E-pharmacy Market

E-pharmacy Market - Size, Share, Outlook, and
Opportunity Analysis, 2018-2026
The global e-pharmacy beauty and personal care market is expected to reach US$
20.20 billion by 2027, witnessing significant growth over the forecast period
(2019-2027). This is owing to increasing internet penetration coupled with growing
demand for beauty and personal care products. According to a report by Internet
World Stats published in December 2018, the number of internet users reached
4,208 million in June 2018 (with 55.1% penetration), up from 3,270 million in 2015
(with 45.0% penetration) across the globe.
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E-pharmacy (BPC) market is majorly driven by changing lifestyles, increasing
number of youth and working population, along with increasing awareness about
personal care and beauty products is contributing to high demand for personal care
products. Furthermore, this is leading to high sales of these products through
e-pharmacy channels and others. Authenticity and comparative low prices attract
consumers towards online pharmacy channels over other e-commerce websites.
E-pharmacy can be used to order products online, which aids to reduce cash
transactions and promotes cashless economy. The government of India is taking
efforts to promote digital payment systems through the launch of ‘Digital India
Initiative’ in July 2015. This initiative aims to offer internet access and mobile phone
coverage across India, which in turn is expected to help several people to receive
online access and utilize digital payment technique.
Moreover, in order to encourage poor and illiterate people in rural areas to make
digital payments, the government of India launched ‘Aadhaar Pay’ in March 2019,
which ensures financial transactions online. It is expected to help people in rural
areas to order personal care products at a single click, where pharmacy stores are
not available nearby. Therefore, increasing government initiatives to promote
cashless economy is expected to boost growth of the market over the forecast
period.
The global e-pharmacy beauty and personal care market was estimated to be worth
US$ 7.69 billion in 2018, and is expected to register a CAGR of 11.4% in terms of
revenue, over the forecast period (2019 – 2027).
Players operating in the global e-pharmacy market are focusing on different
strategies in order to enhance their market share. For instance, in March 2018,
Medlife (India-based e-pharmacy company) announced plan for partnership with
Aditya Birla Health Insurance (ABHIC). This partnership is expected to offer cashless
medicine delivery to ABHIC customers. This will support customers of ABHIC to
have paperless and cashless medicine delivery experience at their homes.
Few of the major companies operating in the global e-pharmacy (BPC) market
include, LLOYDS Pharmacy Limited, Pharmacy2u Ltd., Gordons Direct, Shop
Apotheke, CVS Health, Walgreen Company, Familymeds, Inc., The Medicine
Shoppe Pharmacy, Cardinal Health, and Rite Aid Corporation.
The e-pharmacy companies are focusing on customer convenience by offering
services such as online consultation by doctors, physicians, beauty specialist
through videos, and chatting services. For instance, Medlife was previously offering
telephonic consultation and is planning to have video-based doctor consultation
through its acquisition of EClinic24/7 firm in November 2018. EClinic24/7 is a
telemedicine platform that connects its users with doctors for video consult, voice
call, chat, or email/web-based consultation. Patients will be able to avail this facility
through Medlife app, and website.
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