Global ePharmacy Market, by Model (Centralized, Decentralized), and by Product Type (Prescribed Drugs, OTC Drugs) and by Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

ePharmacy Market Overview:

The Global ePharmacy market is projected to achieve a valuation of USD 2,07,117.88 Mn by 2032 at a CAGR of 16.2%, from USD 46,148.37 Mn in 2022.

In today’s world, individuals are always looking for a quick and easy way to receive their drugs. For many individuals, the word “pharmacy” generally relates to a store with bottles and boxes that people can buy medications from or even a medical facility where professionals work to help patients take medications as prescribed by their doctor. The rise of ePharmacies has been one of the most significant changes in the pharmacy industry. These stores, which pharmacists typically operate, offer various medications and supplements at competitive prices. ePharmacies have also become popular among patients who want to avoid long lines and wait times at traditional pharmacies. An e-pharmacy refers to the distribution of prescription drugs and over-the-counter medication via the internet. It is the process of purchasing prescription drugs online. There are many benefits to an e-pharmacy, such as patients avoiding long wait times and queues at the pharmacy, increased convenience of buying prescriptions, and saving on insurance co-pays.

This type of pharmacy is beneficial for many people, including old-aged people who may have trouble getting to a pharmacy or don’t want to wait at their local store. It can be very convenient for those with a hectic lifestyle to have their prescriptions delivered right to the door within two days or less. Many people choose to buy their medicines online because they can find their medication at a fraction of the cost. In addition to saving on medical expenses, e-pharmacies have also been a safer and more reliable method of purchasing prescription drugs.

The Workings of an e-Pharmacy model:

• A mobile-based app allows consumers to upload a scanned copy of their prescriptions and place orders for needed drugs
• Each order request is received, confirmed, and checked by a group of enlisted drug specialists
• The enlisted pharmacists advance the approved prescriptions to a pharmacy store from where the drugs are apportioned

In developed countries, many individuals rely on ePharmacies for their prescription medication needs. The risk of obtaining potentially counterfeit prescription medication from an ePharmacy is low as it is difficult to tell if the drug has been tampered with. Additionally, a growing number of individuals are rapidly becoming more comfortable with purchasing their medication online as they can see what they are getting and avoid any misunderstandings that might occur in a traditional brick-and-mortar pharmacy. Moreover, families are now ordering prescription medication online instead of at a conventional outlet to save money and be more discreet.

Global e-Pharmacy Market Revenue (USD Mn), 2021–2031:

Market Dynamics

There are many benefits to the system of ePharmacy, including lower costs on certain medications, the convenience of not having to locate a pharmacy in a neighborhood, and greater access to the drug a patient may require. Some e-Pharmacies provide helpful information about medications and indications, and this current system offers time-saving qualities. Moreover, with increasing internet penetration levels, a wider variety of options to choose from, as well as the fact that e-pharmacies generally have a more extensive stock of drugs than a conventional pharmacy would. These factors are anticipated to continue to drive the economic growth of this market on a global scale.

However, not every e-Pharmacy safeguards its medication. In addition to this, ePharmacies doesn’t allow for an individual to converse with a pharmacist to gain advice regarding specific side effects or drug interactions the way customers at local pharmacies can. Moreover, many issues must be taken into consideration when considering e-Pharmacy. The first is security. A pharmacy hosting the order must have a secure website with SSL. Another issue is the authenticity of products ordered online. It should also be noted that not all medications are available for purchase without a prescription.

If a particular ordering drug cannot provide one to the pharmacy, they will not be able to purchase specific products. The FDA and the DEA (Drug Enforcement Administration) have been battling pharmacies that sell pharmaceuticals over the internet. These pharmacies often prescribe drugs without a doctor’s supervision, and individuals don’t always know what they are getting or how to use it safely. These factors may potentially hinder the further expansion of the global e-Pharmacy market in the foreseeable future.

The growth of e-Commerce, including ePharmacy platforms, allows consumers to buy and sell products from anywhere. In some cases, if drugs are not available at nearby drug stores; this could become a significant issue for older individuals or for people with hectic lifestyles. Additionally, a combination of global population growth, a rise in geriatric populations, as well as an increase in chronic illness prevalence have contributed to an increase in this market’s revenue growth trajectory. This can be accredited to online pharmacies taking advantage of cost-effective opportunities such as bulk purchasing and advertising via search engines. Moreover, with an increase in the number of patients due to this pandemic, individuals are more keen on maintaining social distancing norms. ePharmacies have continued to play an essential role by distributing medicines in a timely manner and at discounted prices. Such factors are expected to create lucrative opportunities among existing as well as emerging players operating in this industry.

Competitive Landscapes:

This research report on the global ePharmacy market includes major company profiles such as,

• Tata Group‘s 1mg.
• CVS Health Corporation
• Optum Inc.
• Walgreen Company
• HealthWarehouse.com Inc.
• Adaptive Health
• Dhani Services Ltd.
• API Holdings Limited.
• Others.

Segmentation:

Segmentation of Global ePharmacy Market is Based on – Model, Product Type, and Region

Based On Model

• Centralized
• Decentralized

Based on Product Type:

• Prescribed Drugs
• OTC Drugs

Based on Regions:

• North America
• Europe
• Asia Pacific
• South America
• MEA

For the ePharmacy Market research study, the following years have been considered to estimate the market size: