamins and minerals, among others. These supplements are frequently combined with other medications to treat minor ailments to severe, long-term conditions. They assist in increasing immunity, enhancing wellbeing, and helping in the quicker recovery of illnesses. As the population has become more aware of their health, there has been an increase in the popularity of taking vitamin supplements. Although most people can meet their nutritional needs through dietary means alone, many patients choose to use a multivitamin supplement to ensure they are in the best possible health. This trend is likely to drive the segment of other products.

Recent Developments:

• In January 2022, to be radically transparent, venture capitalist Mark Cuban launched a digital pharmacy that sells more than 100 generic pharmaceuticals at low prices.
• In March 2022, Pixel by Labcorp, a (COVID-19 at-home collection kit), PCR test, was introduced by Walgreens and Labcorp, a prominent global life sciences firm. Furthermore, because Walgreens includes the kits, which are supplied in collaboration with the US Department of Health and Human Services, many communities can easily obtain testing services (HHS).
• In January 2022, WellAway ePharmacy has been launched in Singapore by Hyphens Pharma International Limited, the city-largest state's specialty pharmaceutical, and consumer healthcare company. WellAway simplifies access to pharmaceutical services for customers while also assisting doctors with teleconsultation.
• In September 2022, a partnership was formed between Walmart Canada and Canada Health Infoway. In 14 Walmart Canada pharmacies, Infoway's PrescribeIT computerized prescribing service is now available.
• In September 2022, Amazon stated that it was planning to sell prescription medications online in Japan. To build a platform where patients can get online instructions on taking medications, it aims to collaborate with small and medium-sized pharmacies. Without visiting a pharmacy, customers could have their drugs delivered to their homes.
• In September 2022, Walmart Canada and Canada Health Infoway entered a partnership. Infoway's PrescribeIT electronic prescribing service is now accessible in 14 Walmart Canada pharmacies in Ontario, Alberta, Saskatchewan, and New Brunswick, with plans to expand to additional locations by year's end.
• By the end of 2022, the FDA will require the labeling of all supplements as either “natural” or “proprietary blends.” This change is due to increasing concerns about the safety of these supplements, which have not been well studied.
• In March 2022, Walgreens and Labcorp, a renowned international life sciences company, unveiled Pixel by Labcorp, a PCR test (COVID-19 at-home collection kit). Many communities can easily access testing services, as Walgreens includes the kits, which are provided in cooperation with the U.S. Department of Health and Human Services (HHS).

Covid-19 Impacts:

The global e-pharmacy market witnessed drastic growth during the COVID-19 pandemic. The lockdown and travel restrictions, along with the fear of getting infected with the COVID-19 virus, led to an increased dependence on online pharmacies to purchase both over-the-counter and prescription drugs. Also, in-person doctor visits were replaced by virtual-based teleconsultations, which resulted in the generation of digital medicines. Similarly, key players came up with various strategies to combat the pandemic. For instance, in November 2021, Flipkart launched Flipkart Health+ with the acquisition of a majority share in Sastasundar Marketplace Limited. Flipkart entered this market when there was a vast need for services that provided people with necessary medications during the COVID-19 pandemic. As a result of their concern about contracting the virus, more and more consumers were making online purchases instead of going to physical businesses. Additionally, as the trend toward non-contact delivery progressed, given the COVID-19 pandemic, the demand for e-pharmacy has increased throughout the current crisis. Furthermore, post-pandemic, there will be a massive increase in the e-pharmacy business due to the exposure of people to various e-pharmacy services and the rise in the adoption of online services due to the growing penetration and adoption of online services.

Major Companies present in the market:

Caterpillar Inc., Cummins Inc., Atlas Copco Group, ABB Limited, Wacker Neuson SE, Siemens AG, Rolls-Royce Holdings Plc, General Electric Company, Deere & Company, Toshiba Corporation, Ingersoll Rand Inc., Generac Holdings Inc. (GNRC), Honeywell International Inc., Briggs & Stratton Corporation, Mitsubishi Heavy Industries, Limited, Kubota Corporation, Honda Motor Co., Limited, Greaves Cotton Limited, Kirloskar Electric Co. Limited, Bharat Heavy Electricals Limited

Considered in this report

• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report

• Global E-Pharmacy market with its value and forecast along with its segments
• Region-wise E-Pharmacy market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions & Countries covered in the report:

• North America (United States, Canada, Mexico)
• Europe (Germany, United Kingdom, France, Spain, Italy, Russia)
• Asia-Pacific (China, Japan, India, Australia, South Korea)
• South America (Brazil, Argentina, Colombia)
• Middle-East & Africa (UAE, Saudi Arabia, South Africa)

By Drug Type

• Prescription drug
• Over-the-counter drug

By Product Type

• 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
• Others

The approach of the report:

This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Smart Lighting industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.