Global Online Pharmacy Market Share Estimated to Reach USD 298.24 Billion by 2032

22-Apr-2024 | Facts and Factors

The global online pharmacy market was registered at about USD 70.33 Billion in 2023 and is projected to generate revenues worth about USD 298.24 Billion by the end of 2032, increasing at a healthy CAGR of around 17.41% between 2024 and 2032, according to the Facts and Factors study report.

global-online-pharmacy-market-size

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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 Amazon.com Inc., Apex Healthcare Berhad (Apex Pharmacy), Apollo Pharmacy, Axelia Solutions (Pharmeasy), Cigna Corporation (Express Scripts Holdings), CVS Health, DocMorris (Zur Rose Group AG), Express Scripts Holding Company, Giant Eagle, Inc., Netmeds, Optum Rx, Inc., Rowlands Pharmacy, The Kroger Co., Walgreen Co., Walmart, Inc., and 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.

Report Scope

Report Attribute

Details

Market Size in 2023

USD 70.33 Billion

Projected Market Size in 2032

USD 298.24 Billion

CAGR Growth Rate

17.41% CAGR

Base Year

2023

Forecast Years

2024-2032

Key Market Players

Amazon.com Inc., Apex Healthcare Berhad (Apex Pharmacy), Apollo Pharmacy, Axelia Solutions (Pharmeasy), Cigna Corporation (Express Scripts Holdings), CVS Health, DocMorris (Zur Rose Group AG), Express Scripts Holding Company, Giant Eagle Inc., Netmeds, Optum Rx Inc., Rowlands Pharmacy, The Kroger Co., Walgreen Co., Walmart Inc., and Others.

Key Segment

By Product Type, By Platform, By Drug Type, and By Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

Purchase Options

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North America Region Dominates the Global Online Pharmacy Market

  • North America: North America is a leading market for online pharmacies, characterized by a high degree of digital literacy, well-established healthcare infrastructure, and robust regulatory frameworks that facilitate the safe operation of online pharmacies. The region is known for its quick adoption of new technologies and has a significant number of active players in the online pharmacy space. The presence of major pharmaceutical giants, technological advancements, and a high prevalence of chronic diseases drive the demand for online pharmacy services. Additionally, regulatory support such as the Verified Internet Pharmacy Practice Sites (VIPPS) accreditation helps ensure the safety and credibility of online services. The CAGR for North America is robust, reflecting the mature market conditions and continued growth driven by innovation and health policy.
  • Europe: Europe also represents a major market for online pharmacies, supported by strong regulatory bodies such as the European Medicines Agency (EMA) that enforce strict guidelines and standards for the sale of medicines online. The region benefits from high consumer trust and widespread use of e-prescriptions. The growth is facilitated by extensive use of digital health solutions, government initiatives promoting online healthcare services, and rising consumer preference for online purchasing.  Europe’s CAGR is competitive, showcasing steady growth with significant contributions from countries like Germany, the UK, and the Netherlands.
  • Asia-Pacific: This region is expected to exhibit the fastest growth in the online pharmacy market. Factors contributing include rapidly improving internet infrastructure, increasing digitalization of healthcare, and expansive population bases in countries like China and India. Government policies aimed at boosting healthcare accessibility and the adoption of e-commerce platforms significantly contribute to market expansion. The Asia-Pacific market is projected to have the highest CAGR, driven by technological advancements and increasing adoption of online services.
  • Latin America and Middle East & Africa: While these regions are currently smaller markets for online pharmacies, they are expected to grow increasingly due to rising internet penetration and growing awareness about online health services. Improvements in healthcare infrastructure and efforts to modernize healthcare services will likely propel the growth of online pharmacies. The CAGR in these regions is expected to increase as markets develop and new opportunities for digital health are explored.

Browse the full “Online Pharmacy Market Size, Share, Insights Report By Product Type (Prescription Medications [Chronic disease medications (e.g., diabetes, heart disease), Acute medications (e.g., antibiotics)], Over-the-Counter (OTC) Medications), By Platform (Mobile Apps and Website Platforms), By Drug Type (Generic Medications and Brand-Name Medications), and By Region – Global Industry Analysis, Emerging Trends, Demand and Forecast Report 2024 – 2032” report at https://www.fnfresearch.com/online-pharmacy-market-report.

The global online pharmacy market is segmented as follows:

By Product Type

  • Prescription Medications
    • Chronic disease medications (e.g., diabetes, heart disease)
    • Acute medications (e.g., antibiotics)
  • Over-the-Counter (OTC) Medications

By Platform

  • Mobile Apps
  • Website Platforms

By Drug Type

  • Generic Medications
  • Brand-Name Medications

By Region:

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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