The global e-pharmacy market size is expected to reach USD 371.25 billion by 2032, according to a new study by Polaris Market Research. The report “E-pharmacy Market Share, Size, Trends, Industry Analysis Report By Drug Type (Prescription Drug, OTC Drug), By Product Type, By Payment Method, By Platform, By Regions; and Forecast, 2024-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Easy ordering, high-quality services, availability of pharmaceuticals, and rising internet accessibility have changed customers' preferences in favor of e-pharmacy platforms. The global market is also anticipated to be driven by the huge rise in smartphone usage, which enables firms in the e-pharmacy sector to attract a wide spectrum of customers from established and emerging economies.
The e-pharmacy industry expanded significantly during COVID-19, especially in developing nations like India. The proliferation of e-pharmacy mobile applications that offer online drug delivery services results from regional lockdowns and movement limitations. Additionally, government actions encouraging digital technology to enhance drug access have positively impacted the expansion of the e-pharmacy sector. As a result, several industry companies engaged in the e-pharmacy business during the pandemic saw an increase in application subscribers.
E-pharmacy, commonly referred to as an internet pharmacy or an online pharmacy, is a digital platform where users can buy pharmaceuticals or other medications. The platform is made to offer online pharmacy services, such as the delivery of drugs. Refilling prescriptions and providing patients with over-the-counter and specialty medications are both made possible by e-pharmacies.
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The availability of online pharmacies in developing countries has improved due to a significant increase in online service providers. Internet users have significantly increased in recent years, further fueling a high adoption rate. Therefore, the availability of a wide selection of pharmaceutical items and the simplicity with which internet pharmacies can be accessed via smartphones are key drivers fueling the expansion of the e-pharmacy market. Additionally, partnerships between producers and online pharmacies to increase the accessibility of their products and the client base through online channels will spur market expansion during the forecast period.
The e-pharmacy market statistics will be driven by the availability of a variety of over-the-counter medications for various commonly occurring disorders like the flu and the common cold. Additionally, a favourable regulatory environment that encourages Rx to OTC conversion will improve segment revenue growth. The Consumer Healthcare Products Association claims that the conversion of prescription allergy medications to over-the-counter (OTC) medications results in increased consumer preference due to better accessibility and cost effectiveness. As a result, there will be more products available on the market as a result of the aforementioned considerations.
E-pharmacy Market Report Highlights
Polaris Market Research has segmented E-pharmacy Market report based on Drug Type, Product Type, Payment Method, Platform and Region:
E-pharmacy Market, Drug Type Outlook (Revenue - USD Billion, 2019-2032)
E-pharmacy Market, Product Type Outlook (Revenue - USD Billion, 2019-2032)
E-pharmacy Market, Payment Method Outlook (Revenue - USD Billion, 2019-2032)
E-pharmacy Market, Platform Outlook (Revenue - USD Billion, 2019-2032)
E-pharmacy Market, Regional Outlook (Revenue - USD Billion, 2019-2032)