The ePharmacy market size in Europe is expected to showcase a healthy CAGR of 15.1% from 2024 to 2029 and be worth USD 39.78 billion by 2029 from USD 19.69 billion in 2024.
The rising consumer preferences for online purchases among the European population is one of the key factors propelling the ePharmacy market in Europe. Owing to the increasing number of e-commerce websites for pharmaceutical needs, the online pharmacy market in Europe is expected to grow rapidly. The dependency of people to use online to search for and buy their needs has seen significant growth in recent times. The European ePharmacy market growth is further driven by the growing number of COVID-19 cases, flexibilities associated with online pharmacies, increased convenience for shopping, and growing adoption of the ePharmacy websites or applications from the public.
Rising internet penetration and digitization in the healthcare sector further boost the market’s growth rate. As mentioned in the World Economic Forum, nearly 70% of homes in Europe have high-speed internet access in 2022, and it will continue to increase in the coming years, supporting the adoption of ePharmacy applications. The rapid adoption of digitization in the health industry has opened a no-contact channel between the healthcare provider and patient. As a result, the preference of people using telemedicine to take treatment assistance has grown significantly in the European region, stimulating their preference towards online pharmacies. To combat the spread of COVID-19, many people in the recent past have started adopting online solutions such as telemedicine and ePharmacies.
The growing number of people suffering from chronic diseases and the increasing aging population in the European region is further increasing the need for online pharmacies and driving the market growth. As per a recent survey, an estimated 19% of the European population is aged. Therefore, the usage of online pharmacies among the aged population has increased to buy drugs for disease management, and the shift is expected to accelerate during the forecast period.
However, issues associated with purchasing drugs on online platforms are one of the major factors hampering the market growth in this region. For instance, if there is a misplacement in the drugs sent by the seller to the customer or user, there won’t be any immediate action taken as there is no face-to-face contact between the seller and the consumer, which can result in severe complexities. In addition, increasing unlicensed and fraudulent ePharmacy sellers with low-quality drugs impede the ePharmacy market in Europe. Lack of awareness around the ePharmacy in parts of Europe, low internet access in rural areas, strict regulations on prescription drugs, and high costs associated with the delivery charges are a few of the factors hampering the market growth in Europe.
This report on the European ePharmacy market has been segmented & sub-segmented into the following categories.
Europe ePharmacy Market - By Product Type:
Based on product type, the weight loss segment is expected to be the most lucrative segment and is forecasted to register a significant share during the forecast period. Increasing incidences of obesity and a rise in the awareness of staying fit and healthy are accelerating the market demand.
Europe ePharmacy Market - By Drug Type:
Based on drug type, the prescription drug segment is expected to lead the market during the forecast period and register a healthy CAGR. In addition, growing consumer interest in online stores due to the availability of readily prescribed medications in time favors the segment’s growth.
Europe ePharmacy Market - By Country:
The European ePharmacy market accounted for a substantial share of the global market in 2023 and is expected to register a healthy CAGR during the forecast period owing to the rise in the number of pharmaceutical companies and healthy relations between the supplier and online stores and growing support from the government through investments in online pharmacies. Growing awareness among the population regarding benefits associated with ePharmacies and increasing flexibility options in ePharmacy websites are further promoting the market growth in this region. In addition, the growing use of smartphones in Europe supports the market growth. Smartphones are portable and carried everywhere, helping to make ordering convenient.
The German ePharmacy Market accounted for the largest share in the European region in 2023. Growing usage of mobiles and the internet, a growing aging population, increasing population suffering from chronic diseases are propelling the demand for online pharmacies in Germany. Furthermore, increasing ePharmacy companies to provide drugs at low prices, providing the required amount of the essential drugs without prescription for flu, colds, infections, and fever, and availability of some of the drugs that are not available in offline pharmacy shops are factors that drive the market forward in Germany. In addition, increasing e-prescription in hospitals also drives the ePharmacy market in Germany.
The UK ePharmacy market is projected to showcase promising growth in Europe owing to factors such as the existence of several dealers, growing e-prescriptions, and skilled IT support.
The online pharmacies in the market in EU countries such as Spain and France are anticipated to show lucrative growth during the forecast period.
The ePharmacy market in Denmark is anticipated to project a healthy CAGR in the coming years. In Denmark, the government has kept several rules for selling drugs online. These rules are for patients’ safety when using the drug. For example, the government licenses every online pharmacy, and only prescription-based medicine can be delivered to the consumer according to the regulations. Additionally, factors such as free delivery charges and delivery of medicine at any time of the day based on the emergency are the factors that drive the market forward in this region.
KEY MARKET PLAYERS:
Companies playing a leading role in the Europe ePharmacy market and are profiled in the report include Wal-Mart Stores, Inc.; CVS Health; Express Scripts Holding Company; DocMorris (Zur Rose Group AG); The Kroger Co.; Walgreen Co.; Rowlands Pharmacy; OptumRx, Inc and Giant Eagle, Inc.
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