DUBLIN–(BUSINESS WIRE)–The “Europe E-Pharmacy Market – Industry Outlook & Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The Europe e-pharmacy market is expected to reach a value of $65.47 billion by 2028 from $24.69 billion in 2022, growing at a CAGR of 17.65% from 2022 to 2028
EU-4 & UK is a major region in the Europe e-pharmacy market with high development in the pharmaceutical industry, research and development, production, sale, marketing, and distribution. The huge patient population and higher patient health expenditures are accelerating the application rate of e-pharmacy websites and mobile applications.
In 2022, EU-4 & UK region accounted for the highest share of over 59% in the Europe e-pharmacy market. In EU-4 & UK region, major countries such as Germany and the UK have made major progress in the e-pharmacy network. The presence of major and emerging e-pharmacies accelerates regional growth.
On another side, the growing patient population and rising expenditure on health propelling regional growth. Furthermore, Italy and Spain have shown rapid growth in e-pharmacies.
In the Europe e-pharmacy market, several local/traditional/offline and online pharmacies are present in the region, significantly driving the competitive rivalry. In addition, the access to e-commerce channels and their involvement in medication deliveries make the European e-pharmacy market highly competitive.
The e-commerce channels allow European pharmacies to provide/offer a wider range of products than local pharmacies, not constrained by the amount of physical shelf storage space.
MARKET TRENDS & OPPORTUNITIES
Rapidly Growing E-Health & E-prescription
Due to the progressive nature of healthcare and medicine deliveries in Europe, the approach changing from hospital care to homecare deliveries offers huge opportunities in European patient management across all healthcare systems.
Growing adoption of e-health solutions such as m-health, telemedicine, and e-prescription help consumers connect directly to health professionals and receive care and consultations at home. Increasing use of e-health applications and increasing allowance to e-prescription drive the high medicine purchasing orders through e-pharmacies that have recently accelerated the Europe e-pharmacy market growth.
Integration of AI, & IoT
Technologies such as artificial intelligence (AI), Machine Learning, and the Internet of Things can make pharmacy technologies more powerful.
Europe is a technology-driven market for healthcare systems and pharmaceutical industries. Pharmacies with AI, Machine Learning, offer multiple benefits, such as data processing, enabling pharmacists to make quick data-backed decisions and improve customer services.
Furthermore, with IoT, drug inventory management will be faster and more accurate; through device-to-device communication. To accelerate performance advancement, pharmacists must be skilled at using emerging technologies of all kinds.
Strategic Operations for Market Expansion by Vendors
The European e-pharmacy market is witnessing massive development with several business strategies implementation. Several strategic partnerships, collaborations, and mergers & acquisitions have been registered in the Europe e-pharmacy market in recent years.
Some leading industry players are considering strategic and opportunistic acquisitions of other companies, businesses, or assets. In 2023, the leading industry player SHOP APOTHEKE EUROPE and Galenica entered a strategic partnership and established MediService Ltd leading online pharmacy in Switzerland.
INSIGHTS BY MEDICINE TYPE
The Europe e-pharmacy market by medicine type is segmented into over-the-counter (OTC) and prescription. OTC medicine types, including health & wellness and nutrition, dietary supplements, personal care, and cosmetic care solutions, are commonly and majorly ordered by people. The OTC segment accounted for the largest segmental revenue share in 2022.
In Europe, most countries experienced a high demand for OTC products. In 2018, Roblek et al. found that customer expresses three typical online behaviors of OTC drugs: searching for information about OTC medicines without any particular purpose, buying OTC medicines, and searching for products or information.
INSIGHTS BY PLATFORM
The mobile platform segment accounted for the largest revenue share in the Europe e-pharmacy market in 2022. The increasing prevalence of chronic diseases drives awareness about medications and therapies in developed countries such as Germany, France, Switzerland, Italy, the UK, Spain, and others witnessed increasing use of mobile devices and associated applications to buy medicines online. Online pharmacies are witnessing the high growth and demand for medicines through smartphones and tablets.
INSIGHTS BY AGE GROUP
The below-50 age group segment dominated the Europe e-pharmacy market share in 2022. The below-50 age group highly uses internet services & smartphones and highly prefers buying medicine from online pharmacies. The penetration of e-commerce shopping preference accelerates the higher segmental growth.
INSIGHTS BY PRODUCT
The Europe e-pharmacy market by product types includes medications, health & wellness and nutrition, personal care & essentials, and others. The medications segment accounted for the industry’s highest revenue share of over 75% in 2022.
Online pharmacies purchase mostly prescription drugs associated with viral infections such as cold and flu, cough, diabetes-associated drugs, cancer care drugs, etc. On another side, opioids, slimming tablets, and hypnotic and sedative agents are some of the prescription medicines highly sold in Europe.
|No. of Pages||273|
|Forecast Period||2022 – 2028|
|Estimated Market Value (USD) in 2022||$24.69 Billion|
|Forecasted Market Value (USD) by 2028||$65.47 Billion|
|Compound Annual Growth Rate||17.6%|
Market Opportunities & Trends
- Increased E-Health & E-Prescription Services
- Integration of Artificial Intelligence & Internet of Things
- Strategic Acquisitions for Market Expansion
- Integration of E-Pharmacies With Delivery Management Solutions
Market Growth Enablers
- Internet Penetration Among Patient Population
- Increased Home Healthcare Deliveries
- Increased Health Awareness & Self-Medication
- Increased Patient Population
- Stringent Regulatory Norms
- Data Breach & Privacy Issues
- Competition from Traditional Pharmacies
Key Company Profiles
- DocMorris AG (Zur Rose Group)
- Shop Apotheke
Other Prominent Vendors
- AMX Holdings
- Chemist Direct
- ePharmacy (EAPTEKA)
- Express Pharmacy
- EVERER GmbH
- Farmacia Internacional
- Helsinki University Pharmacy [Yliopiston Apteekki] (YA)
- Index Medical
- INHOUSE PHARMACY
- Lekarna WPK
- Lloyds Pharmacy
- Lyf og heilsa hf.
- MedExpress Enterprises
- Mistletoe Pharmacy
- MediService AG
- Mediservice Ltd
- Oxford Online Pharmacy
- Pharmacy Direct GB
- PROTEK Group
- SBER EAPTEKA
- Simple Online Pharmacy
- The independent pharmacy
- The French pharmacy
- UK Meds Direct
- WebMed Pharmacy
For more information about this report visit https://www.researchandmarkets.com/r/7m3q90
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900