E-pharmacy Market is anticipated to showcase a positive trajectory through 2032, owing to the increasing availability of prescription drugs on online channels at discounted prices. In addition, the legalization of physician-prescribed drugs will also positively influence revenue generation. Additionally, the rising number of startups has resulted in intense competition among market leaders.
Besides, e-pharmacies have made buying drugs easy, especially for people who live far from a traditional pharmacy, disabled people, the elderly, and those who work very intensively. The shipping cost is also more affordable than traveling, saving money. Another advantage offered by e-pharmacy is timesaving. Delivery through e-pharmacies and customer privacy and confidentiality can further accelerate the market dynamics. As per a study, 96% of American adults claimed that technology has made filling prescriptions and managing medications easier for them.
Key providers in the market are engaging in strategic initiatives such as mergers and acquisitions, partnerships, R&D investments, and new product launches to gain a competitive edge in the industry. For instance, Flipkart, one of the leading Indian e-commerce giants, is in advanced talks to acquire Pharmallama, a Bengaluru-based online pharmacy startup. The acquisition has enabled Flipkart to expand its e-pharmacy offering, Flipkart Health+, across the Indian subcontinent.
Overall, the e-pharmacy industry is segmented in terms of product and region.
Based on the product, the prescription medicine segment is slated to grow considerably during the estimated timeframe. Wide and easy product availability will be a major factor contributing to segment growth. Besides, improving policies to enable the sale of prescription drugs will accelerate the segment revenue in the future.
For instance, Amazon in 2023, launched a new prescription drug program offering its subscribers with medications as per their requirement for a flat fee. The latest move is the conglomerate’s bid to attract customers away from retail drug stores as tech players enter the healthcare sector.
Regionally, the Asia Pacific e-pharmacy industry was valued at over USD 19 billion in 2022. An increasing number of startups coupled with budding competition among the key players in the region would prompt market penetration across developing economies including India, China, Japan, and others. Not to mention, product benefits such as discounts and offers will boost expansion during the estimated timeframe. Furthermore, the increasing investment in developing healthcare infrastructure in various countries will positively influence regional growth.