E-PHARMACY BEAUTY AND PERSONAL CARE (BPC) MARKET ANALYSIS

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

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E-pharmacy Beauty and Personal Care (BPC) Market- Growth Drivers

• Safety and authenticity of the medicines provided

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.

E-pharmacy Beauty and Personal Care (BPC) Market- Market Restraints

• Vulnerable to personal data breaches and other cyber threats

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.

• Lack of legislative framework for E-Pharmacies

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

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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

• In September 2022, Amazon stated that it was planning to sell prescription medications online in Japan. To build a platform where patients can get online instructions on taking medications, it aims to collaborate with small and medium-sized pharmacies. Without visiting a pharmacy, customers could have their drugs delivered to their homes.

https://www.coherentmarketinsights.com/market-insight/over-the-counter-drugs-market-1218

• In September 2022, Walmart Canada and Canada Health Infoway entered a partnership. Infoway's PrescribeIT electronic prescribing service is now accessible in 14 Walmart Canada pharmacies in Ontario, Alberta, Saskatchewan, and New Brunswick, with plans to expand to additional locations by the end of 2022.

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.