e-Pharma Market Overview
e-Pharma Market Dynamics
Drivers: Rise in the geriatric population
The rise of the global e-pharma market is driven by the rising prevalence rates of lifestyle illnesses, including diabetes and obesity, rising healthcare spending, and the quickly expanding diagnostic industry. The e-pharma business is also driven by the aging population, rising demand for laboratory automation, and increased awareness of preventative healthcare. Additionally, growing R&D in the healthcare industry, growing geriatric population bases in emerging regions, and growing technical improvements and modernization in the healthcare industry will all lead to new opportunities for the e-pharma market.
Restraints: Presence of illegitimate online pharmacies
The market's expansion is being hampered by the existence of some fraudulent internet pharmacies. The likelihood of acquiring fake and contaminated drugs from these unlicensed pharmacies with erroneous active ingredients rises since they sell drugs that the FDA has not approved. For instance, according to a warning the FDA issued in 2020, some online pharmacies were discovered to be engaging in illegal activity and violating the United States Federal Food Drug, and Cosmetic Act. These violations included some points, such as the sale of prescription drugs that the FDA had not approved, the sale of prescription drugs without a prescription, the inadequate explanation of how to use some prescription drugs safely, etc.
Opportunities: Spread of COVID-19
The COVID-19 pandemic is predicted to cause a dramatic increase in the market. Due to the travel bans and lockdowns, as well as the concern over contracting SARS-CoV2, more people were turning to online pharmacies to buy prescription and OTC medications. Additionally, virtual-based teleconsultations are taking the place of in-person medical appointments and producing digital prescriptions. Similar to this, important players are developing various tactics to combat the epidemic. Due to the COVID-19 epidemic and the move toward non-contact delivery.
The legitimate internet pharmacy category is estimated to be the largest growth in the steam engine market during the forecast period
The legitimate internet pharmacy category dominated the market. This kind of pharmacy typically holds a domestic license and abides by local laws rather than international laws. By eliminating intermediaries and offering savings, e-pharmacies can help assure the distribution of genuine and approved pharmaceuticals (a wide selection of safe treatments) at affordable prices and with increased accessibility (online platform, home delivery & improved digital payment infrastructure). E-pharmacies are anticipated to be widely accepted in our nation due to their ease and value. They are safe to use, thus driving the growth of the market.
Generic is estimated to be the largest growing market category during the forecast period
The generic segment is projected to grow fastest during the forecast period despite having the same composition and potency as branded medications because it is less expensive. Growing technologies like artificial intelligence (A.I.) and machine learning (ML) that use recommendation engines to assure consumer satisfaction contribute to the market's expansion. The market is divided into over-the-counter and prescribed applications in terms of usage.
The North American segment is estimated to be the largest growing market during the forecast period
North America is the largest e-pharma market during the forecast period. This may be primarily attributable to the growing acceptance of online services and the greater number of internet users, both of which are anticipated to accelerate the market's expansion throughout the forecast period. The Coronavirus Aid Relief and Economic Security (CARES) Act was created by the American Association of Homeopathic Pharmacists (AAHP) in response to the rising burden of COVID-19 in the United States (HR 748). Since more people are becoming aware of online pharmacies, it is anticipated that these government initiatives will encourage the use of online pharmacy services for hassle-free medicine purchases in the U.S. market, contributing to the expansion of the e-pharma market in this area.
Key Market Players
The e-pharma market is dominated by a few global players and comprises several regional players. Some key manufacturers operating in the market are Boehringer Ingelheim International GmbH (Germany), AbbVie Inc (U.S.), Aurobindo Pharma (India), Pfizer Inc. (U.S.), Walmart Inc. (U.S.), Walgreen Co. (U.S.), Express Scripts (U.S.), The Kroger Co. (U.S.), L Rowland & Co (U.K.), DocMorris (Germany), Giant Eagle, Inc. (U.S.), OptumRx, Inc. (U.S.), CVS Health (U.S.), Merck & Co., Inc. (U.S.) and Thermo Fisher Scientific Inc. (U.S.).
Recent Developments
- In January 2022, WellAway ePharmacy was introduced in the city-state by Hyphens Pharma International Limited, the largest specialty pharmaceutical and consumer healthcare firm in Singapore. Customers can easily get pharmaceutical services through WellAway, and the company also helps doctors with teleconsultation.
- In November 2021, with the introduction of Flipkart Health+, major e-commerce giant Flipkart entered the expanding healthcare industry. For this development, the business has signed contracts to pay an undisclosed transaction value for a majority stake in Sastasundar Marketplace Limited, which owns and operates the online pharmacy and healthcare platform SastaSundar.com. Through this strategic endeavor, Flipkart wants to provide its customers with convenient and affordable healthcare.
- In May 2021, the purchase of Medlife by PharmEasy for an unknown value was revealed. Through this acquisition, the former hopes to strengthen its position in the market by becoming the dominant player in the Indian e-pharma category.
- In January 2019, the third-largest online pharmacy in Germany, medpex, was officially acquired by the Zur Rose Group. Due to this action, the Zur Rose Group has significantly grown its market share in Germany.
Segmentation of Global e-Pharma Market
Global e-Pharma Market – By Application
- Hospitals
- Personal Use
- Government Research
- Pharmacy Benefit Manager
- Legitimate Internet Pharmacy
- Illegal or Unethical Internet Pharmacy
- Generic
- Branded
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-east Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
