ePharmacy, or online pharmacy, refers to the digital platforms that enable customers to order and purchase pharmaceutical products and medications over the internet. These platforms provide a convenient way for individuals to access prescription and over-the-counter medications, healthcare products, and wellness items.
Latest ePharmacy Companies Update
Nov 2023: The San Francisco 49ers' official cutting-edge embellishment partner, Avery Dennison, recently collaborated with major sponsor Levi Strauss & Co. to create an NFC-chip-enabled patch given out in gift boxes to season ticket holders at the start of the regular season. The commemorative design from Avery Dennison and Levi's® honors the 49ers' ten seasons at Levi's Stadium. An NFC chip that opens a unique "Thank You, Season Ticket Holders" video message is included in the embroidered patch via AD TexTrace Heat Seal LoG. Globally, there is still much untapped potential for clubs, leagues, and brands in the digitally-enabled apparel market. Avery Dennison and the San Francisco 49ers are proud partners that are making real-world demonstrations of what can be achieved possible.
Nov 2023: In a deal valued at up to $330 million, Agili-C implant producer CartiHeal has agreed to be acquired by medical technology company Smith+Nephew. As per the terms of the acceptance, Smith+Nephew will give $180 million in cash to CartiHeal at the transaction's closure. Depending on its financial performance, the medical technology business will pay an additional sum of up to $150 million. Agili-C from CartiHeal is an off-the-shelf, cell-free implant designed to treat osteochondral abnormalities and cartilage in traumatic and osteoarthritic joints. Its purpose is to promote subchondral bone repair and natural articular cartilage.
The ePharmacy Market Size was valued at USD 65.90 billion in 2022 and is projected to grow from USD 74.13 Billion in 2023 to USD 150.29 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.50% during the forecast period (2023 - 2030). Increasing online orders, rising investment for small companies and a rising number of counterfeit online pharmacies are the key market driver enhancing market growth.
Patients no longer need to see the pharmacist thanks to the advent of ePharmacy. Additionally, after the pandemic, the e-pharmacy industry will have a huge growth due to consumers becoming more familiar with different e-pharmacy services and an increase in the use of online services because of their increasing penetration and uptake. With the growing usage of the Internet and e-commerce, there is a rising demand for mail-order medications. Numerous online drug stores, called ePharmacies, provide doorstep pickup and administration of prescription drugs and OTC items. However, a prescription from a doctor is necessary for ordering and receiving a prescription drug via an online channel. Online pharmacies emerged as one of the biggest benefactors of the pandemic-induced lockdown, even though medical stores were considered essential services since people opted to purchase their medications online to reduce the danger of disease transmission.
An increase in internet users, easier access to web-based and online services, and e-prescriptions within hospitals and other healthcare facilities all contribute to the growth of the e-pharmacy market. The key benefit of e-prescriptions is that they simplify getting medications online without any hassle by just uploading them to the e-pharmacy website. Therefore, posting prescriptions online has grown easier and quicker due to the growing use of e-prescriptions. The electronic prescribing technology known as "e-prescription" enables healthcare providers to eliminate paper by transmitting prescriptions in digital format instead of handwritten prescriptions. Doctors now favor electronic prescriptions so that patients can promptly get medication. E-prescription deployment is receiving more attention in nations like the UK. The primary drivers driving the market growth include an increase in tech-savvy consumers, better digitizing of medical care, and rising internet penetration around the globe.
Convenience-focused consumers who prefer to purchase online are also contributing to the surge. Overall growth is predicted to be fueled by the growing use of digital technology and e-commerce in the healthcare sector. India is one of the nation’s converting the need to halt COVID-19's spread into an opportunity to build more durable health systems. Government attention to developing and enhancing the whole healthcare system can contribute to market growth. The over-the-counter medicine market is anticipated to increase profitably during the anticipated period. The segmental expansion is being significantly fueled by major industry trends like the conversion from Rx to OTC by pharmaceutical makers, a rise in the tendency for patients to self-medicate in developing nations, an increase in the burden of pain, and a preference for internet pharmacies among consumers.
Efficiency of ePharmacy in providing affordable medical products and the growing prevalence of e-commerce is driving the global market growth
Large patient pools worldwide prefer door-to-door delivery of healthcare products as certain medicines are unavailable in retail pharmacies. In addition, ePharmacies reduce reliance on third parties for procuring medicines and health supplies for chronically ill patients and the elderly. Moreover, increasing penetration and formation of internet resources are projected to boost the market CAGR.
The proliferation of e-commerce has made it easier for ePharmacy to reach a broad customer base in both developed and developing countries worldwide. This generation of millennials relies heavily on sourcing cosmetics and over-the-counter medications online. Various startups are also popping up worldwide with the emergence of new information technologies and algorithms that provide better consumer experience and customer satisfaction. New technologies based on artificial intelligence are estimated to improve customer satisfaction in the market. All these factors are cumulatively expected to boost the growth of the ePharmacy Market revenue.
Figure 1: Indian Pharmaceutical Industry from 2021-2030 (in billion USD)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Conversely, selling prescription drugs through online channels is subject to strict regulations. Prescription drug sales by ePharmacy in North America and Europe are highly regulated, requiring companies to comply with various regulations that can affect market growth in these regions. Few countries have legalized the sale of prescription drugs on online sites. Unregulated prescription drug sales, which may lead to online pharmacies' ban, are estimated to limit global market revenue.
The market segments of ePharmacy, based on the drug type, includes prescription drugs, and over the counter (OTC) drugs. The over the counter (OTC) drugs segment held the majority share in 2022 for the ePharmacy market revenue. The increased desire for OTC medical products, including drugs, is blamed for this growth. The demand for over-the-counter (OTC) products in the ePharmacy industry is increasing as a result of consumers' growing awareness of common diseases and primary medications.
The ePharmacy market data has been bifurcated by operating platform into app and website. The app segment dominated the market in 2022. These are online pharmacies that function via a mobile software. Customers can download the app, explore and buy prescription drugs, healthcare items, and other related items using their mobile devices, and have those items delivered right to their door.
The ePharmacy market segmentation includes pharmacy and direct. The direct segment led the market in 2022 and is anticipated to be the faster-growing segment during the forecast period, 2023-2030. In this model, ePharmacies offer goods directly to customers instead of using middlemen. Customers can use the ePharmacy's website or mobile app to explore and purchase medications and healthcare items..
March 2021:Co-op Health, a digital prescription service that offers individuals to obtain medication via an app or the web for pickup at a nearby pharmacy or home delivery, was acquired by Phoenix UK.
Figure 2: EPharmacy Market by Business Models, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
News
Flipkart, which Walmart owns, wants to grow its epharmacy, Flipkart Health+, throughout India. The large e-commerce company is looking into cities outside of Tier-I to compete with its rivals. This process started with the epharmacy to transport medications and other items nationwide, including rural places. Currently, Flipkart Health+ offers 83,000 pharmaceuticals and healthcare items, shipping to about 20,000 pin codes nationwide. A library of materials and videos regarding general healthcare is also available on the portal.
By region, the study offers market insights into Asia-Pacific, Europe, North America, and Rest of the World. The North America EPharmacy market accounted for USD 30.18 billion in 2022 and is anticipated to exhibit a substantial CAGR growth during the study period, attributed to the Over-reliance of the general public on online delivery of consumables, including over-the-counter healthcare products such as vitamins, nutritional supplements, and cosmetics, is expected to have a positive impact on ePharmacy market trends.
Further, the key countries studied in the market report are: The U.S, Canada, UK, Italy, Spain, Germany, France, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: EPHARMACY MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's EPharmacy market accounts for the second-largest market share due to the lucrative price offering by major companies operating in the market. The extensive presence of biotech companies fuels the market's growth. Major European players are more focused on adopting AI-based analytical tools to enhance operational efficiency, which also plays an important role in market growth. Further, the Germany market of ePharmacy held the largest market share, and the United Kingdom market of ePharmacy was the fastest growing market in the European region
The Asia-Pacific market of ePharmacy, is anticipated to increase at the fastest CAGR from 2023 to 2030 due to the entry of key market players, growing healthcare IT expenditures, developing healthcare infrastructure, rising penetration of the internet and higher adoption of e-commerce websites. Further, the China market of ePharmacy held the largest market share, and the India Kingdom market of ePharmacy was the fastest growing market in the region
ePharmacy Key Market Players & Competitive Insights
Key market players are spending a large portion of money on research & development to increase their product lines, which will help the market of ePharmacy grow even more. Market players are also taking several strategic initiatives to increase their worldwide footprint, with key market developments such as mergers and acquisitions, contractual agreements, increased investments, new product launches, and collaboration with other organizations. Competitors in the ePharmacy industry must expand their business footprint to survive in an increasingly competitive and rising market environment.
One of the manufacturers primary business strategies in the global ePharmacy industry is to help clients and increase the market sector by increasing investment in R&D to enhance solutions and services. In recent years, the ePharmacy industry has provided transparency and reduced disruptions in the supply chain. The market of ePharmacy major players such as 3M, B. Braun Melsungen AG, Baxter International INC, Smith & Nephew Plc, Cardinal Health, Coloplast Corp., ConvaTec Group Plc, Integra Lifesciences Holdings Corporation, Mölnlycke Health Care AB, Avery Dennison Corporation, Hyphens Pharma International Limited and others are functioning on expanding the market demand by financing in research and development actions.
Hyphens Pharma International Limited is a Singapore-based specialty pharmaceutical and consumer healthcare company. For instance, In January 2022, Hyphens Pharma International Limited launched WellAway ePharmacy. WellAway provides customers easy access to pharmaceutical services and supports doctors with remote consultations.
Cardinal Health, Inc. is a pharmaceutical distributor, a global manufacturer and a distributor of medical and research products. Also, it is a provider of data solutions and performance for healthcare facilities. For instance, in January 2023, Cardinal Health announced its collaboration with Palantir Technologies Inc. to design a solution that will give health systems and hospitals dynamic purchase decision insights to improve their bottom line quickly.
Key Companies in the market of ePharmacy include
ePharmacy Industry Developments
September 2022:Â Amazon planned to sell prescription drugs online in Japan. She aims to work with small and medium-sized pharmacies to build a platform where patients can be instructed online on how to take their medication. Customers can have their medicines delivered to their homes without going to the pharmacy.
September 2022: Walmart Canada partnered with Canada Health Infoway. Infoway's PrescribeIT e-prescription service is currently available at 14 Walmart Canada pharmacies in Alberta, Ontario, New Brunswick, and Saskatchewan, with planned to expand to other locations by the year’s end.
January 2019:Â Zur Rose Group has completed the acquisition of the e-commerce business of medpex, Germany's third-largest online pharmacy. In this way, the Zur Rose Group significantly increased its market share in Germany.
February 2022:Â Medicure Inc. has launched a domestic consumer e-commerce pharmacy platform through its US subsidiary, Marley Drug Pharmacy. This will allow Americans to buy FDA-approved medicines at bargain prices on Marley Drugs' new e-commerce site, with home delivery to all 50 states..
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