An online pharmacy, often known as an e-pharmacy, is a business that sells pharmaceutical preparations such as non-prescription and prescription-only pharmaceuticals through online ordering and mail delivery. It improves consumer convenience and access, which will benefit several elderly patients living in family units, as well as patients who are unable to travel to a pharmacy store. Globally, the population of people aged 65 and up is growing at a faster rate than all other age groups combined. The global E-pharmacy Market Size is anticipated to grow with a CAGR of 12.5% by the end of the forecast period from 2020-2027.
Many governments confronted the issue of combating the covid-19 pandemic while also making progress on other healthcare objectives. Countries such as India are turning the urgency of combating the spread of covid-19, into an opportunity to build more robust health systems. Increased government emphasis on development and improvement in the overall healthcare system can help drive market expansion. Regardless of the fact that medical stores were classed as essential services, online pharmacies emerged as one of the most significant benefactors of the pandemic-induced lockdown, as people opted to buy drugs online to minimize the possibility of contracting the virus.
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Competitive Analysis
Some of the prominent players of the global e-pharmacy market are 3M, Baxter International INC, Cardinal Health, ConvaTec Group Plc, Mölnlycke Health Care AB, B. Braun Melsungen AG, Smith & Nephew Plc, Coloplast Corp., Integra Lifesciences Holdings Corporation, and Avery Dennison Corporation.
Segmental Analysis
The segmentation of the global e-pharmacy market is done by operation platform, drug type and business model.
- By operation platform, the market is segmented into app and website.
- By drug type, the market segments are OTC (over-the-counter) drugs and prescription drugs.
- By business model, the market is segmented into pharmacy, direct and marketplace.
Detailed Regional Analysis
Due to the presence of large manufacturers, increased awareness, and rising product releases by significant players in the region, the Americas are expected to dominate the global e-Pharmacy market. In 2019, North America held the greatest market share in the international e-pharmacy market, accounting for 48.9% of the global market share. This substantial proportion is mostly due to the presence of big e-pharmacy players, as well as the general public's reliance on online delivery of consumable goods.
Increasing online orders, quick growth in e-commerce, a higher prevalence of chronic diseases, a rise in the geriatric population, and well-developed IT infrastructures are likely to boost the European e-Pharmacy market over the forecast period.
The Asia-Pacific region's rapid growth can be attributed to higher diabetes cases, rising per capita income, and government measures to improve healthcare quality. Due to the increase in elderly populations, China, India, and Australia offer a profitable market for e-pharmacy. The growing elderly population will result in an escalation in metabolic illnesses, which will augment the patient population in need of medicine delivery and drive growth in the e-pharmacy industry.
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The Middle East and Africa's e-Pharmacy market growth can be ascribed to an enhanced healthcare infrastructure, innovative public-private partnership (PPP) business model, and government assistance. The Gauteng Department of Health in South Africa, in collaboration with Right to Care and Right e-Pharmacy, pioneered a concept called "ATM pharmacy," also known as a pharmacy dispensing unit (PDU). Right pharmacy is publicized as a tactical solution contributor for dispensing medicine, its delivery, and collection.
Industry Updates
In June 2021, Tata Digital acquired a majority stake in the e-pharmacy company, 1mg. 1mg is a significant player in the Indian healthcare industry.
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