Global ePharmacyMarke t size was valued at USD 62,587.0Million in 2019 and is expected to register a CAGR of 12.5% duringthe forecast period of 2020 to 2027.
AnE-Pharmacy is a pharmacy that operates over the internet and sends orders tocustomers through mail or shipping companies. The growth of the onlinepharmacies can be acknowledged from the following examples. The electronicprescription service (EPS) was aimed at rolling out in November 2019, accordingto the Department of Health, UK, claiming it would save the NHS throughincreasing efficiencies, reducing the amount of paper processing required, andreducing prescribing errors. In January 2019, Ping An Good Doctor, a one-stophealthcare ecosystem platform from China, announced that it had placed itsOne-minute Clinics across 8 provinces and cities in China and signed servicecontracts for nearly 1,000 units, providing healthcare services to more than 3million users. Every One-minute Clinic has more than 100 categories of commondrugs, all of which are cryogenically refrigerated to ensure their quality. NewYork in 2016 took the step of requiring prescribers to use electronictransmission of prescriptions to pharmacies.
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Factorssuch as the convenience provided in the delivery of medication discountedprice, and laws favoring the adoption of ePharmacy, are driving the growth ofthe ePharmacy market. Additionally, rising investment for small companies isalso driving the growth of the ePharmacy market. However, the rising number ofcounterfeit online pharmacies is posing as a challenge for the growth of themarket.
Market Dynamics
An online pharmacy, internet pharmacy, or mail-order pharmacy is a pharmacythat operates over the Internet and sends orders to customers through mail,shipping companies, or online pharmacy web portal. Key players operating in theePharmacy market to provide cost-efficient and timelyservices to survive and succeed in an intenselycompetitive and growing market environment.
A shift in consumer preference toward the online purchase of medicines andrising penetration of high-speed internet is driving the growth of the market.An increase in the number of online pharmacies and the booming pharmaceuticalindustry further anticipates the market growth. As of January 2020, 50+start-ups are operating in e-Pharmacy space in India, which provides qualityand affordable medicines to about 5,000,000 patients per month across thecountry. The number of ePharmacy has grown with the rising investment in thesector. Stockholm-based online pharmacy Meds raised USD 5.7 million in a roundled by Inbox Capital.
E-Pharmacy improves purchaser's comfort and access, this will above alladvantage endless old-age patients living in family units, and patients who arenot in a condition to go out to discover a drug store. Globally, the populationaged 65 and over is growing faster than all other age groups. According to datafrom World Population Prospects: the 2019 Revision, by 2050, one in six peoplein the world will be over age 65 (16%), up from one in 11 in 2019 (9%). Thenumber of people aged 65 or more living in nursing homes is huge and sufferingfrom chronic conditions such as diabetes, arthritis, eye diseases, or cognitiveimpairment. About 1.4 to 1.5 million people were living in nursing homes in thestate according to research conducted by the Ohio State University WexnerMedical Center. The large number of geriatric populations suffering fromchronic disease is expected to fuel market growth.
Segmentation
Global ePharmacy Market has been divided based on Drug Type, OperatingPlatform, and Business Model.
The market, based on Drug Type, has been segregated into prescription drugsand over the counter (OTC) drugs. The prescription drugs segment accounted forthe largest market share of 55.6% in 2019. This largest share can be attributedto its preference as compared to over the counter drugs.
The market, based on operating platform, has been segregated into app andwebsite. The app segment accounted for the largest market share of 57.6% in2019. The rising number of retail pharmacies launching apps for the delivery ofproducts globally is the key factor owing to the growth of this segment.
On the basis of business model, the market is segregated into themarketplace, pharmacy, and direct. The marketplace segment accounted for thelargest market share with a value of USD 33,222.2 million in 2019 due to theincreasing number of customers buying medications and refilling it online.
Regional Analysis
Global ePharmacy market, based on region, has been divided into theAmericas, Europe, Asia-Pacific, and the Middle East & Africa. The Americasare likely to dominate the global ePharmacy market owing to the presence ofmajor manufacturers, raising awareness, and rising product launches by majorplayers in the region. In 2019, the Americas accounted for the largest marketshare of 48.9% in the global ePharmacy market. This large share is majorlyattributed to the presence of major ePharmacy players, and reliance of thegeneral population on the online delivery of consumable goods. According to themost recent Statistics Canada report, retail e-commerce sales reached USD 2.3billion in November, accounting for 4.2% of total retail trade. On ayear-over-year basis, retail e-commerce increased by 20.1%, while totalunadjusted retail sales rose 1.1%.
Europe held a substantial share in the global ePharmacy market. TheePharmacy market in Europe is expected to propel during the forecast period,owing to factors such as increasing online orders, the rapid increase ine-commerce, rising prevalence of chronic diseases, an increase in the geriatricpopulation, and well-developed IT infrastructures. For instance, according toNCBI in Europe, the amount of online pharmacies is continuously increasing,while the amount of physical pharmacies is slightly decreasing (21,602pharmacies in the year 2008) with only 20,441 operating public pharmacies in2015. Glovo is a Spanish start-up founded in Barcelona in 2015. It is an on-demandcourier service that purchases, picks up, and delivers products ordered throughits mobile app. In Spain, the company observed a 60% growth in pharmaceuticalorders during the pandemic of coronavirus. As of April 2020, it has providedaround 133,000 masks, 71,000 pairs of gloves, and 2,500 liters of handsanitizer gel worldwide through couriers.
The fast growth of the Asia-Pacific region is due to rising diabetes casesand the increasing per capita income along with government initiatives toenhance the quality of healthcare. China, India, and Australia have a lucrativemarket for ePharmacy due to the growing older population. Moreover, accordingto the report published by the United Nations in 2015, the number of olderpeople aged 60 years or above in the world is predicted to grow by 56% between2015 and 2030. Nearly 66% of the older population out of the total globalpopulation would also reside in the Asia-Pacific region. The increasinggeriatric population will lead to an increase in metabolic disorders, whichwill, in turn, increase the patient population in need of delivery ofmedications and lead to growth in the ePharmacy market.
The market growth in the Middle East & Africa can be attributed to thenovel public-private partnerships (PPP) business model, developing healthcareinfrastructure, and government support. South Africa's Gauteng department ofhealth in partnership with Right to Care and Right ePharmacy launched agroundbreaking "ATM pharmacy" also known as pharmacy dispensing unit(PDU). Right ePharmacy is an innovative, strategic solution provider for thedispensing, distribution, and collection of medicine. Right ePharmacy is thecenter of excellence for its parent company, Right to Care, spearheadingdisruptive innovation, and enhancing differentiated models of pharmaceuticalcare in Africa. So far 16 pharmacy dispensing units have been installed nearshopping malls in Alexandra, Soweto, and Diepsloot townships in Johannesburg,and have served thousands of patients between March and the end of May. During2018, medication was picked up 19,352 times from PDUs.
Key Players
The Prominent Players in the Global ePharmacy Market are 3M, B. BraunMelsungen AG, Baxter International INC, Smith & Nephew Plc, CardinalHealth, Coloplast Corp., ConvaTec Group Plc, Integra Lifesciences HoldingsCorporation, Mölnlycke Health Care AB and Avery Dennison Corporation.
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