ePharmacy Market

Global ePharmacy Market is valued at USD 54.11 Billion in 2022 and is projected to reach a value of USD 86.90 Billion by 2030 at a CAGR of 6.10% over the forecast period.

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Several factors contribute to the growth of the ePharmacy Market. First, the rising cost of health care makes it hard for people to pay for traditional pharmacy services in a store. The increasing penetration of internet and mobile phone users is one of the key drivers of the ePharmacy Market. The global number of internet users is projected to grow from 1.8 billion in 2020 to 2.4 billion by 2022, according to a new report by Cisco. The growth will be driven by an increasing number of people in the middle class and a rise in the use of digital technologies in all fields. In addition, there are an estimated 2.5 billion online adults aged 18 or over. This means that by the end of the decade, nearly 9 out of 10 adults will be using the internet. This represents a compound annual growth rate (CAGR) of 12%. In 2022, global smartphone users will reach 1.5 billion people. This number is expected to grow by 30% every year through 2030 and reach 2.3 billion in 2030. The growing number of internet and mobile phone users is increasing the number of people who are comfortable making purchases online. This is fueling the growth of the ePharmacy Market. Five factors − increasing urbanization, growing awareness about medicines and healthcare among people, rising geriatric population, development of telemedicine services, and increase in investment in R&D − are expected to drive growth in the ePharmacy Market. The increased use of the internet and mobile devices has made it easier for patients to compare prices and find the best deals on medications. Finally, online pharmacies are often able to offer a wider selection of medications than traditional pharmacies. The scope of the ePharmacy Market is expected to continue to grow in the coming years. With the continued rise in healthcare costs and the increasing use of technology, more patients will turn to online pharmacies for their prescription needs. B2B ePharmacies are expected to grow at a CAGR of 9%, while B2C ePharmacies are projected to grow at a CAGR of 11%.

Many factors affect the growth of the ePharmacy Market. These include the increasing prevalence of chronic diseases: Chronic diseases are on the rise globally, and this is driving people to look for convenient and affordable ways to get their medications. ePharmacies offer a convenient and cost-effective option for people with chronic conditions to get their medications; the growing popularity of online shopping: Online shopping is becoming increasingly popular, as it offers a convenient and hassle-free way to shop. This is also contributing to the growth of the ePharmacy Market; the increasing use of mobile devices: Mobile devices are becoming increasingly popular, as they offer a convenient way to access the internet. This is making it easier for people to shop for their medications online; the rising costs of healthcare: Healthcare costs are rising globally, which is making it difficult for people to afford traditional brick-and-mortar pharmacies. ePharmacies offer a more affordable option for people who need access to medications; the aging population: The aging population is another factor that is driving the growth of the ePharmacy Market. As people age, they often need more medication due to chronic health conditions. ePharmacies offer an accessible and affordable option for seniors to get their medications.

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To be completely open, venture capitalist Mark Cuban introduced a digital pharmacy in January 2022 that offers more than 100 generic medications at a discount. Easier access provided by ePharmacy is beneficial for chronic old patients from nuclear families as well as patients who are unable to leave their homes. International smartphone adoption is predicted to reach 1.5 billion units by 2022. This increase in smartphone usage will be driven by the rising demand for augmented and virtual reality (AR/VR) applications and Services, as well as the increasing affordability of smartphones globally. VR is anticipated to grow at a CAGR of 27% during the forecast period, while AR is projected to grow at a CAGR of 36%. The booming healthcare industry and high operating costs have made it necessary to use ePharmacy solutions to reduce operational costs. The ePharmacy Market is growing rapidly, but several restraints are limiting its growth. One of the major restraints is the lack of awareness about ePharmacies among the general population. Many people are still not aware of the concept of ePharmacies and how they work. This is a big challenge for the industry as it needs to create awareness about its products and services to grow. Another restraint is the regulations surrounding ePharmacies. In many countries, there are strict regulations regarding the sale of prescription drugs online. This limits the potential growth of ePharmacies in these markets.

Impact of COVID-19 on the ePharmacy Market

The outbreak of COVID-19 has had a significant impact on the ePharmacy Market. The pandemic has resulted in a decrease in consumer spending, as well as a decline in the demand for non-essential products and services. This has led to a reduction in sales for many online pharmacies. In addition, the closure of brick-and-mortar stores has made it difficult for customers to access medications. The COVID-19 pandemic has also resulted in changes in consumer behavior. Many people are now using online pharmacies for the first time, as they offer a convenient way to get medicines without having to leave home. This is likely to boost the growth of the ePharmacy Market in the future.

Top Market Trends

The ePharmacy Market is growing rapidly, with new players entering the market and existing players innovating their offerings. The following are some of the top trends in the ePharmacy Market:

• Expansion of product offerings: ePharmacies are expanding its product offerings to include more than just prescription medications. Some ePharmacies now offer over-the-counter medications, vitamins, supplements, and other health-related products.
• Some of the trending features of the market include home delivery services, online consultations, and 24/7 customer support. Home delivery services allow customers to get their medicines delivered to their doorstep without having to visit a physical store. Online consultations provide customers with expert advice on their health conditions and treatment options. 24/7 customer support helps resolve any queries or concerns that customers may have about using an online pharmacy service.
• Increased focus on customer service: ePharmacies are focusing more on providing excellent customer service to differentiate themselves from brick-and-mortar pharmacies. This includes offering convenient online ordering and delivery options, as well as helpful online resources such as live chat support and pharmacy chatbots.
• Greater emphasis on price competitiveness: With the increasing number of ePharmacies, there is greater price competition in the market. ePharmacies are therefore focused on offering competitive prices for their products and services.
• The rising popularity of subscription models: Many ePharmacies are now offering subscription models for their products and services. This allows customers to save money on their orders by signing up for recurring delivery. Consumers are increasingly turning to online pharmacies for their medication needs due to the convenience and ease of use that they offer.

Market Segmentation

The Global ePharmacy Market is segmented based on Product, Type, Drug Type, Operating Platform, Platform, Payment Method, Business Model, and Region. Based on Product, the market is classified into Over-the-Counter (OTC) Products and Prescription Medicine. Based on Type, the ePharmacy Market has been segmented into Analgesics, Skin Care, Dental, Cold and Flu, Vitamins and Minerals, Weight loss, and Other Types. Based on Drug Type, the market is segmented into Foam Dressings, Film Dressings, Hydrocolloid Dressings, CHG Adhesive Dressings, Alginate Dressing, Surgical Tapes, Hydrogel Dressings, Collagen Dressings, Barrier Tapes, Tissue Sealants, Negative Pressure Wound Therapy Drapes, and Other Drug Types. Based on the Operating Platform, the market is segmented into Diabetic Foot Ulcers, Pressure Ulcers, Surgical and Traumatic Wounds, Burns, Ostomy Care, and Other Operating Platforms. Based on the Platform, the market is segmented into Mobile Users and Desktop Users. Based on the Payment Method, the market is segmented into Cash on Delivery and Online Payment. Based on the Business Model, the market is segmented into Hospitals & Clinics, Home Care Settings, and Other Business Models. Region-wise, the global nylon market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Product

The OTC products segment is expected to account for the largest share of the overall market during this period. This is due to the large population base in developing countries, where the treatment of chronic diseases is often done through traditional methods such as herbal remedies and home remedies. The prescription medicine segment is expected to grow at a slower pace owing to increased awareness about the risks associated with its use, which has led to more people preferring OTC products as an alternative. This is because many people prefer to buy their prescription medications online due to the convenience and ease of ordering. In addition, buying prescription drugs online often leads to lower prices due to the fierce competition among online pharmacies. In 2022, the OTC drug market is projected to be worth $236 billion. By 2028, the OTC drug market is expected to be worth $312 billion, representing a growth of 13.9%. Many people purchase OTC medications online because they do not need a doctor’s prescription to do so. This means that they can save time and money by avoiding a trip to the doctor’s office or pharmacy. In addition, buying OTC drugs online often leads to lower prices due to the fierce competition among online pharmacies.

Based on Type

The global Analgesics market is expected to reach $31.4 billion by 2028. The largest market share for analgesics is held by generic drugs. The rising popularity of natural products is also propelling the growth of this market. The global skincare market is expected to reach $37.5 billion by 2028. The major drivers for this growth include the Aging Population, Increasing Prevalence of Skin Diseases, and Rising Demand for Effective Skincare Solutions. The global dental market is expected to reach $30.7 billion by 2028. The growth can be attributed to rising awareness about oral health among people across the globe. Additionally, the growing number of the population who are opting for dentures owing to increasing life expectancy is also boosting this market revenue globally. Cold and flu products are another major category in the Global ePharmacy Market. This segment is expected to grow at a high rate owing to increased awareness about cold and flu symptoms and growing demand for Over-the-Counter (OTC) cold remedies. The cold and flu market will be the fourth largest segment of the global pharmaceutical market and will be worth $152 billion by 2028. Vitamins and minerals are another key segment expected to witness significant growth in the Global ePharmacy Market. This segment is expected to account for a significant share of the overall market due to increasing demand for these products among consumers. However, weight loss products are expected to be the fastest-growing category during this period.

Based on Drug Type

The Foam Dressing segment is expected to be the fastest-growing category in the ePharmacy Market over the next five years. This is because foam dressings are light and easy to apply and are preferred for wound healing applications because they allow for easy absorption of moisture into the wound. The film dressing segment is also projected to grow significantly over the next five years due to the increasing popularity of bandages and wraps in general. These products help reduce pain and swelling as well as improve healing time. The hydrocolloid dressing segment is projected to be the second-fastest-growing category in the ePharmacy Market over the next five years. The CHG adhesive dressings segment is expected to be the largest subcategory in the ePharmacy Market during the forecast period. This market is expected to grow at a CAGR of 7.93% between 2022 and 2028. This is due to the increasing popularity of wound healing products, such as adhesives and bandages, among healthcare professionals. Furthermore, growing investment in research and development (R&D) activities by major pharmaceutical companies are expected to drive the adhesive dressings segment growth in the coming years. Other key subcategories expected to grow rapidly in the ePharmacy Market over the next few years include alginate dressings, surgical tapes, hydrogel dressings, collagen dressings, and barrier tapes. The alginate dressing market is projected to be the second-largest segment of the ePharmacy Market during the forecast period. This market is expected to grow at a CAGR of 5.48% between 2022 and 2028. The major drivers of this growth include the increasing prevalence of diabetes and other metabolic diseases, increased use of alginate dressings as a wound healing agent, and growing awareness about its use in minimally invasive surgeries. The surgical tapes market is projected to be the third-largest segment of the ePharmacy Market during the forecast period. This market is expected to grow at a CAGR of 5.47% between 2022 and 2028. NPWT drapes are among the most popular types of wound dressing and are used to cover wounds and prevent them from becoming contaminated. The growth of the ePharmacy Market based on drug type from 2023 to 2030 is projected to be highest for adhesives (7.10%), followed by collagen dressings (6.27%), hydrogel dressings (5.65%), barrier tapes (4.99%), tissue sealants (3.92%) and wound therapy drapes (3.37%). The market for collagen dressings is expected to grow at a slower pace as its usage is limited in some cases, such as burns and ulcers.

Based on Operating Platform

The Diabetic Foot Ulcer segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the rising prevalence of diabetes globally. According to the International Diabetes Federation (IDF), adults aged 20-79 years with diabetes are projected to increase to 642 million by 2040. The pressure ulcer segment is also expected to grow at a significant rate during the forecast period. This growth can be attributed to the increasing geriatric population and the growing awareness about pressure ulcer prevention. Diabetes mellitus (DM) is a metabolic disorder characterized by elevated blood sugar levels that can damage blood vessels in different parts of the body. It is estimated that around 1.7% of the US population suffers from DM, which is projected to reach 3.2% by 2028. The prevalence of DM is higher among certain segments of the population such as those above the age of 50 years and people belonging to minority groups. The rising incidence of diabetic foot ulcers, pressure ulcers, and surgical and traumatic wounds warns about the growing healthcare cost burden on society owing to DM. According to the World Health Organization (WHO), around 4% of hospital admissions worldwide are due to pressure ulcers. The surgical and traumatic wounds segment is expected to grow at a moderate rate during the forecast period. This growth is attributed to the increasing number of accidents and trauma cases globally. According to WHO, every year, more than 5 million people worldwide require surgery for injuries sustained in road traffic accidents. Furthermore, an estimated 137,000 people die from their injuries each year. The burns segment is expected to grow at a moderate rate during the forecast period. This growth can be attributed to the rising number of burn cases worldwide. Surgical and traumatic wounds are also major causes of morbidity and mortality. Ostomy care is another area that has witnessed significant growth in ePharmacies over the past few years. Ostomy patients need ongoing treatment for ostomy appliances such as colostomy bags, ileostomy systems, and urostomies. These patients face a lot of challenges, including leaking and infection. ePharmacies have responded to this demand by providing extended warranties, after-sales services, and 24/7 customer support. Ostomy surgery can be performed for several reasons, including: Cancer of the colon or rectum-Crohn's disease-Ulcerative colitis-Injury to the intestine-Birth defects of the intestine there are two types of ostomy surgery: colostomy and ileostomy. In a colostomy, the surgeon brings one end of the large intestine out through the stoma. In an ileostomy, the surgeon brings one end of the small intestine out through the stoma.

Based on Platform

In terms of Platform, Mobile users are projected to account for the largest share of the ePharmacy Market in 2022. This is due to the growing adoption of mobile devices and smartphones among consumers globally. By 2028, however, the share of desktop users in the Global ePharmacy Market is expected to exceed that of mobile users. Android is expected to be the leading platform for the ePharmacy Market in terms of volume sales in 2022, followed by iOS in 2030. Other leading platforms include Windows Phone (2022), BlackBerry (2024), and Android TV (2026). The report also finds that companies that can adopt mobile platforms effectively will benefit most from this growth: Multichannel retailers (MCRs) are expected to lead the way in terms of volume sales through their online stores and standalone apps. In terms of desktop users, there is a higher adoption rate among institutional investors and companies. Hence, these sectors are expected to witness the highest growth during the forecast period.

Based on Payment Method

COD is the most popular Payment Method in the ePharmacy Market, accounting for nearly 60% of all transactions. This is because it is a convenient and safe way to pay for online pharmacy services. Online payments are also growing in popularity, accounting for just over 40% of all transactions. This is because online payments are often faster and more convenient than COD.

Based on Business Model

The Hospitals & Clinics segment includes both inpatient and outpatient facilities. The home care settings segment includes nursing homes, assisted living facilities, home health agencies, and hospices. The other segment includes pharmacy benefit managers (PBMs), mail-order pharmacies, long-term care (LTC) pharmacies, specialty pharmacies, and compounding pharmacies.

Based on Region

North America: The United States and Canada are the major countries contributing to the growth of the ePharmacy Market in North America. The high per capita healthcare expenditure and the presence of a large number of online pharmacies are the major factors driving the growth of this market in this region. Europe: The UK, Germany, France, Italy, and Spain are the key markets for ePharmacies in Europe. The growing awareness about the advantages of online pharmacies among consumers is the major factor driving the growth of this market in this region. Asia Pacific: China, Japan, and India are the key markets for ePharmacies in Asia Pacific. The rising disposable incomes and the growing awareness about online pharmacies are the major factors driving the growth of this market in this region. Latin America: Brazil and Mexico are expected to be the major contributors to the growth of the ePharmacy Market in Latin America. The growing number of internet users and the presence of a large number of online pharmacies are some of the factors driving the growth of this market in this region. Middle East & Africa: GCC countries such as Saudi Arabia, Kuwait, and Qatar are expected to be the key markets for ePharmacies in Middle East & Africa.

Competitive Landscape

The key players in the Global ePharmacy Market include- The Kroger Co., DocMorris, Walgreen Co., Rowlands Pharmacy, Giant Eagle Inc., Optum Rx Inc., Walmart Inc., CVS Health, Express Scripts Holding Company, Netmeds and others.

Recent Advancements

Recent advancements in ePharmacy technology have made it easier for consumers to purchase medications online. In addition, online pharmacies have also made it possible for patients to receive their medications without having to leave their homes. This has led to a significant increase in the number of people who can access e-pharmacies.

• The most notable advancement is the introduction of online prescription filling. This allows patients to fill their prescriptions without ever having to step foot in a physical pharmacy.
• By the end of 2022, the FDA will require the labeling of all supplements as either “natural” or “proprietary blends.” This change is due to increasing concerns about the safety of these supplements, which have not been well studied.
• Other advancements include the ability to track patient health data and trends over time, as well as automated refill reminders. These features are not only convenient for patients but also help to ensure that medications are taken as prescribed and that refills are not forgotten.
• The most significant development has been the launch of national ePharmacies in China, India, and Brazil. These platforms offer a wider range of products and services than traditional brick-and-mortar pharmacies, and they have the potential to reach a much larger customer base. In China, the leading ePharmacy is Alibaba's Tmall Pharmacy, which offers products from over 30,000 brands and provides free delivery for orders over RMB 100. In India, 1mg Technologies operates an online pharmacy with a wide range of products, including prescription drugs, over-the-counter medicines, health supplements, and medical devices.
• In 2021, Electronic Health Systems (EHS) provider Epic Systems Corporation launched its Patient Portal solution that allows patients to access their health records and prescriptions online.

Segmentation of the Global ePharmacy Market