The e-pharma market size is projected to grow at a CAGR of 15.38% to reach US$85,364.200 million by 2027, from US$31,362.961 million in 2020.
The increasing adherence to an unhealthy diet and behavioural risks like drinking and smoking among the majority of the population will lead to a further rise in disease prevalence that is poised to drive the E-Pharma market. Furthermore, owing to the internet’s ubiquitous nature and its penetration into the market are further anticipated to add impetus to the market growth in the forecast period and beyond.
Growing investment and innovation
Moreover, stringent policy measures to uphold transparency in pharmaceutical business transactions are expected to further catapult the E-Pharma Market. Moreover, the growing realization of prospects in this space is giving way to investments like that of US$ 7.2 million by a Korean investment firm Redwood Global Healthcare Fund in Gurugram (India) based 1mg Technologies Pvt. Ltd.
To this end, in March 2020, an online pharmacy and a prescriber called e-Surgery were established in the UK with the objective of reducing greenhouse gas emissions and creating an ecosystem that will support the electronic prescriptions that are already in effect in the UK. The primary reason is to enable patients to access prescription medication for common conditions without having to see their doctors. With this option, the medication gets delivered to the patient in 100% recyclable and biodegradable packaging after going through a few steps. Thus, growing investment in and innovation in the online pharmacy space will throttle the expansion of the e-pharma market over the coming period. However, stringent and changing regulatory policies may impede e-pharmacy industry growth to a certain extent over the forecast periods.
Growth of the over-the-counter (OTC) drug category
Due to the fact that no prescription is required and the convenience that the e-Pharma facility extends, customer adoption will rise and become a growing customer preference. Further, the various products that come under the ambit of dermatology will also push the E-Pharma Market to a new echelon during the forecast period. This is due to the growing preference and demand for cosmetic and aesthetic products. To facilitate such a trend and to set new ones in the E-Pharma market, a Singapore-based health-tech startup Gmedes has developed the G-Meds app to enable multiple hospital clinics and physicians to the bill, prescribe and deliver medicines to its patients. The app handles both the front- and back-end compliant processes, which are inclusive of but not limited to, delivery, customs clearing, logistics tracking, and import taxes.
With South East Asia becoming a major global tourism hub, the time is just apt for the rollout of such a service. It serves areas like cardiology, respiratory, arthritis, rheumatoid arthritis, dermatology, and mental health. From a national perspective, Estonia first launched a countrywide e-prescription system that was initiated by the Estonian Health Insurance Fund, which witnessed 84% of prescriptions being issued digitally.
Further, a large patient pool is nearing old age or is already old along with chronically ill patients. The e-Pharmacies reduce the dependency on others to procure medicine and healthcare supplies. The plethora of benefits that e-Pharma has to offer is also enthusing large corporations, as exemplified by Amazon’s foray into this space with the acquisition of PillPack, a small Boston-based company that had obtained a license to sell prescription drugs in all US states, and was a digital service from the very commencement of its operations. This was also advantageous for Amazon since it could evade all sorts of legislative difficulties involved in the sale of prescription drugs.
Key Developments in the Market
COVID-19 had a positive impact on the global e-pharma market. The emergence of the pandemic subsequently mandated lockdown, and social distancing measures led to the swift penetration of e-commerce in the healthcare sector. The dread of the infection had increased the consumption of the online platform for the purchase of prescribed drugs, OTC drugs, and several COVID supplies amid the pandemic, adding impetus to the market growth.
|Market Size Value in 2020||US$31,362.961 million|
|Market Size Value in 2027||US$85,364.200 million|
|Growth Rate||CAGR of 15.38% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments Covered||Drug Types, Application, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||1mg, Canada Health Infoway, Express Scripts Holding Company, Giant Eagle, Inc., The Kroger Co., Netmeds Marketplace Ltd., OptumRx, Inc., Rowlands Pharmacy, Walgreen Co., Amazon Pharmacy|
|Customization Scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the e-pharma market size by 2027?
A1. The e-pharma market is projected to reach a market size of US$85,364.200 million by 2027.
Q2. What is the size of the global e-pharma market?
A2. E-Pharma Market was valued at US$31,362.961 million in 2020.
Q3. What are the growth prospects for the e-pharma market?
A3. The global e-pharma market is projected to grow at a CAGR of 15.38% during the forecast period.
Q4. What factors are anticipated to drive the e-pharma market growth?
A4. The increasing adherence to an unhealthy diet and behavioural risks like drinking and smoking among the majority of the population will lead to a further rise in disease prevalence that is poised to drive the E-Pharma market.
Q5. How is the global e-pharma market segmented?
A5. The global e-pharma market has been segmented by drug types, application and geography.
Canada Health Infoway
Express Scripts Holding Company
The Kroger Co.
Netmeds Marketplace Ltd.
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