ePharmacy Market Size to Hit US$ 209.2 Billion by 2030

According to Vision Research Reports, the ePharmacy market size is expected to hit around US$ 209.2 billion by 2030 from valued at US$ 43.03 billion in 2020 and growing at a CAGR of 20.8% from 2021 to 2030.

Growth Factors

 The market is primarily driven by a constant increase in the number of internet users, improved access to web-based & online services, and a rapid increase in the aging population who find it difficult to visit pharmacies. Convenience, affordability, and ease in availability of medicines are fueling the market growth.

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An increase in the prevalence of chronic conditions and diseases across the globe is resulting in constant growth in demand for various drugs and healthcare products. The high cost of treatment is indicating the need to reduce health care costs. Online pharmacies are gaining popularity owing to lucrative offers such as price discounts that result in cost savings. In addition, an increase in the adoption of e-prescriptions in hospitals and other healthcare facilities is further expected to boost growth.

The high unmet needs of emerging economies are one of the key driving factors. Government initiatives, an increase in investments, changing regulations, and increasing penetration of the internet and broadband in urban as well as rural areas are contributing to the growth of the market. Many new players are entering the market as the healthcare sector is offering huge potential to online health retailers due to the ever-growing demand for healthcare products and services.

However, growth in illegal online pharmacies is restraining growth. These illegitimate websites may offer counterfeit and unapproved drugs, which make people skeptical about purchasing medicines online.

Report Highlights

The Over-the-Counter Drugs Segment, under Drug Type, is Expected to Grow at the Fastest Rate during the Forecast Period

The over-the-counter drug segment is poised to witness lucrative growth over the forecast timeframe. Major industry trends, such as Rx to OTC switch by pharmaceutical manufacturers, a growing tendency of people toward self-medication in developing regions, increasing burden of pain, and inclination of customers towards online pharmacies are strongly driving the segmental growth.

The increasing patent expiration rates result in switching from Rx to OTC by the companies as a counterstrategy. In February 2020, the US Food and Drug Administration converted three prescription drugs to over-the-counter drugs, including GlaxoSmithKline’s Voltaren Arthritis Pain, Alcon’s Pataday Twice Daily Relief, and Once Daily Relief (olopatadine HCl ophthalmic solution/drops, 0.2%). This resulted in easy access to the mentioned drugs for the customers. Also, in the current COVID-19 pandemic, the e-pharmacy market, particularly for the OTC drugs, witnessed significant growth, as consumers are reluctant to visit clinics for minor ailments for fear of being infected by COVID-19.

Additionally, the economic benefits from OTC drug usage are attributable to savings on drug costs and costs incurred on a clinical visit. This factor significantly attributes vertical growth in emerging economies.

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Regional Insights

North America dominated the ePharmacy market in 2020 with the largest market share. High adoption of ecommerce, an increase in online orders, and growth in elderly population are some of the key factors that contribute to the large share of the market. The presence of well-established players and an increase in pharmaceutical needs, especially of baby boomers, are also expected to drive growth.

Asia Pacific is expected to register the fastest growth of 15.3% over the next few years owing to the presence of a large patient pool and a rise in the target population. Emerging economies, such as China and India, possess high growth potential. The large population base of these countries along with the high unmet medical needs is some of the challenges faced by the healthcare sector in these regions. With an increase in government initiatives and investments for improving the healthcare infrastructure, the market in the Asia Pacific region is anticipated to grow at a faster pace in the near future.

The market in China and India has a vast potential for growth. Changing regulations in the regions and increase in demand for consumer healthcare products owing to change in lifestyle is driving the market growth of these economies. The growing interest of various national & international players in these markets with high potential and rapid penetration of internet and web-based technology is also amongst the key driving factors.

Key Players

Kroger Co.; Walgreen Co.; Wal-Mart Stores, Inc.; CVS Health; Express Scripts Holding Company; Giant Eagle, Inc.; DocMorris (Zur Rose Group AG); Rowlands Pharmacy; and OptumRx, Inc. 

Market Segmentation

By Drug Type

• Prescription Drugs     
• Over-the-Counter (OTC) Drugs

By Product Type

• Skin Care
• Dental
• Cold and Flu
• Vitamins
• Weight Loss
• Other Product Types

Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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