02-Jun-2021 | Facts and Factors
The global online pharmacy market was registered at about USD 69.25 Billion in 2020 and is projected to generate revenues worth about USD 210.35 Billion by the end of 2028, increasing at a healthy CAGR of around 17.83% between 2021 and 2028, according to the Facts and Factors study report.
An online pharmacy is a web-based vendor that sells drugs. It includes both legitimate and illegal pharmacies. Independent Internet-only pharmacies, online branches of "brick-and-mortar" pharmacies, and sites that represent pharmacy partnerships are all included in the phrase "online pharmacies." E-commerce has increased in recent years, particularly online purchasing, and this includes the sale of both prescription and non-prescription drugs. The concept of online pharmacies and online medicine sales has been widespread around the world for more than two decades. The demand for online pharmacies has risen dramatically in recent years, and the trend is expected to continue during the projected period.
Top Market Players
Major players in the online pharmacy market are The Kroger Co., Wal-Mart Stores, Inc., Walgreen Co., Express Scripts Holding Company, CVS Health, Giant Eagle, Inc., Rowlands Pharmacy, DocMorris (Zur Rose Group AG), and OptumRx, Inc., Netmeds Marketplace Ltd., DocMorris, Express Scripts, and Medlife International Pvt. Ltd among others
Wide Adoption of E-Commerce Platform across the World
People are choosing internet pharmacies because of appealing features including lower prices, easier drug availability, and home delivery possibilities. Consumers are no longer required to buy medications through pharmacies. Furthermore, as information technology becomes more generally implemented in the healthcare industry, practitioners will be able to electronically submit prescriptions, supporting market growth. The world's population is adapting to online pharmacies, thanks to a rapidly expanding number of smartphone users, improved digital infrastructure, and online payment choices.
The constant rise in healthcare costs in emerging nations indicates a growing need to minimize expenses. The ever-increasing demand for healthcare products and services makes it difficult for offline retailers to meet the growing demand demographically, presenting a huge opportunity for online health retailers to cater to a large consumer base. The rising prevalence of chronic diseases is driving up demand for a variety of drugs and healthcare products. People are turning to online pharmacies because of attractive offers such as price reductions, ease of drug availability, and home delivery services. Consumers are no longer required to purchase medicines from pharmacies. In addition, as information technology becomes more widely adopted in the healthcare sector, clinicians will be able to send prescriptions electronically, boosting the market growth.
COVID-19 Impact on the Global Online Pharmacy Market
Covid-19 pandemic has been a boon for the global online pharmacy market. Customers turned up massively and started showing great interest in online purchases of medicines. The citizens around the world had resorted to taking precautionary vitamin and mineral supplements via medicine. The pandemic forced lockdown made movement difficult for the people and online medicines purchased a significant surge. Also, the restrictions owing to the pandemic have resulted in companies and consumers preferring contactless delivery. This has become the new normal in the pandemic and the trend is expected to continue throughout the forecast period, even after the pandemic
North America Region Dominates the Global Online Pharmacy Market
North America hunks the major market share in the global online pharmacy industry in 2020 and is predicted to grow at a strong CAGR through 2028. Due to the ease with which a wide range of pharmaceuticals may be accessible, the region's growth drivers are increasing internet penetration, which has led to the rapid acceptance of new technologies, as well as demand for digital health platforms. Furthermore, the presence of local online pharmacy players, as well as major industry players, in the region will expand the market.
The Asia Pacific is expected to grow at the fastest pace over the forecasted period, owing to the availability of a large patient pool and an increase in the target population. Emerging economies like China and India have plenty of opportunities to expand. In addition, the Asia-Pacific region would house almost 66 percent of the world's elderly population. An increase in diabetes incidence, rising per capita income, and government efforts to improve healthcare quality are all contributing to the Asia-Pacific region's rapid rise. China, India, and Australia are promising e-Pharmacy markets because of their aging populations. In India, In August 2020, MedLife and PharmEasy announced their merger, where MedLife will be selling off their operations to PharmEasy for an almost 20% stake in the latter. This merger will offer business expansion opportunities to the firm in emerging economies.
Browse the full “Online Pharmacy Market By Product Type (Skin Care, Dental, Cold and Flu, Vitamins, Weight Loss, and Others), By Platform Type (Mobile Users, and Desktop Users), By Drug Type (OTC Medicines, and Prescription Medicines): Global & Regional Industry Perspective, Comprehensive Analysis, and Forecasts, 2021 – 2028” report at https://www.fnfresearch.com/online-pharmacy-market.
The global online pharmacy market is segmented as follows:
By Product Type:
- Skin Care
- Cold and Flu
- Weight Loss
By Platform Type:
- Mobile Users
- Desktop Users
By Drug Type:
- OTC Medicines
- Prescription Medicines
- North America
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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