E-pharmacy Market Size (2024 - 2029)

EPharmacy Market Analysis

The E-pharmacy Market size is estimated at USD 104.83 billion in 2024, and is expected to reach USD 198.31 billion by 2029, growing at a CAGR of 13.60% during the forecast period (2024-2029).

The market witnessed drastic growth during the COVID-19 pandemic. The lockdown and travel restrictions, along with the fear of getting infected with the COVID-19 virus, led to an increased dependence on online pharmacies to purchase both over-the-counter and prescription drugs. Also, in-person doctor visits were replaced by virtual-based teleconsultations, which resulted in the generation of digital medicines. Similarly, key players came up with various strategies to combat the pandemic. For instance, in November 2021, Flipkart launched Flipkart Health+ with the acquisition of a majority share in Sastasundar Marketplace Limited. Flipkart entered this market when there was a vast need for services that provided people with necessary medications during the COVID-19 pandemic. As a result of their concern about contracting the virus, more and more consumers were making online purchases instead of going to physical businesses. Additionally, as the trend toward non-contact delivery progressed, given the COVID-19 pandemic, the demand for e-pharmacy has increased throughout the current crisis. Furthermore, post-pandemic, there will be a massive increase in the e-pharmacy business due to the exposure of people to various e-pharmacy services and the rise in the adoption of online services due to the growing penetration and adoption of online services.

The growth of the e-pharmacy market is attributed to a rise in internet consumers, increased access to web-based and online services, and the rising implementation of e-prescriptions in hospitals and other healthcare services.

E-prescription is the electronic prescribing technology that allows healthcare professionals to go paperless by sending prescriptions in digital format instead of handwritten prescriptions. Doctors now prefer e-prescriptions to let patients quickly access medicine with the help of e-prescriptions. Countries like the UK are putting more effort into the implementation of e-prescriptions. For instance, in March 2021, Co-op Health, a digital prescription service that allows individuals to obtain medication via an app or the web for pickup at a nearby pharmacy or home delivery, was acquired by Phoenix UK. The app has shown a sharp increase in demand, and PHOENIX UK will use its network of Numark and Rowlands to meet that need. Such acquisitions in the e-pharmacy segment are expected to drive market growth due to the rise in the adoption and expansion of services.

Furthermore, the increase in the launch of e-pharmacies in developing countries is expected to drive the market's growth over the forecast period. For instance, in January 2022, Hyphens Pharma International Limited formally launched its WellAway e-pharmacy in Singapore. Kellaway is the first e-pharmacy in Singapore to be registered with the Health Sciences Authority (HSA). It is a digital platform where patients can get e-prescriptions from licensed medical professionals, and the recommended medication will be safely and securely supplied. Such initiatives are expected to drive market growth due to the rise in adopting e-pharmacy services in Asian countries.

The significant advantage of e-prescription is that one can easily upload their e-prescription on the e-pharmacy website and order medicine online without any hurdle. Therefore, due to the increasing implementation of e-prescriptions, uploading prescriptions online has become more accessible and less time-consuming. Thus, all the factors above augment the growth of the market. However, the increasing number of illegal online pharmacies and low penetration in rural areas in developing countries are expected to hinder market growth.

EPharmacy Industry Segmentation

As per the scope of the report, an e-pharmacy is an online pharmacy that operates over the internet and provides medicines to consumers through mail or shipping companies. The e-pharmacy cuts down the long chain of distributors; a report also covers the estimated market sizes and trends for 17 d directly provides medicine to the end user at a lesser price. The e-pharmacy Market is segmented by Drug Type (Prescription Drugs and Over-the-Counter (OTC) Drugs), Product Type (Skin Care, Dental, Cold and Flu, Vitamins, Weight Loss, and Other Product Types), and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (USD million) for the above segments.