Pharma e-commerce presents numerous benefits, with the dominating segment being online pharmacies. These platforms offer convenience in procuring medications, enable price comparisons, and provide a wide range of products. Patients benefit from doorstep delivery, prescription management, and easy access to healthcare information. The market also streamlines the supply chain, reducing costs and improving inventory management for pharmaceutical manufacturers. Additionally, the global reach of e-commerce expands market reach, fostering competition and ultimately driving innovation in the pharmaceutical industry.
According to Data Bridge Market Research, the Global Pharma E-Commerce Market, which was USD 1.2 billion in 2022, would rise to USD 6.21 billion by 2030 and is expected to undergo a CAGR of 22.5% during the forecast period 2023 to 2030.
“Increase in the elderly population boost the market’s growth”
The increase in the elderly population serves as a significant driver for the pharma e-commerce market. As the aging demographic requires more prescription medications and healthcare products, they seek convenient and accessible ways to fulfill their healthcare needs. Pharma e-commerce platforms offer a user-friendly interface, prescription uploads, and home delivery services, making it especially appealing to the elderly who may have mobility limitations. This demographic shift is fueling the growth of online pharmaceutical sales, meeting the evolving demands of aging populations.
What restraints the growth of the global pharma e-commerce market?
“High prevalence of counterfeit medicines restraints the market’s growth”
The high prevalence of counterfeit medicines poses a significant restraint to the pharma e-commerce market. With the online sale of pharmaceuticals, there is an increased risk of counterfeit or substandard products entering the market, jeopardizing patient safety. Regulatory agencies globally are grappling with the challenge of ensuring the authenticity and quality of medicines sold online. This concern hampers consumer trust and requires stringent regulations and authentication measures to combat the circulation of counterfeit drugs in the e-commerce space.
Segmentation: Global Pharma E-Commerce Market
The global pharma e-commerce market is segmented on the basis of product and end user.
- On the basis of product, the global pharma e-commerce market is segmented into prescription medicine (Rx), and over the counter (OTC).
- On the basis of end user, the global pharma e-commerce market is segmented into direct sales, distributors, online.
Regional Insights: North America dominates the Global Pharma E-Commerce Market
North America dominates the pharma e-commerce market due to the region's rapid adoption of online shopping and the expanding geriatric demographic. Additionally, the rising occurrence of minor ailments such as backaches, flu, fever, and common cold fuels the demand for over-the-counter (OTC) medications. This growing reliance on online pharmacies for convenient access to OTC drugs further bolsters North America's position as a leader in the pharma e-commerce landscape.
The Asia-Pacific region is poised for substantial growth in the pharma e-commerce market. Factors include a burgeoning patient population and government efforts to enhance healthcare infrastructure. Moreover, the presence of major industry players and their introduction of advanced technologies to enhance the online medicine shopping experience are expected to further drive market expansion in the region. These developments reflect the increasing importance and potential of e-commerce in the pharmaceutical sector across Asia-Pacific.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-pharma-e-commerce-market
Recent Development
- In 2021, Medicure Inc. introduced an innovative e-commerce pharmacy platform aimed at serving millions of U.S. citizens. This platform offers direct access to a vast array of medications, bypassing the traditional systems controlled by health insurers and pharmacy benefit managers. The primary objective is to enhance accessibility, streamline medication procurement, and provide consumers with more choice and convenience in managing their healthcare needs, ultimately challenging the conventional healthcare supply chain.
The Prominent Key Players Operating in the Global Pharma E-Commerce Market Include:
- Boehringer Ingelheim International GmbH (Germany)
- AbbVie Inc (U.S.)
- Aurobindo Pharma (India)
- Pfizer Inc. (U.S.)
- Walmart Inc. (U.S.)
- Walgreen Co. (U.S.)
- Express Scripts (U.S.)
- The Kroger Co. (U.S.)
- L Rowland & Co (U.K.)
- DocMorris (Germany)
- Giant Eagle, Inc. (U.S.)
- OptumRx, Inc. (U.S.)
- CVS Health (U.S.)
- Merck & Co., Inc. (U.S.)
- Thermo Fisher Scientific (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global pharma e-commerce market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Pharma E-Commerce Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
