The Global E-pharmacy Beauty and Personal Care (BPC) Market is valued at US$ 60.99 Billion in 2022, and it is anticipated to attain a value of US$ 264 Billion by 2030, at a CAGR of 20.1 % over the forecast period (2023 - 2030). However, the present COVID-19 outbreak and economic downturn have had an impact on the overall market statistics of various businesses globally. The growth of the online pharmacy market has been substantially driven by an increase in R&D spending globally. People throughout the world started taking vitamin and mineral supplements as a precaution. Governments all across the world implemented extreme measures like lockdowns, border closures, and the establishment of stringent social distancing regulations in an effort to slow the rapid spread of the COVID-19 virus. These choices had a significant impact on the world economy, which negatively impacted many industries. When analyzing current and projected market sizes and growth patterns for all regions and countries, the impact of COVID-19 on market demand is taken into account.
E-pharmacy Beauty and Personal Care (BPC) Market- Regional Insights
The E-pharmacy Beauty and Personal Care (BPC) Market is dominated by North America, and this trend is anticipated to continue over the forecast period. The major portion of the market under investigation comes from North America. This can be primarily attributed to the higher number of internet users and higher adoption of online services, which are expected to augment the market's growth over the forecast period. For instance, in February 2022, Medicure Inc. launched its national direct-to-consumer e-commerce pharmacy platform through its subsidiary, Marley Drug Pharmacy, in the U.S. With this, Americans can buy FDA(Food and Drug Administration)-approved pharmaceuticals at bargain prices on Marley Drug's new e-commerce website, which offers home delivery to all 50 states.
Figure 1. Global E-pharmacy Beauty and Personal Care (BPC) Market (%), By Region 2022
-market-figure-1.png "E-pharmacy Beauty and Personal Care (BPC) | CMI")
E-pharmacy Beauty and Personal Care (BPC) Market- Growth Drivers
Since it enables clients to buy medications from licenced distributors and well-managed e-commerce platforms, the E-pharmacy Beauty and Personal Care (BPC) Market is becoming more and more popular.This service mitigates the issues of buying poor and counterfeit products from illegal distributors.Ease of access and ease of payment makes this market convenient to use
E-pharmacies can assist secure the provision of authentic and approved pharmaceuticals (a wide range of drugs that are safe for use) at reasonable rates (by removing intermediaries and giving discounts) and with greater ease of access (online platform, home delivery, and improved digital payment infrastructure). As a result of the convenience and value they provide, E-Pharmacies are predicted to be generally embraced in any specified region.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2022 | Market Size in 2022: |
US$ 60.99 Bn |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR: | 20.1% | 2030 Value Projection: | US$ 264 Bn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
LLOYDS Pharmacy Limited, Pharmacy2u Ltd., Gordons Direct, Shop Apotheke, CVS Health, Walgreen Company, Family meds, Inc., The Medicine Shoppe Pharmacy, Cardinal Health, and Rite Aid Corporation |
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| Restraints & Challenges: |
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E-pharmacy Beauty and Personal Care (BPC) Market- Market Restraints
To provide a flawless consumer experience, these online platforms rely substantially on useful insights obtained from user data (personal details, purchasing habits, etc.). As a result, this data is vulnerable to data breaches and other cyber threats.
Due to the lack of a specific regime for these participants, the regulatory framework governing the offline sale of pharmacies also rules e-Pharmacy. To safeguard the interests of customers and to act as a backbone in encouraging growth in this sector, the government must establish a separate legislative framework for E-Pharmacies in the near future.
Figure 2. Global E-pharmacy Beauty and Personal Care (BPC) Market (%), By Product 2022
-market-figure-2.png "E-pharmacy Beauty and Personal Care (BPC) | CMI")
Based on the product, the global market segments for this particular market include prescription medicine and over the counter products. The over the counter segment dominated the ePharmacy industry in 2022. The prescription medicine segment accounted for a lower share of the market in 2022 but is estimated to grow at a faster rate during the forecast period. Based on geography, the market segments include North America, Europe, Asia Pacific, and rest of the world.
E-pharmacy Beauty and Personal Care (BPC) Market- Recent developments
https://www.coherentmarketinsights.com/market-insight/over-the-counter-drugs-market-1218
https://www.coherentmarketinsights.com/market-insight/retail-media-network-market-3741
E-pharmacy Beauty and Personal Care (BPC) Market-Key Players
Few of the major companies operating in the global e-pharmacy beauty and personal care (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 General Pharmaceutical Council defines an e-pharmacy or internet pharmacy as a registered pharmacy, which supplies medicines and other healthcare & personal care products and/or provides other professional services over the internet, or makes arrangements for the supply of such products or provision of such services over the internet.
Increasing customer preference towards e-pharmacy is attributed to ease and convenience in ordering and accessing websites. Customers can also access a wide range of products at competitive prices with a single click of a button, which further increases consumer preference toward e-pharmacy stores. For instance, in 2016, according to a survey conducted by the Consumer Online Foundation and Bureau of Research on Industry and Economic Fundamentals (BRIEF), 61% of people prefer to buy medicines online in India.
Furthermore, as online pharmacies do not have physical pharmacies, they can keep the costs low and can offer products at attractive prices. Therefore, lower prices, discounts, varied package offers, and free home delivery services with preferred time and address are some of the major advantages offered by e-pharmacy facilities.
Market Dynamics
E-pharmacy beauty and personal care (BPC) market was valued at US$ 7.69 billion in 2018 and is predicted to grow further recording a CAGR of 11.4% over the forecast period. Factors such as changing lifestyles, the rising number of youth, and the working population, along with increasing awareness about personal care and beauty products are contributing to the high demand for personal care products.
In 2022, North America held a dominant position in the global e-pharmacy (BPC) market. The market growth is driven by the rising geriatric population along with growing disposable income. Increasing disposable income coupled with a large base of young consumers is expected to boost demand for personal & beauty care products, thereby boosting the sales of e-pharmacy beauty and personal care products.
According to Trading Economics Statistics on Disposable Personal Income in the U.S., the disposable personal income in the U.S. averaged US$ 5,200.2 billion in 1959, which increased to US$ 15,742.81 billion in November 2018. The Asia Pacific e-pharmacy (BPC) market is expected to exhibit a CAGR of over 14% during the forecast period.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
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