Top 5 E-Pharmacy Market Trends to Watch in 2024: Key Companies, Industry Growth and Market Insights
RELEASE DATE: Nov 2024 Author: Spherical Insights Request Free Sample
What Is E-Pharmacy?
Electronic pharmacies sometimes referred to as internet pharmacies or e-pharmacy, are online retail platforms that facilitate the sale of pharmaceuticals by serving as a middleman between consumers and sellers. It provides 24/7 drug delivery, access to thorough information about prescription medications, and price transparency. Patients can place online orders for their medications without having to go to the pharmacy in person. Additionally, the global e-pharmacy market is anticipated to increase during the forecast period due to rising Internet adoption.
Key Market Insights:
The Global E-pharmacy Market size was valued at USD 68.8 Billion in 2023 and is projected to USD 349.6 Billion by 2033, exhibiting a CAGR of 17.65% during the forecast period 2023-2033. The top companies in the global e-pharmacy market include CVS Health Corporation, DocMorris (Zur Rose Group AG), Apollo Pharmacy, Giant Eagle Inc., Lloyds Pharmacy Limited, Optumrx Inc. (UnitedHealth Group Incorporated), Rowland Pharmacy, The Kroger Co., Walgreen Co. (Walgreens Boots Alliance Inc.), and Walmart Inc.
Emerging Trends in the E-Pharmacy Industry
1. The increasing use of cellphones and convenience
The convenience that online pharmacies provide is one of the main drivers propelling the e-pharmacy business. Customers can order necessary medical supplies and medications from these pharmacies while lounging in their homes. This saves time and eliminates the need to visit actual pharmacies on a regular basis. Drugs are more reasonably priced because to the discounts that online pharmacies frequently provide. Additionally, a lot of low- and middle-income customers are drawn to certain online pharmacies because they offer generic medications at inexpensive prices. These pharmacies' huge discounts, free home delivery, simple payment methods, and simple replacement and refund procedures all greatly aid in the market's expansion.
2. Innovation in mHealth technologies
The market has enormous prospects as a result of the development of mHealth technology. The need for mHealth technologies, which offer easy access to healthcare services from distant locations, has been impacted by the increasing use of wearable and smart gadgets for healthcare purposes. By facilitating communication between patients and doctors or pharmacists, these technologies also help close care gaps. Additionally, the market is being driven by the growing trend of ePrescription in the healthcare sector. By enabling physicians to submit prescriptions straight to pharmacists, ePrescribing enhances medication adherence and patient care in general.
3. Effectiveness of e-pharmacy and the expansion of e-commerce.
Many patients around the world prefer doorstep delivery of medical supplies because some medications are not available at retail pharmacies. Furthermore, e-pharmacy reduce the reliance of elderly and chronically ill patients on third parties to purchase medications and medical supplies. Additionally, it is anticipated that rising internet resource knowledge and penetration will increase market sales. The expansion of e-commerce has made it easier for e-pharmacy to reach a large consumer base in both developed and developing nations. This generation of millennials is heavily dependent on online shopping for products like over-the-counter medications and cosmetics. Additionally, a number of startups are emerging globally as a result of the introduction of new algorithms and information technologies that improve customer pleasure and experience. It is predicted that new artificial intelligence-based technologies would improve consumer happiness in the marketplace. The expansion of the global ePharmacy market is anticipated to be driven by all of these factors taken together.
4. The notable growth of internet shopping
The growth of the internet retail sector is changing the way that people purchase pharmaceuticals and advancing the healthcare delivery system. Additionally, the simplicity of internet shopping and its near-limitless accessibility make it possible for consumers to purchase a wide range of pharmaceuticals and medical supplies from the comfort of their homes, which has an effect on market expansion. Particularly for those with chronic illnesses who must take their medications on a regular basis, this affordability has been revolutionary. Customers can make informed decisions that improve their healthcare experience by using internet resources including comprehensive product information, user reviews, and professional advice.
5. The growing use of the internet
The market is growing as a result of the advancement of digital technology and shifting online customer behavior. Aside from that, the market is expanding due to the popularity of smartphones, which offer affordable, quick internet access, and creative digital inclusion initiatives. Additionally, the emergence of the online community offers businesses the opportunity to expand their customer base and explore new avenues for growth. People can now access information and instructional readings that were previously restricted by confinement due to the digital market. Cultural ambiguity, cross-cultural exchanges, and driving cultural variety are all results of social interactions, cooperation, and networking that underpin the shifting of geographical boundaries.
List of Key Companies in the E-Pharmacy Industry
- CVS Health Corporation
- DocMorris (Zur Rose Group AG)
- Apollo Pharmacy
- Giant Eagle Inc.
- Lloyds Pharmacy Limited
- Optumrx Inc. (UnitedHealth Group Incorporated)
- Rowland Pharmacy
- The Kroger Co.
- Walgreen Co. (Walgreens Boots Alliance Inc.)
- Walmart Inc.
Top 5 Players in the E-Pharmacy Industry
1. CVS Health Corporation
Headquarters: Woonsocket, United States
The American healthcare corporation CVS Health Corporation is the owner of numerous brands, including the retail pharmacy chain CVS Pharmacy, the pharmacy benefits manager CVS Caremark, and the health insurance business Aetna. After UnitedHealth Group, the corporation is the second-biggest healthcare organization in the world. The business came in at number 64 in the Forbes Global 2000 in 2023. The CVS Pharmacy app, which enables users to obtain prescription drugs and other health products online for in-store pickup or home delivery, is what makes CVS Health well-known in the e-pharmacy sector. The company's emphasis on telehealth services and digital health solutions has made it a major force in the e-pharmacy market, offering customers easily accessible and convenient healthcare options.
2. DocMorris
Headquarters: Heerlen, Netherlands
One of the biggest online pharmacies in Europe, DocMorris AG (previously Zur Rose Group) has 10 million active users. It has operations in France, Spain, Germany, the Netherlands, and Switzerland. The most well-known brand under which its services are provided is DocMorris. It now offers a wide range of digital health services, including professional health goods and services, an online pharmacy, and a marketplace. Additionally, the company's online platform provides a vast array of pharmaceutical and medical items, with the goal of establishing a digital health ecosystem that enables clients to easily manage their health. DocMorris's e-prescription services, which let users obtain prescription drugs online and have them delivered right to their homes, are well-known. Through its platform, the business connects patients with medical specialists to offer telemedicine services.
3. Apollo Pharmacy
Headquarters: Chennai, India
One of India's top online pharmacies, Apollo Pharmacy is a member of the Apollo Hospitals Group, the biggest healthcare organization in Asia. With more than 6,000 locations nationwide, Apollo Pharmacy is the first and biggest chain of branded pharmacies in India, having been founded in 1983. The company sells a large variety of prescription medications, over-the-counter (OTC) medications, wellness goods, baby care products, personal care products, and health foods. Through its website and mobile app, Apollo Pharmacy offers easy online ordering along with home delivery options. Additionally, the business provides telemedicine services, which allow clients to consult with medical specialists. Additionally, Apollo Pharmacy offers a membership program called Apollo 24|7 that offers discounts on tests and consultations, cashback on medications, and priority doctor access.
4. Lloyds Pharmacy Ltd
Headquarters: England, United Kingdom
The British pharmacy company Lloyds Pharmacy Ltd. was formerly known as Lloyds Pharmacy. It was established through a merger in 1998 and was the second-largest community pharmacy in the United Kingdom by 2021. In November 2023, the company, which had been owned by McKesson Corporation since 2014 and Aurelius Group since 2022, stopped trading and went into voluntary liquidation. The 1,054 stores that remained were sold to new owners, while some were shut down. The business provides a broad range of pharmacy services, such as prescription drugs, over-the-counter goods, wellness and health products, and medical consultations. Customers can order prescription drugs and health items online from Lloyds Pharmacy for in-store pickup or home delivery in the e-pharmacy sector. Additionally, the business provides a service called Online Doctor, which enables customers to get prescriptions and consult with medical experts online. Lloyds Pharmacy has been concentrating on digital transformation to improve customer service and increase its online visibility.
5. Walgreens
Headquarters: Deerfield, Illinois
The top pharmacy company in the US, Walgreens, with 8,700 largely freestanding locations across all 50 US states, the District of Columbia, the Virgin Islands, and Puerto Rico. It also has an omnichannel website, walgreens.com. The business provides a broad range of pharmacy services, such as prescription drugs, over-the-counter goods, wellness and health products, and medical consultations. Customers can order prescription drugs and health items from Walgreens' online platform for in-store pickup or home delivery in the e-pharmacy sector. Through the Walgreens app, users can schedule delivery, manage their medications, and use drugstore chat services. Additionally, Walgreens provides 90-day refills and same-day prescription delivery to further improve consumer convenience.
Conclusion
The market for e-pharmacies is changing how people can obtain healthcare by fusing affordability, technology, and convenience. As smartphones, mHealth technologies, and e-commerce platforms become more widely used, patients all over the world can now easily acquire prescription drugs and medical services. Leaders in the sector, like Apollo Pharmacy, DocMorris, and CVS Health, are using digital innovations to improve patient outcomes and customer experiences. E-pharmacies are more than a trend; they are a revolutionary change in healthcare delivery that is making high-quality treatment more accessible than ever as the industry develops. Future prospects for e-pharmacy appear bright, with a heavy emphasis on innovation and user-friendly solutions.
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