E-pharmacy Market: Segmented by Type (Over the Counter Drugs and Prescription Drugs); By Product (Skin Care, Dental, Cold & Flu, Weight Loss and Others); and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
E-pharmacy Market to surpass USD 174.87 billion by 2030 from USD 56.9 billion in 2020 at a CAGR of 16.24% in the coming years, i.e., 2021-30.
A pharmacy that operates over the internet and sends orders to customers by mail or shipping companies is known as an E-Pharmacy. The rise in the number of internet users expanded access to web-based and online resources, and the increasing use of e-prescriptions in hospitals and other healthcare settings are all contributing to the e-pharmacy market's growth.
High acceptance of e-commerce, increased online orders, growth in the elderly population and rising implementation of e-prescriptions in hospitals and other healthcare services are all major factors driving the e-pharmacy market size. Furthermore, the recent outbreak of COVID-19 has had a significant impact on the use of online pharmacy sites, resulting in an increase in the size of the e-pharmacy industry.
Global E-pharmacy market is segmented by type into Over-the-Counter Drugs and Prescription Drugs. In the year 2020, the Over the Counter Drugs segment dominated the industry. Over-the-counter medicines offer key medications for a wide variety of health problems, allowing patients to avoid hospital visits. As a result, increased public awareness and knowledge about the primary opioid treatment would spur demand growth. With an increase in dermal OTC product sales, the segment will expand as the prevalence of various dermatological conditions rises. Furthermore, the availability of OTC drugs will continue to increase consumer demand, resulting in increased sales for the market.
Global E-pharmacy market is divided by-products into Skin Care, Dental, Cold & Flu, Weight Loss, and Others. The E-pharmacy market is expected to expand rapidly in the Weight Loss product industry. Adults are becoming more interested in and prefer physical exercise. Furthermore, the demand for weight loss products among obese people to reduce the burden of associated health risks including high blood pressure, coronary heart disease, and osteoarthritis would affect product demand. As a result, consumer preference for online pharmacies will have a positive impact on industry growth in the coming years due to convenience and favorable services.
Increasing internet penetration and change in consumer behavior
Some of the factors driving growth include increased internet penetration around the world, improved healthcare infrastructure, rapid population aging, and increased consumer knowledge of e-commerce. One of the main factors driving market growth is a change in consumer behavior, with an increased demand for convenience. In addition, the growing use of e-commerce and digital technology in the healthcare industry is expected to boost growth.
Rising COVID-19 outbreak and lockdown situations
The rising COVID-19 outbreak has increased demand for e-pharmacies, especially in areas where strict lockdown scenarios are in place and the number of COVID-19 patients is at an alarming rate. People living in these areas who have diseases other than COVID-19 need prescription supplies, and since patients are unable to leave their homes to buy drugs due to the lockout, e-pharmacy proves to be a successful option for meeting this demand.
Increased competition and sale of unapproved medications
The industry is harmed by the existence of a large number of illegal e-pharmaceuticals around the world. These unlicensed pharmacies sell medications that have not been approved for sale. From these e-Pharmaceuticals, there is always the possibility of getting counterfeit and contaminated drugs with incorrect active ingredients.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global E-pharmacy market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Global E-pharmacy in Europe held the largest market share in the year 2020 as a result of the growing use of internet-of-things (IoT). The growing number of internet users and the digitalization of the pharmaceutical industry would add to the regional value. Furthermore, the expanding e-commerce industry in European countries would boost business revenue. During the COVID-19 pandemic, customers' preference for at-home, timely services has provided enormous opportunities for e-pharmacies in the area.
|Market size value in 2020||USD 56.9 billion|
|Revenue forecast in 2030||USD 174.87 billion|
|Growth Rate||CAGR of 16.24% from 2021 to 2030|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2030|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Type, product, and Region|
|Regional scope||North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)|
|Key companies profiled||3M, ConvaTec Group Plc, Integra Lifesciences Holdings Corporation, Molnlycke Health Care AB, B. Braun Melsungen AG, Baxter International INC, Smith & Nephew Plc, Cardinal Health, Coloplast Corp., and other prominent players.|
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