Market Overview
E-pharmacy, also known as an online drug store or web drug store, works over the internet through websites and applications. It facilitates the accessibility of medicines and other healthcare items without the need to visit brick-and-mortar pharmacies.
According to the MarkNtel Advisors' research report, "GCC E-Pharmacies Market Analysis, 2021," the market is likely to grow at a CAGR of around 9% during 2021-26 due to the increasing number of internet users, burgeoning preference of consumers toward online pharmacies, and rising cases of chronic disease. Besides, the surging purchase of OTC drugs, the launch of online pharmacies, and escalating people suffering from vitamin deficiency are factors likely to fuel the market growth in the forecast period.
Impact of COVID-19
The COVID-19 pandemic has adversely affected the global economy. However, it has positively impacted the e-pharmacy market. The lockdown imposition and moving restrictions and the fear of getting infected have aided the dependency on online platforms for purchasing medicines. Given the spread of coronavirus, the trend of contactless delivery has further surged the demand for e-pharmacy. Moreover, the rising adoption of teleconsultation has presented a lucrative opportunity for the e-pharmacy market growth.
Market Segmentation
Marketplace Model Accounted for the Largest Market Share
Based on the delivery model, the market classifies into the Direct, Pharmacy, and Marketplace segments. The Marketplace model held the largest share in the GCC E-Pharmacies Market in the previous year. In the marketplace model, the company signs a contract with third-party stores to provide products to the consumers. It provides a platform that connects the buyer and the seller. The segment growth attributes to the rising number of customers buying medicines online, lucrative offers, discounts, and home delivery services. It plays an essential role in expanding the reach of e-pharmacies in large areas, thereby aiding the growth of the e-pharmacy market, reveals MarkNtel Advisors in their research report, "GCC E-Pharmacies Market Analysis, 2021."
Over-the-Counter (OTC) Segment Dominated the Market
Based on the drug type, the market bifurcates into over-the-counter drugs and prescription-based drugs. In the previous few years, the over-the-counter (OTC) segment dominated the GCC E-Pharmacies Market due to the rising preference for self-medication and inclusion of various medicines within the OTC segment. Additionally, inexpensive costs, easy availability, and lack of prescription have further fueled the demand for over-the-counter (OTC) based drugs.
Regional Landscape
UAE Grabbed the Highest Market Share
Among all the GCC nations, UAE has acquired the largest share in the GCC E-Pharmacies Market in the previous year due to the rising aging population that is more susceptible to develop several types of acute & chronic diseases. The people aged 65 and above are unable to visit the pharmacy at faraway locations. Hence, snowballing geriatric population and unavailability of nearby offline pharmacies further encourage the inclination of customers toward online pharmacies in the UAE.
Market Driver
High Dependency on E-Commerce Has Boosted the E-Pharmacy Industry
Rapid internet penetration has aided the usage of e-commerce platforms because they offer extensive features, including better discount rates, home deliveries, and the availability of a wide variety of options. The burgeoning reach of e-commerce has supported the e-pharmacy industry to capture an extensive customer base. Further, the growing technological advancements have enabled businesses to provide better service to increase consumer satisfaction, thereby proliferating the market growth.
Competitive Landscape
According to MarkNtel Advisors, the major leading players in the GCC E-Pharmacies market are Care n Cure Pharmacy, Wellcare Pharmacy, BinSina, Aster Pharmacy (Aster Online), Four Seasons Pharmacy LLC, MediSouq, Kulud Pharmacy, Nahdi Pharmacy (Nahdi Medical Company), Al-Dawaa Pharmacies (DMSCO), Nasser Pharmacy W.L.L., Al Mutawa Pharmacies, Inc.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
A. The historical data has been provided since 2016, while the base year is 2020, and the data forecast is up to 2026
A. The measuring units of market size/industry size or the market value are USD Million.
A. The GCC E-Pharmacies Market is forecast to grow at a CAGR of 9% during 2021-26.
A. Care n Cure Pharmacy, Wellcare Pharmacy, BinSina, Aster Pharmacy (Aster Online), Four Seasons Pharmacy LLC, MediSouq, Kulud Pharmacy, Nahdi Pharmacy (Nahdi Medical Company), Al-Dawaa Pharmacies (DMSCO), Nasser Pharmacy W.L.L., Al Mutawa Pharmacies, Inc., are few of the leading players in the GCC E-Pharmacies Market.
A. The Marketplace model is likely to attain the highest CAGR during the forecast period and maintain its significant market share
A. UAE continues to grow at the highest CAGR, presenting immense opportunities to market players of the GCC E-Pharmacies Market
