Asia Pacific ePharmacy Market (Online Pharmacy Market) Research Report – Segmented By Product Type, Drug Type, Country (India, China, Japan, South Korea, Australia, New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC) - Industry Analysis on Size, Share, Trends, COVID-19 Impact & Growth Forecast (2024 to 2029)

Updated On: January, 2024
ID: 9024
Pages: 100

APAC ePharmacy Market Size (2023 to 2028)

As per our research report, the Asia Pacific Online Pharmacy Market is expected to witness a robust CAGR of 18.93% from 2023 to 2028 and the regional market is estimated to be valued at USD 31.25 billion by 2028 from USD 13.14 billion in 2023. The global market was led by the Asia Pacific due to the acceptance of the latest technological developments in the medical sector. India and China are significant contributors to have prominent shares of the market in this region. In addition, the rise in the government's stringent rules and regulations and the increasing demand for convenient and easy procedures through the internet is escalating the market's growth in this region.

The emergence of e-commerce in the medical sector is propelling the demand of the market to an extent. In addition, the rise in the prevalence of electronic devices instead of paperwork is also accelerating the market's growth.

Increasing revenue in most countries and the launch of various online stores merely spur growth opportunities for the market. Growing incidences of chronic diseases and other certain health disorders are bolstering the demand for this regional market.

However, an increasing number of fraudulent activities are impeding the demand for the APAC market. In addition, rapid changes in economic strategies are limiting the growth of the market.

This research report on the Asia-Pacific ePharmacy Market has been segmented and sub-segmented into the following categories:

By Product Type: 

  • Skin Care
  • Cold And Flu
  • Vitamin
  • Dental Care
  • Weight Loss
  • Others

By Drug Type: 

  • Prescription Drugs
  • Over The Counter (OTC)

By Country: 

  • India
  • China
  • Japan
  • South Korea
  • Australia
  • New Zealand
  • Thailand
  • Malaysia
  • Vietnam
  • Philippines
  • Indonesia
  • Singapore
  • Rest Of APAC

Geographically, it is forecasted that the Indian ePharmacy market is estimated to be worth USD 4.5 billion by the end of 2028. There is excellent scope for the ePharmacy market as the online purchase of medicine is growing. The growing use of the internet and the 4G network availability even in the rural areas are propelling the market. In addition, the increasing rate of chronic diseases which require regular medicine is boosting the market growth. The government is also adopting online healthcare, which is helping in the growth of the ePharmacy market. 

The Chinese ePharmacy market will have a significant growth rate following India and will have steady growth in the coming years. Government initiatives in providing require sources to establish ePharmacy are fuelling the market demand in his country. 

The Japanese ePharmacy market is predicted to hold a substantial share of the APAC market during the forecast period. The rapid adoption of advanced technologies in healthcare is majorly propelling the demand for the ePharmacy market in Japan. Japan has advanced healthcare facilities where government authorities follow stringent rules and regulations to promote high-quality treatment. The Internet of Things plays a crucial role in promoting e-pharmacy everywhere. The trend towards online consultancies with healthcare providers is escalating the growth rate of the market. Also, increasing support from the government to promote telehealth services is anticipated to create growth opportunities for e-pharmacy stores.

The ePharmacy market in South Korea is predicted to showcase a notable CAGR in the coming years. Growing incidences of chronic diseases and a rise in the preference for online pharmaceutical stores are greatly influencing the growth rate of the South Korean ePharmacy market.  Pharmacies are providing efficient delivery options of medicines through online platforms, prompting the growth rate of the market in this country. Growing preference towards online shopping for medicinal products is leveling up the demand for the market. According to a recent survey, 94% of people owned smartphones in 2022. These statistics are leveraging the growth opportunities of the ePharmacy market in South Korea.

The ePharmacy market is growing significantly in Australia. The government is focusing on improving the e-pharmacy by creating awareness among people is solely to fuel the demand of the market. In addition, the government pharmaceutical benefits scheme (PBS) has limited the payment on most of the medication, allowing the retail pharmacist to give a discount of only 1$, which is to provide growth opportunities for the market.

The ePharmacy market in Singapore is projected to have potential growth opportunities in the coming years. The rapid adoption of digital healthcare services, especially during COVID-19, is solely to promote the demand for the market. The Ministry of Health in Singapore aims to launch different strategies to promote the e-pharmacies. Collaboration between the key players is also to add fuel to the growth of the market.

KEY MARKET PLAYERS:

A few of the prominent players in the Asia Pacific ePharmacy Market profiled in the report are Giant Eagle, Inc., Express Scripts Holding Company., Rowlands Pharmacy, Optum Rx, Inc., Banner Health, PlanetRX.com, Lloyds Pharmacy Ltd, and Drugstore.com.

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