E-Pharmacy Market Size and Share Analysis, Industry Overview, Report 2024-2031

AUSTIN, TEXAS, UNITED STATES, June 17, 2024 /EINPresswire.com/ -- The SNS Insider report estimates the E-Pharmacy Market Size at USD 73.38 billion in 2023, with a projected CAGR of 20.3% to reach USD 321.89 billion by 2031.

The ePharmacy market growth is driven by some factors which are transforming the healthcare market. The increasing reach of the internet across the globe is the main driving factor of growth.

For Instance: A staggering number of people around the world are connected to the internet. Over 5.44 billion individuals, translating to more than 67% of the global population, are now internet users.

As more people gain access to reliable internet connections, the potential customer base for ePharmacies is increase. The healthcare sector itself is undergoing a digital revolution. The rise of digital health services, or "eHealth," is making it easier and more convenient for people to manage their health online. This includes features like online consultations with doctors, appointment scheduling, and prescription refills - all of this can integrate with ePharmacies. This demographic is comfortable navigating online platforms and making purchases electronically, further accelerating the adoption of ePharmacies. The convenience of ePharmacies is a major unique selling point. Consumers today value their time and appreciate the ease of ordering medications online, with features like home delivery, which eliminates the need for in-person trips to the pharmacy. These factors, combined with the growing acceptance of e-commerce in general, which helps to grow E-Pharmacy Market.

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List of E-Pharmacy Companies Profiled in Report:
- Amazon.com Inc.
- Apex Healthcare Berhad (Apex Pharmacy)
- Apollo Pharmacy
- Axelia Solutions (Pharmeasy)
- Cigna Corporation (Express Scripts Holdings)
- CVS Health
- DocMorris (Zur Rose Group AG)
- Express Scripts Holding Company
- Giant Eagle, Inc.
- Netmeds
- Optum Rx, Inc.
- Rowlands Pharmacy
- The Kroger Co.
- Walgreen Co.
- Walmart, Inc.

Market Segment Analysis
By Drug Type
• Prescription drug
• Over-the-counter drug (OTC)

The Over The Counter Drug dominated the market with high market revenue in 2023.The number of online pharmacies offering OTC products makes them readily accessible to consumers. For instance, a popular ePharmacy like pharmeasy offers a wide selection of OTC medications, ranging from allergy relievers like Claritin to pain relievers like Advil. This easy online access is a major advantage for consumers as a convenient healthcare solutions. Consumers appreciate the ease of purchasing OTC medications online, without needing to leave their homes.

Increased public awareness about OTC products and their uses is driving market growth. Public health campaigns and informative websites are educating people about the appropriate use of OTC medications for common ailments like coughs, colds, and upset stomachs. For many common health conditions, OTC medications offer a more affordable treatment option compared to prescription drugs. For example of a mild cold.

Recent Developments
- January 2023: Optum Rx, has launched a tool called Price Edge. This innovative resource empowers consumers to find the most affordable prices on prescription drugs, especially traditional generic medications.
- September 2022: Walmart Canada announced a partnership with Canada Health Infoway. This collaboration brings Infoway's PrescribeIT, a secure electronic prescribing service, to 14 of Walmart Canada's pharmacies.
- May 2020: Pharmeasy announced the acquisition of Medlife. This strategic move aimed to expand the company's product portfolio and customer base.

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Regional Analysis
The global ePharmacy market is dominated by North America currently holding more than 38% of market share. This region is dominated due to some factors such as, E-commerce is rising across various industries, and healthcare has no exception. An aging population with specific healthcare needs creates a strong demand for convenient online pharmacy services. Also North Americans are very comfortable with online purchases, including those related to health. A well-developed healthcare infrastructure provides the foundation for smooth ePharmacy operations, and a positive attitude towards developing new technologies like ePharmacies paves the way for continued market growth. For Instance, the high percentage of the U.S. population already connected to ePharmacies and the adoption of innovative solutions like drone delivery for medication. The strong market segment has established in North America.

The Asia Pacific market is projected for the fastest growth due to its size. Large and emerging economies like China and India hold immense potential with their vast populations. Strategic investments by public and private organizations are accelerating ePharmacy growth, as evidenced by the multi-million dollar acquisition of an ePharmacy platform by a major retailer. The launch of ePharmacy services that integrate teleconsultation highlights the focus on offering greater convenience and accessibility to patients, especially during times like the recent pandemic. The North America is the current leader, the ePharmacy market with highA significant global expansion, driven by a combination of factors that make it an attractive and convenient option for consumers around the world.

Key Takeaways:
• The report clarifies the dominance of Over-the-Counter (OTC) medications within the ePharmacy market.
• The report highlights ongoing market consolidation through strategic acquisitions, such as Pharmeasy's purchase of Medlife.
• The report underscores North America's current leadership position in ePharmacies.
• With its vast and growing population, increasing government support for digital healthcare solutions, and strategic investments in ePharmacy platforms, the report identifies Asia Pacific as the region with the fastest projected growth potential.
• The report acknowledges the industry's focus on transparency and efficiency.

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Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 E-Pharmacy Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 forces model
Chapter 7 PEST Analysis
Chapter 8 E-Pharmacy Market Segmentation, By Drug type
Chapter 9 Regional Analysis
Chapter 10 Company profile
Chapter 11 Competitive Landscape
Chapter 12 Use Case and Best Practices
Chapter 13 Conclusion
Continued…

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Akash Anand
SNS Insider Pvt. Ltd
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