ePharmacy Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.
The introduction of Amazon Pharmacy in India is a classic example demonstrating the growth of the e-pharmacy market. Launched in August 2020, the new e-commerce platform has enabled customers to order prescription-based, over-the-counter, and Ayurvedic medicine from certified sellers.
Online sales of medicine in India presents a major opportunity for Amazon India that has invested over $6.5 billion to date into its operations and where it competes with Flipkart. The platform is touted to offer a portfolio of several types of medicines to customers. Indeed, this initiative of Amazon Inc indicates the robust efforts taken by industry participants in the e-pharmacy market.
As per GMI, the e-pharmacy market size was valued at USD 59 billion in 2019 and is expected to record a 14.3% CAGR over the forecast period.
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Top three trends accelerating e-pharmacy business outlook
Increasing adoption of online services due to COVID-19 pandemic
Although the COVID-19 pandemic has significantly impacted numerous sectors across the world, it comes as a silver lining for the e-pharmacy market. Due to lockdown related restrictions and closure of physical stores, people worldwide have been preferring to purchase online to avoid infection.
In fact, as per the FICCI (Federation of Indian Chambers of Commerce & Industry) estimations, the number of e-pharmacy households in India has increased to nine million in May 2020 from 3.5 million in Q1 2019. In addition, about 19 states in the nation have identified e-pharmacies as essential services. The pandemic is expected to change consumers' purchasing patterns, thereby accelerating the e-pharmacy market outlook across the world.
Increasing demand for dermatological products
The e-pharmacy market is expected to gain significant revenue from the dermatology segment. In fact, the segment was accounted for over $6.5 billion in revenue in 2019. The increasing prevalence of skin-related infections is the key reason accelerating the demand for dermatological products in recent years.
People with skin infection have started using e-commerce platforms to purchase over the counter as well as prescription based dermatology products. Besides, the increasing demand for cosmetic treatments has further increased the online medication distribution landscape of dermatological products. On this note, it is expected that the dermatological products segment may record lucrative growth over the forecast period.
Rising penetration of e-commerce platforms across North America
Consumers across the globe have been adopting online platforms to purchase drugs. Companies such as Amazon and Walmart have been attracting customers with numerous strategies such as fast delivery options and discounted prices. This trend is increasingly being witnessed across the developed region such as North America.
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Partial Chapter of the Table of Content
Chapter 2 Executive Summary
2.1 E-pharmacy industry 360° synopsis, 2015 – 2026
2.1.1 Business trends
2.1.2 Product type trends
2.1.3 Therapy trends
2.1.4 Regional trends
Chapter 3 E-pharmacy Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2015 – 2026 (USD Billion)
3.3 Industry impact forces
3.3.1 Growth drivers
22.214.171.124 Rise in the number of internet users worldwide
126.96.36.199 Increasing access to web-based and online services
188.8.131.52 Easy availability of online prescription drugs
184.108.40.206 Expanding geriatric population base coupled with growing prevalence of chronic disorders
220.127.116.11 Booming digital health industry
3.3.2 Industry pitfalls & challenges
18.104.22.168 Increasing number of illegal online pharmacies
22.214.171.124 Risk of counterfeit drugs
3.4 Growth potential analysis
3.4.1 By product type
3.4.2 By therapy area
3.4.3 By end-use
3.5 COVID-19 impact analysis
3.6 Regulatory landscape
3.7 Current and future scenario of online pharmacies
3.8 E-pharmacy business models
3.9 Industry SWOT analysis
3.10 Porter’s analysis
3.11 Competitive landscape, 2019
3.12 PESTEL analysis