E-pharmacy Market - By Product (OTC Products, Prescription Medicine), By Region, Growth Potential, Competitive Market Share & Global Forecast, 2023 – 2032

E-pharmacy Market - By Product (OTC Products, Prescription Medicine), By Region, Growth Potential, Competitive Market Share & Global Forecast, 2023 – 2032

E-pharmacy Market Size

E-pharmacy Market size crossed USD 98.8 billion in 2022 and is primed to grow at over 14.5% CAGR between 2023 and 2032. A commendable rise in internet users worldwide is among the leading factors contributing to industry expansion.
 

Internet usage has grown considerably over recent years, given the increasing smartphone penetration and higher adoption of internet-based applications in developed countries. According to the U.S. Census Bureau, over two-thirds population have internet access on mobile devices in the country. Additionally, a growing population base is contributing to the increased use of the internet, with the focus of providers on offering affordable tariffs and supportive programs.
 

This apart, increasing technological innovations and growing consumer inclination toward e-commerce platforms has further boosted the adoption of web-based and online services. Though these services can be challenging to navigate, especially for people with limited experience or those with disabilities, service providers globally have been working toward simplifying user interfaces and enhancing their accessibility among the masses. This, in addition to the increasing public-private partnerships focused on providing affordable internet services to underserved communities, will further aid market performance.
 

Expanding network of illegal online pharmacies to impact market dynamics

Increased interest in the e-pharmacy market, owing to rapid consumer shifts over the years, has attracted a substantial number of providers. This has also resulted in a surge in uncertified e-pharmacies offering prescribed medicine without adherence to legal guidelines and knowingly involved in the distribution of counterfeit products, impacting the growth of the e-pharmacy business.
 

Based on the Centre for Safe Internet Pharmacies report, every month, nearly 600 new illegal pharmacies are launched, taking advantage of an ever-booming industry. These illegal pharmacies operate outside of regulatory oversight, implying that the drugs they sell may be counterfeit, adulterated, or expired, posing significant health risks to the consumers purchasing them. This, in consequence, may impede market growth.
 

E-pharmacy Market Analysis

Regarding the product category, e-pharmacy market share is bifurcated into prescription medicine and OTC products. The industry revenue from the OTC products segment is poised to grow at over 13.5% CAGR from 2023 to 2032, attributed to the broad range availability of internet pharmacies. Easy availability of medicines, rising consumer awareness, and the ability to treat various common health conditions at lower cost are some crucial factors accelerating segmental growth. Moreover, increased safety and efficacy of OTC products and their use in primary care will boost product acceptance through the ensuing years.
 

North America e-pharmacy market is expected to garner over USD 138.9 billion in revenues by 2032. The regional market growth is primarily attributable to the increasing internet penetration and a considerable rise in the adoption of digital technologies. Furthermore, the prominence of leading industry players in the region offering services in the international market and the expanding network of local pharmacies and drugstores offering online and doorstep delivery services is projected to augment the North American market share during the forecast period.
 

E-pharmacy Market Share

Prominent enterprises in the e-pharmacy market include

• Walmart Inc.
• The Kroger Co.
• Express Scripts Holdings (Cigna Corporation)
• CVS Health
• MedsEngage
• Optum Rx (UnitedHealth Group Incorporated)
• Giant Eagle, Inc.
• Walgreens Boots Alliance
• Rite Aid Corp.
• Amazon, Inc.
• Alto Pharmacy
•  Capsule Corporation.
   

These companies have been actively working toward leveraging novel technologies and rolling out new innovations to gain a competitive edge over others. For instance, in January 2023, Optum Rx pharmacy services company of UnitedHealth Group launched the Price Edge tool that helps the consumer to get the prescription drug at an affordable price. This tool compares available direct-to-consumer pricing for traditional generic drugs with insurance pricing. The introduction of such tools helped the company to strengthen its customer base.
 

Impact of the COVID-19 pandemic

COVID-19 pandemic affected millions of people worldwide, resulting in a high mortality rate. Due to lockdown and movement restrictions, the internet and web-based platforms have witnessed significant growth. The need for frequent medications among the patient population suffering from chronic diseases boosted the adoption of internet pharmacies during the crisis.
 

Additionally, collaborations of online and offline pharmacies to provide medicines during lockdown through their supply chain and high fill rates offered convenient and easy options. The partnerships with the state government further enabled supply in remote areas and facilitated the doorstep delivery of medicines, thus, augmenting market revenues.
 

The e-pharmacy market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments

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By Product Type

• OTC products
• Prescription medicine

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Russia
  • Belgium
  • Norway
  • Netherlands
  • Switzerland
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Indonesia
  • Thailand
  • New Zealand
  • Singapore
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Chile
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Iran