[226+ Pages Report] The global online pharmacy market size & share was registered at about USD 68.3 billion in 2020 and is projected to generate revenues worth about USD 178.1 billion by the end of 2026, increasing at a healthy CAGR of around 17.3% between 2021 and 2026, according to the Facts and Factors study report.
Global Online Pharmacy Market: Overview
An e-Pharmacy is an online pharmacy that sells drugs to customers via mail or shipping services. Telemedicine, which has enabled people with access to healthcare advice via the Internet, has recently emerged as one of the most innovative technologies in the healthcare industry. Progressive technological advancements assist with price transparency, raising awareness, locating appropriate healthcare service providers, and providing medication reminders. Another technical invention that has become a problem solver for the supply of contactless medicine, particularly during pandemic days, is e-pharmacy. The demand for online pharmacy has increased significantly in the recent past and is estimated that the steak would continue during the forecast period.
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Global Online Pharmacy Market: Growth Factors
People are turning to online pharmacies because of attractive offerings such as price reductions, ease of drug availability, and home delivery options. Consumers are no longer obligated to purchase medicines through pharmacies. In addition, when information technology becomes more widely adopted in the healthcare sector, clinicians will be able to submit prescriptions electronically, boosting market development.
With a fast-growing number of smartphone users, enhanced digital infrastructure, and online payment options, the world’s population is adapting to online pharmacies. Growing demand for nutritionally and functionally enhanced products, as well as the rising prevalence of vitamin insufficiency among the population, would provide the market with significant potential possibilities. Furthermore, because different brands are available on such platforms, expanding self-medication would contribute to increased sales of multivitamin pharmaceutical goods in the future. Contactless delivery has become immensely popular during the pandemic. It has been difficult for people to go outside to purchase medicines because of the lockdown restrictions. The online pharmacy market has witnessed a surge in demand and it is expected that the trend will continue, hence being a key factor to drive future growth.
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Global Online Pharmacy Market: Segmentation
The global online pharmacy market is segregated into product type, platform type, and drug type. The product type is categorized into skincare, dental, cold and flu, vitamins, weight loss, and others. In terms of platform type, the market is segmented into mobile users and desktop users. The number of desktop and laptop computers in households has increased over time. In Europe, per capita, PC penetration is increasing swiftly and steadily, with most families owning a computer. While most European countries’ personal computer product life cycles have reached maturity, retail sales of desktop computers are progressively expanding. Mobile usage has increased dramatically in recent years. In 2020, global smartphone traffic increased by more than 70%. Mobile and desktop traffic levels were roughly similar in 2020. By 2020, the number of orders placed on mobile devices will have overtaken ones placed on desktop computers. Personal computer purchases, on the other hand, cost twice as much as purchases are done on mobile devices. Based on drug type, the industry has been bifurcated into OTC medicines and prescription medicines. The over the counter (OTC) segment dominated the online pharmacy industry in 2020, but the prescription medicine segment though accounted for a lower share in the past is estimated to register a healthy CAGR during the forecast period. Because of increased health awareness and the rise of lifestyle-related disorders, the OTC category is expected to grow in upcoming years too. By 2026, global prescription medicine consumption is estimated to grow owing to an increasing focus on R&D and high spending on healthcare.
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Global Online Pharmacy Market: Regional Analysis
In North America, the online pharmacy market generates the largest revenue. 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 European online pharmacy market accounts for a significant percentage of the global market. Over the forecast period, the e-Pharmacy market in Europe is expected to rise due to increased online orders, an increase in the geriatric population, rising prevalence of chronic diseases, rapid e-commerce growth, and well-developed IT infrastructures.
Asia Pacific is expected to grow at the fastest CAGR rate over the forecasted period due 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 rise in diabetes incidence, and government efforts to improve healthcare quality are all contributing to the Asia-Pacific market growth. China, India, and Australia are promising online pharmacy markets because of their aging populations. The new public-private partnerships (PPP) business model, increasing healthcare infrastructure and government assistance are all contributing to market expansion across the Middle East and Africa.
Global Online Pharmacy Market: Competitive Players
Some main participants of the global 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
Browse detail report with in-depth TOC @ Size & Share of Global Online Pharmacy Market, 2021-2026
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