The global ePharmacy Market Demand is expected to grow at a 14.3% CAGR to a market value of US$ 351.9 billion by the end of 2033, up from US$ 81.5 billion in 2022.
Customers' preferences are migrating to e pharmacy platforms due to the ease of purchase, availability of a wide choice of pharmaceuticals, and high-quality medical services available on the internet.
A huge number of smartphone purchases and the spread of epharmacy awareness. The growing senior population, which suffers from chronic ailments and lives in remote places, boosts ePharmacy sales. This has an impact on the e-pharmacy sector in India, as smartphone sales are expanding.
As part of the ePharmacy business model, lucrative offers, substantial discounts, and easy accessibility assist end consumers in quickly navigating and ordering medicines. This propels the global market and boosts sales via epharmacy.
As e-commerce and the online sector become more accessible, so does the availability of medicines, as multiple suppliers (B2C and B2C) gain a presence online. This gives these sellers a better place 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.”
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.
- PharmEasy began the buyout of MedLife in 2021 in order to increase its deliveries and presence in India.
- Express Scripts just announced a new programme called Express Scripts Parachute Rx, which offers price savings on a variety of medicines.
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Key Market Segments
By Product Type:
- OTC products
- Prescription medicine
