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E-pharmacy Market Trends

Report ID: GMI3303
Published Date: Nov 2024
Report Format: PDF

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E-pharmacy Market Trends

Growing advancements through the integration of artificial intelligence (AI) and machine learning (ML) technologies enhance personalized customer experiences. AI-powered tools can offer tailored medication recommendations, automated reminders for refills, and virtual consultations, thereby improving patient adherence and engagement.

For instance, in March 2024, Amazon Pharmacy introduced Same-Day Delivery for prescription medications in select U.S. cities, vastly reducing delivery times from the industry standard of up to two weeks to mere hours. By utilizing AI and machine learning, Amazon’s technology aims to support pharmacists in efficiently processing prescriptions, ensuring accuracy for both handwritten and online orders. This innovation signifies enhanced patient care, making medication management more convenient and accessible through e-pharmacy services.

Additionally, partnerships between e-pharmacies and telemedicine providers are expanding, enabling end-to-end healthcare services within a single platform. These advancements, combined with growing consumer reliance on digital solutions, are expected to drive market demand as patients seek efficient and accessible healthcare options.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The global e-pharmacy industry was valued at USD 86.2 billion in 2023 and is estimated to grow at a 13.3% CAGR from 2024 to 2032, driven by the increasing demand for convenience and accessibility in purchasing medications.

The OTC products segment dominated the market and is anticipated to grow at a 12.6% CAGR over the forecast period due to the rising consumer preference for self-medication and the convenience of online purchases.

The U.S. held a leading position in the North American market in 2023 and is projected to maintain this dominance with a 13% CAGR throughout the forecast period, supported by its advanced healthcare infrastructure and robust regulatory framework.

Key players in the industry include Capsule, Alto Pharmacy, Amazon, CVS Health, Express Scripts Holdings (Cigna), Giant Eagle, MedsEngage, Optum Rx (UnitedHealth Group), Rite Aid, and The Kroger.