Global E-Pharmacy Market Is Estimated To Record a CAGR of Around 6.10% During The Forecast Period
Evolve Business Intelligence has published a research report on the Global E-Pharmacy Market, 2023–2033. The globalE-Pharmacy market is projected to exhibit a CAGR of around 6.10%during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global E-Pharmacy Market: CVS Health Corporation, Cigna Corporation (Express Scripts Holdings), Giant Eagle Inc, Optum Rx Inc, The Kroger Co, Walgreen Boots Alliance (Walgreen Co.), Amazon.com Inc, Axelia Solutions (Pharmeasy), Apex Healthcare Berhad (Apex Pharmacy), Apollo Pharmacy, Netmeds.com.
The global E-Pharmacy market is projected to be valued at USD 88.74 Billion by 2033, recording a CAGR of around 6.10% during the forecast period.E-Pharmacy, also known as online pharmacy or internet pharmacy, refers to the sale of pharmaceutical products and medicines over the internet. EPharmacies allow consumers to order prescription drugs, over-the-counter medications, and other health-related products from the comfort of their own homes, using their computers or mobile devices. EPharmacies typically operate in the same way as traditional brick-and-mortar pharmacies, with licensed pharmacists who dispense medications and provide consultations to customers. However, the online format allows for greater convenience and accessibility, particularly for those who live in remote areas, have mobility issues, or prefer the privacy and anonymity of ordering medications online. EPharmacies are subject to regulation and licensing requirements, and reputable online pharmacies will require a valid prescription from a healthcare provider before dispensing prescription medications. It’s important to use caution when ordering medications online and to only use reputable EPharmacies that are licensed and verified.
The COVID-19 pandemic had a positive impact on the E-Pharmacy market. The pandemic has forced people to stay at home and avoid unnecessary trips to physical stores, including pharmacies. This has led to an increase in demand for EPharmacies, as more people turn to online platforms to order their medications and healthcare products. Additionally, the pandemic has highlighted the importance of social distancing and minimizing contact with others, which has further fueled the growth of EPharmacies. Many consumers are now more comfortable with ordering their medications online and having them delivered to their doorstep, rather than going to a physical pharmacy. The increased demand for EPharmacies has also led to the expansion of the market, with new players entering the industry and existing EPharmacies expanding their services to meet the growing demand. This has resulted in increased competition, which has in turn led to more affordable prices and improved services for consumers.
The global E-Pharmacymarket has been segmented based on Product Type, Drug Type, and region.
Based on the Product Type, the E-Pharmacy market is segmented based on Skin Care, Dental, Cold and Flu, Vitamins, Weight Loss, and Other. Vitamins productsare expected to have the largest market share throughout the forecast period, while Skin Care productsare expected to grow at thefastest rate.
Based on Drug Type, the global E-Pharmacy market has been divided into Prescription Drugs, Over-the-Counter (OTC) Drugs. TheOver-the-Counter (OTC) Drugs segments are anticipated to dominate the market. OTC drugs are typically less expensive than prescription medications, making them more affordable for consumers. Additionally, OTC drugs are often used to treat common health conditions such as headaches, colds, and allergies, which are prevalent among the general population.
The E-Pharmacy market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. North America and Europe are currently the largest markets for EPharmacies, with well-established players such as CVS Health and Walgreens in North America, and Boots and Walgreens Boots Alliance in Europe. However, the Asia-Pacific region is expected to experience the fastest growth in the E-Pharmacy market, driven by the rising healthcare expenditure and increasing adoption of the internet and smartphones in countries such as India and China. Latin America and the Middle East are also emerging as important markets for EPharmacies, with governments in these regions taking steps to improve healthcare infrastructure and promote the adoption of digital technologies in healthcare.