The global ePharmacy market accounted for USD 72.28 billion in 2023 and is expected to reach at USD 559.62 billion by 2034 with a CAGR of 20.45% during the forecast period 2024-2034. Growing use of the internet & smartphones, rising advancements in digitalizing healthcare services, surge in tech-savvy consumers who prefer the convenience of online shopping, increasing integration of digital technologies & e-commerce in the healthcare sector, growing prevalence of chronic illnesses, rising government initiatives supporting online medicine purchases, surge in the convenience, affordability, & accessibility of such platforms, are driving their adoption among consumers, growing aging population, and increasing proliferation of innovative ePharmacy platforms are some of the key factors boosting the market growth.
Increasing proliferation of innovative ePharmacy platforms is predicted to boost the market growth during the forecast period. An ePharmacy, alternatively referred to as electronic or Internet pharmacy, operates as a virtual retail platform facilitating the sale of medication between customers and vendors. Providing 24/7 drug delivery, detailed drug information, and transparent pricing, it eliminates the need for patients to visit physical pharmacies by allowing them to order their medications online. For instance, in June 2023, Sun Life Health is launching Lumino Health Pharmacy, powered by Pillway, offering clients the convenience of accessing a pharmacist through the Lumino Health Pharmacy app.
By drug type, over-the-counter drug was the highest revenue-grossing segment in the global ePharmacy market in 2023 owing to the rising trend of self-medication, growing burden of pain, and increase in the introduction of innovative e-commerce platforms by industry players. Customers are increasingly favoring online pharmacies, prompting companies to transition from prescription (Rx) to over-the-counter (OTC) medications as a strategic response to rising patent expiration rates. For instance, in February 2022, Medicure Inc., through its subsidiary Marley Drug Pharmacy, has introduced a nationwide direct-to-consumer e-commerce pharmacy platform in the United States. This platform enables Americans to purchase FDA-approved medications at discounted rates from Marley Drug's newly launched e-commerce site, which provides home delivery services across all 50 states. Additionally, prescription drug is predicted to grow at the fastest CAGR during the forecast period owing to the ease of ordering prescription medications from online pharmacies and growing awareness about their utilization.
By product type, skin care was the highest revenue-grossing segment in the global ePharmacy market in 2023 owing to the increasing attention to beauty consciousness and increase in the introduction of new platforms. For instance, in September 2022, Walmart Canada has partnered with Canada Health Infoway, enabling access to Infoway's PrescribeIT electronic prescribing service in 14 Walmart Canada pharmacies across Ontario, Alberta, Saskatchewan, and New Brunswick. Expansion to more locations is planned by the end of the year. Additionally, vitamins is predicted to grow at the fastest CAGR during the forecast period owing to the growing aging population, increasing prevalence of chronic diseases, and surge in the introduction of innovative solutions.
North America region is anticipated for the highest revenue share during the forecast period owing to the rising uptake of e-commerce, growing elderly population, surge in the adoption of novel technologies, increasing online retail transactions, well-established healthcare infrastructure, rising prevalence of chronic diseases, and growing launch of new online pharmacy. For instance, in January 2022, Mark Cuban has initiated a new online pharmacy named "Mark Cuban Cost Plus Drug Company" (MCCPDC), specializing in providing economical generic medications. While the company doesn't accommodate insurance, its website offers over 100 medications, with many priced lower than what individuals would typically pay, even with insurance coverage. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rise in government initiatives supporting the adoption of digital technologies, growing technological advancements, surge in strategic efforts from both public & private entities, and increase in the introduction of advanced ePharmacy platforms. For instance, in January 2022, Hyphens Pharma International Limited, Singapore's leading company in specialty pharmaceuticals and consumer healthcare, has introduced WellAway ePharmacy in the city-state. WellAway provides customers with convenient access to pharmaceutical services and supports doctors with teleconsultation services.
This comprehensive research report focuses on the global and regional market size and forecasts from 2023 to 2034.
Increasing proliferation of innovative ePharmacy platforms is predicted to boost the market growth during the forecast period. An ePharmacy, alternatively referred to as electronic or Internet pharmacy, operates as a virtual retail platform facilitating the sale of medication between customers and vendors. Providing 24/7 drug delivery, detailed drug information, and transparent pricing, it eliminates the need for patients to visit physical pharmacies by allowing them to order their medications online. For instance, in June 2023, Sun Life Health is launching Lumino Health Pharmacy, powered by Pillway, offering clients the convenience of accessing a pharmacist through the Lumino Health Pharmacy app.
By drug type, over-the-counter drug was the highest revenue-grossing segment in the global ePharmacy market in 2023 owing to the rising trend of self-medication, growing burden of pain, and increase in the introduction of innovative e-commerce platforms by industry players. Customers are increasingly favoring online pharmacies, prompting companies to transition from prescription (Rx) to over-the-counter (OTC) medications as a strategic response to rising patent expiration rates. For instance, in February 2022, Medicure Inc., through its subsidiary Marley Drug Pharmacy, has introduced a nationwide direct-to-consumer e-commerce pharmacy platform in the United States. This platform enables Americans to purchase FDA-approved medications at discounted rates from Marley Drug's newly launched e-commerce site, which provides home delivery services across all 50 states. Additionally, prescription drug is predicted to grow at the fastest CAGR during the forecast period owing to the ease of ordering prescription medications from online pharmacies and growing awareness about their utilization.
By product type, skin care was the highest revenue-grossing segment in the global ePharmacy market in 2023 owing to the increasing attention to beauty consciousness and increase in the introduction of new platforms. For instance, in September 2022, Walmart Canada has partnered with Canada Health Infoway, enabling access to Infoway's PrescribeIT electronic prescribing service in 14 Walmart Canada pharmacies across Ontario, Alberta, Saskatchewan, and New Brunswick. Expansion to more locations is planned by the end of the year. Additionally, vitamins is predicted to grow at the fastest CAGR during the forecast period owing to the growing aging population, increasing prevalence of chronic diseases, and surge in the introduction of innovative solutions.
North America region is anticipated for the highest revenue share during the forecast period owing to the rising uptake of e-commerce, growing elderly population, surge in the adoption of novel technologies, increasing online retail transactions, well-established healthcare infrastructure, rising prevalence of chronic diseases, and growing launch of new online pharmacy. For instance, in January 2022, Mark Cuban has initiated a new online pharmacy named "Mark Cuban Cost Plus Drug Company" (MCCPDC), specializing in providing economical generic medications. While the company doesn't accommodate insurance, its website offers over 100 medications, with many priced lower than what individuals would typically pay, even with insurance coverage. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rise in government initiatives supporting the adoption of digital technologies, growing technological advancements, surge in strategic efforts from both public & private entities, and increase in the introduction of advanced ePharmacy platforms. For instance, in January 2022, Hyphens Pharma International Limited, Singapore's leading company in specialty pharmaceuticals and consumer healthcare, has introduced WellAway ePharmacy in the city-state. WellAway provides customers with convenient access to pharmaceutical services and supports doctors with teleconsultation services.
This comprehensive research report focuses on the global and regional market size and forecasts from 2023 to 2034.
Report Scope:
- Base Year: 2023
- Forecast Period: 2024-2034
- Study Coverage
- Market Forecast by Drug Type and Product Type
- Market Forecast for 5 Regions and 17+ Countries
- North America (U.S. and Canada)
- Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- MEA (South Africa, GCC, Rest of MEA)
- Exhaustive Company Profiles of Top 10+ Major Market Players
Segmentation: EPharmacy Market Report 2023 - 2034
EPharmacy Market Analysis & Forecast by Drug Type 2023 - 2034 (Revenue USD Bn)
- Over-the-counter Drug (OTC)
- Prescription Drug
EPharmacy Market Analysis & Forecast by Product Type 2023 - 2034 (Revenue USD Bn)
- Dental
- Vitamins
- Skin Care
- Cold and Flu
- Weight Loss
- Other
EPharmacy Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. EPharmacy Market: Drug Type Estimates & Trend Analysis
8. EPharmacy Market: Product Type Estimates & Trend Analysis
9. Regional Market Analysis
10. North America EPharmacy Market
11. Europe Global EPharmacy Market
12. Asia Pacific Global EPharmacy Market
13. Latin America Global EPharmacy Market
14. MEA Global EPharmacy Market
15. Competitor Analysis
16. Company Profiles
Companies Mentioned
- Netmeds
- CVS Health
- Walmart Inc.
- Walgreen Co.
- The Kroger Co.
- Optum Rx Inc.
- Giant Eagle Inc.
- Amazon.com Inc.
- Apollo Pharmacy
- Rowlands Pharmacy
- Axelia Solutions (Pharmeasy)
- DocMorris (Zur Rose Group AG)
- Express Scripts Holding Company
- Apex Healthcare Berhad (Apex Pharmacy)
- Cigna Corporation (Express Scripts Holdings)
