Epharmacy Market to Surpass $ 244.0 Billion, Globally, by 2027 At a CAGR 17.0% | Right ePharmacy, PlanetRx.com.Inc., Lloyds Pharmacy Ltd.

Global ePharmacy Market Analysis

Overview

ePharmacy, also known as electronic pharmacy or Internet pharmacy, is an online retail platform that facilitates the selling of pharmaceuticals by acting as a middleman between clients and suppliers. It provides 24-hour medicine distribution, detailed information on prescribed medications, and pricing clarity. Consumers do not need to go to the pharmacy to get their medications; instead, they may obtain them online.

In 2020, the global ePharmacy market is expected to be worth US$ 81.6 billion, and by 2027, it is expected to be worth US$ 244.0 billion.

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Drivers

During the forecast period, the global ePharmacy market is projected to rise due to increased Internet use. According to Pew Research Center, the number of homes in the U.S. with internet access grew from 68 percent in January 2018 to 77 percent in February 2019.

The global ePharmacy market is projected to increase in response to the growing elderly population. The elderly population in the U.S. is forecast to reach 77 million by 2034, according to the U.S. Census Bureau.

In terms of value, North America dominated the global ePharmacy market in 2019, contributing for 35.9 percent of the market, trailed by Europe and Asia Pacific, accordingly.

Restraints

The global ePharmacy market is projected to be hampered by the likelihood of substance addiction. Regulated prescription medicines such as stimulants, anxiolytics, narcotic painkillers, and tranquil hypnotics are readily available through online retail platforms, leading to an increase in substance misuse and raising public health issues.

Furthermore, the presence of a high number of fraudulent ePharmacies undermines client trust, limiting the global ePharmacy development. There have been a considerable number of fake ePharmacies or illegal ePharmacies that do not follow the essential precautions. These pharmacies give medicine without requiring a doctor's visit and do not require prescriptions or medical history. Therefore, there is a rising number of cases of faked medicine delivery, lowering customer confidence in the feasibility of ordering prescription drugs online.

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Opportunities

Latin America's vast unexplored markets are projected to provide attractive development possibilities for market participants. Due to the presence of traditional pharmacy stores and undeveloped health services in most nations in these regions, Latin America, the Middle East, and Africa are currently the least-tapped regions for ePharmacy. Brazil, Uruguay, Chile, and Argentina are forecast to have considerable market expansion in the coming years.

Furthermore, rising disposable income in Asia Pacific is projected to provide attractive growth opportunities for market participants. India's disposable income grew to US$ 2,699,821.02 million in 2019 from US$ 2,517,856.54 million in 2018, as per the Ministry of Statistics and Program Implementation of the Government of India.

The global ePharmacy market was worth US$ 69.7 billion in 2019 and is expected to grow to US$ 244.0 billion by 2027, with a CAGR of 17.0 percent between 2020 and 2027.

Market Trends

The global ePharmacy market's major companies are concentrating on providing a variety of digital services. Ro, an ePharmacy, introduced Health Guide, a new medical guidebook for the internet in February 2020.

Major market participants are also putting money into shop-in-shop pharmacies. Zur Rose Group AG collaborated with Migros, a Swiss retail business, to open the first shop-in-shop pharmacy in October 2019.

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Competitive Landscape

Key companies contributing in the global ePharmacy market are Right ePharmacy, Lloyds Pharmacy Ltd., Zur Rose Group AG, Banner Health, Ro, Walgreen Co, CVS Caremark, Rowlands Pharmacy, MediSave, DocMorris NV, eDrugstore.MD, Dr. Fox Pharmacy, and PlanetRx, Inc.

Key Developments

To increase their product range, major companies in the industry are focusing on partnering and collaborating. DocMorris NV and KRY International AB, a healthcare firm, announced a partnership in December 2019 under which electronic prescriptions given through the KRY app can be validated at the DocMorris pharmacy or an on-site pharmacy.

The global ePharmacy market's major players are also focusing on M&A methods to enhance their product offering. Zur Rose Group AG stated in January 2019 that it has acquired medpex's e-commerce businesses, which included Apotheke esando B.V., Visionrunner GmbH, Comventure GmbH, and medpex wholesale GmbH.

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