ePharmacy Market Booms Amid Pandemic, Poised for Continued Growth
E-Pharmacy is a term used to describe a drugstore that accepts postal orders and mainly uses an online platform to deliver prescription drugs and other pharma products. It primarily operates through autonomous online-only businesses, online extensions of physical pharmacies, and businesses that support pharmacy associations. Without involving the extensive chain of distributors, e-pharmacy helps send orders directly to consumers via mail, online pharmacy web portals, or shipping companies. Additionally, web-based or mobile apps for e-pharmacies offer details on product descriptions, recommended dosages, side effects, etc.
The ePharmacy market is alued at US$ 60.5 Billion and is anticipated to reach US$ 250.7 Billion by the end of 2030 with CAGR of 19.5% from 2023to 2030.
ePharmacy Market to Recover Amid COVID-19 Pandemic
The COVID-19 pandemic caused an unprecedented rise in the industry. As a result of the lockdown, travel restrictions, and concern over COVID-19 virus infection, more people are turning to internet pharmacies to buy both over-the-counter and prescription medications. Additionally, virtual-based teleconsultations have taken the place of in-person medical visits, which has led to the development of digital medicines. Similar to this, important actors developed a variety of tactics to fight the pandemic. For instance, Flipkart introduced Flipkart Health+ in November 2021 after buying the bulk of Sastasundar Marketplace Limited. During the COVID-19 pandemic, there was a significant need for services that supplied people with essential medications. Flipkart joined this market at that time.
As a result of their concern about getting the infection, an increasing number of customers were making purchases online rather than visiting actual stores. Additionally, the demand for e-pharmacy has grown throughout the current crisis as the tendency toward non-contact delivery advanced in light of the COVID-19 pandemic. Additionally, after the pandemic, the e-pharmacy industry will experience a huge growth as a result of people becoming more familiar with different e-pharmacy services and an increase in the use of online services due to their increasing reach and uptake.
Increasing Prevalence of emerging technologies and internet penetration to Boost ePharmacy Market
The healthcare industry’s expanding use of e-commerce platforms is what is presently fueling market expansion. Additionally, the market development is being fueled by rising internet connectivity and the widespread use of smart devices. Additionally, the adoption of e-pharmacy services for controlled and door-to-door delivery of medications, medical devices, personal care products, etc. is being accelerated by the increasing geriatric population, who are more susceptible to chronic illnesses that result in muscular impairments. Additionally, busy customer schedules and sedentary lifestyles are boosting demand for e-pharmacies for the hassle-free purchase of pharmaceuticals. Additionally, an increasing number of in-app features, including discounted offers, personalized purchases, express delivery, etc., are supported by mobile-based software applications. Additionally, an increasing number of in-app features, including special offers, personalized purchases, express delivery, etc., are supporting the development of the global market for mobile-based software applications.
North America to Spearhead the Peptide Drug Conjugate Market
North America is the fastest-growing segment in the ePharmacy market due to several factors, including:
- Rising adoption of new technologies and e-commerce: Overall development is expected to be boosted by the growing use of digital technologies and e-commerce in the healthcare industry.
- Growing geriatric population: The adoption of e-pharmacy services for regulated and door-to-door delivery of medications, medical devices, personal care products, etc. is further accelerated by the increasing geriatric population, who are more susceptible to chronic illnesses that resulted in muscular impairments.
- Increasing online sales: The market’s expansion in North America is anticipated to be fueled by the adoption of cutting-edge technologies by key participants to enhance the experience of customers making online drug purchases. For instance, Mark Cuban launched the “Mark Cuban Cost Plus Drug Company” (MCCPDC), a fresh online pharmacy, in January 2022, providing inexpensive generic drugs.
Companies operating in the ePharmacy market have adopted several growth strategies to expand their market share and increase their revenue. Some of the key players in the ePharmacy market are The Kroger Co., Walgreen Co., Giant Eagle, Inc., Walmart, Inc., Express Scripts Holding Company, CVS Health, Optum Rx, Inc., Rowlands Pharmacy, DocMorris (Zur Rose Group AG), Cigna Corporation (Express Scripts Holdings), Amazon.com Inc., Axelia Solutions (Pharmeasy), Apex Healthcare Berhad (Apex Pharmacy), Apollo Pharmacy and Netmeds
- Partnerships and Collaborations: Companies are forming partnerships and collaborations to share expertise and resources to accelerate the development of new strategies. Walmart Canada and Canada Health Infoway partnered in September 2022. 14 Walmart Canada pharmacies in Ontario, Alberta, Saskatchewan, and New Brunswick now offer access to Infoway’s PrescribeIT electronic prescribing program, with plans to add more locations by the end of the year.
- New Program Launches: Companies are investing in research and development to develop new programs and improve existing products. These companies are launching new programs in the market to expand their product portfolios and gain a competitive advantage. For example, during the COVID-19 pandemic, Express Scripts announced in May 2020 the debut of a new program called “Express Scripts Parachute Rx” that provides Americans with substantial discounts on prescription medications at reasonable prices. In a highly competitive market, this has aided the company in growing both its business income and customer base.
- Acquisitions and Mergers: Companies are buying up or joining forces with competitors to acquire new technologies, ability, and product pipelines. Companies can increase their skills, product offerings, and market share through these mergers and acquisitions. Giant Eagle Inc. acquired Ricker Oil Company Inc. in December 2018, which enabled them to grow their GetGo and Ricker’s brands in Indiana and offer consumers new goods and services.
- Investing in research and development: Governments and private organizations are investing heavily in research and development. For instance, A funding of USD 5.5 million was provided to the Swedish internet pharmacy Meds in January 2019 in order to increase its market share in Europe.
- Marketing and Promotional Activities: Companies are investing in marketing and promotional activities to increase awareness and educate healthcare professionals and patients about the benefits of ePharmacy. This enables companies to increase demand for their products and drive sales.
Overall, these growth strategies enable companies to expand their market presence, develop new programs and products and increase their revenue in the ePharmacy market.
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