Product Code: RP-ID-10151860 |
Published Date: 21 Oct 2022 |
Region: Global |
Category: Healthcare & Pharmaceuticals |
Report ID: 10151860
Market Overview:
Global ePharmacy Industry Market Research 2022-2030
"In 2021, the global electronic pharmacy market is estimated to be worth ~USD 50 billion and is expected to grow at a compound annual growth rate of ~16% during the forecast period 2022-2030. Increasing global Internet penetration, improving medical infrastructure, rapidly aging population, and increasing users’ awareness of e-commerce are some of the factors driving growth. As the demand for convenience increases, changes in consumer behavior are also one of the key factors that promote market growth. In addition, the healthcare industry is increasingly adopting e-commerce and digital technologies, which are expected to drive growth.The increasing burden of healthcare in emerging economies shows that there is a growing need to reduce costs. The growing demand for healthcare products and services makes it difficult for offline retail suppliers to meet the growing demand, thereby providing online healthcare retailers with great potential to cater to a large customer base.
The increasing prevalence of chronic diseases has led to an ever-increasing demand for various drugs and healthcare products. People turn to online pharmacies because of lucrative offers such as favorable prices, easy-to-obtain medications, and home delivery services. Consumers no longer need to go to pharmacies to buy medicines. In addition, the healthcare sector is increasingly adopting information technology to allow doctors to submit prescriptions electronically, which is expected to drive market growth.
The large amount of unmet demand in emerging economies and developing countries is one of the factors that promote growth. Due to the improvement of IT infrastructure and the increase of smartphone users and the popularization of high-speed Internet in urban and rural areas, online shopping in these areas is increasing.
These countries; increased efforts to make these drugs affordable and available is one of the factors driving the demand for electronic pharmacies. Increased investment and more and more start-up companies are also driving growth. Safe Medicines India (2016) pointed out that about 60 new start-ups have emerged in India in the past two years, and online pharmacies in India attracted US$93 million in funding in 2015.
The world is having a negative impact on the market. These illegal pharmacies sell unapproved drugs. The risk of receiving counterfeit medicines contaminated with incorrect active ingredients from such electronic pharmacies always exists.The National Association of Pharmaceutical Committees (NABP) pointed out in its progress report on the Internet pharmacy identification program that in 2015, approximately 10,668 online pharmacies were identified as not recommended.; Some of these sites do not contain real information, such as the location of the point of sale, and some offer drugs that are not approved by the FDA or foreign drugs.
Regional information:
North America dominated the electronic pharmacy market with the largest market share in 2020. The high adoption rate of e-commerce, the increase in online ordering and the growth of an aging population are some of the key factors contributing to the huge market share. The existence of well-known companies and increasing demand for medicines, especially baby boomers, are also expected to drive growth.
Due to the existence of a large number of patients and an increase in the target population, the Asia-Pacific region is expected to achieve the fastest growth of 16% in the next few years. Emerging economies such as China and India have high growth potential. The large population base and large unmet medical needs of these countries are some of the challenges faced by the healthcare sector in these regions. As the government;s initiatives and investments to improve medical infrastructure increase, it is expected that the Asia-Pacific market will grow at a faster rate in the near future. The Chinese and Indian markets have huge growth potential.
Due to lifestyle changes, regulatory changes in these regions and increased consumer demand for healthcare products are driving market growth in these economies. The growing interest of various national and international players in the high potential and rapid market penetration of the Internet and network-based technologies is also one of the key driving factors.
Major companies and market share prospects:
Some major players include The Kroger Co.; Walgreens; Walmart; CVS Health; Express Scripts Holdings; Giant Eagle; DocMorris (Zur Rose Group AG); Roland Pharmacy; and OptumRx, Inc. These participants are adopting various marketing strategies to gain a greater share of the e-pharmacy market and are focusing on expanding their geographic footprint, especially in developing regions that offer lucrative opportunities."
Related Reports
Proof of Quality & Reliability
