Online Pharmacy Market Insights
Online Pharmacy Market is projected to be worth USD 240.2 Billion by 2028, registering a CAGR of 18.4% CAGR during the forecast period (2022-2028), the market was valued at USD 56.15 Billion in 2021. App-based platforms have the largest market share in the platform segment due to the significant rise in mobile usage and internet penetration. North American online pharmacy market dominated the global pharmacy industry due to rapid adoption of digital technologies.
An online pharmacy is a vendor that sells medicines over the internet. Independent internet-only sites, online branches of retail pharmacy stores, and sites representing pharmacy collaboration are all included in online pharmacies. This includes the sale of both prescription and nonprescription medications. The ease of purchasing, quality services, availability of a wide range of medications, and increased internet accessibility has shifted customer preferences towards online pharmacy platforms. Furthermore, a significant hike in the number of smartphone users is expected to propel the global market. This also allows e-pharmacy players to capture a diverse customer base across developed and developing economies.
Online Pharmacy Market Dynamics
Driver:
The market is being driven by the surge in the number of internet users and improved access to web-based and online services. Furthermore, an increase in the number of older people who find it difficult to go to the pharmacy every time and require medical assistance is also driving the market growth.
Restraints:
The rise in fraud activities is slightly restraining the demand of the online pharmacy market. Concerns regarding security and privacy among consumers are also challenging factors.
Opportunity:
The increasing penetration of smartphones is providing the opportunity to market growth. The rising prevalence of chronic diseases is also increasing the demand for various healthcare products, including drugs, and providing new opportunities. This reflects the growing global adoption of online drug purchasing channels. As certain medications are not available in retail pharmacy stores, a large patient population worldwide prefers to order them online and have them delivered to their home. Thus providing opportunities in the online pharmacy market.
COVID-19 Analysis of Online Pharmacy Market
The pandemic has changed the priorities of healthcare systems all over the world. It has prompted developing economies to reconsider their urban infrastructure priorities. Many countries faced the challenge of combating the pandemic while also advancing other healthcare goals. Countries such as India are turning the urgency of combating COVID-19’s spread into opportunities to build more resilient health systems. Increased government emphasis on advancement and improvement in the overall healthcare system will help to drive market growth.
Online Pharmacy Market Report Coverage
| Report Attributes | Report Details |
| Study Timeline | 2016-2028 |
| Market Size in 2028 (USD Billion) | 240.2 |
| CAGR (2022-2028) | 18.4% |
| By Platform | Apps, Websites |
| By Drug Type | OTC Medicines, Prescribed Medicines |
| By geography | North America: U.S., Canada, Mexico
Europe: Germany, France, U.K., Russia, Italy, Spain, BENELUX, Rest of Europe Asia Pacific: China, Japan, India, South Korea, Australia, ASEAN, Rest of Asia Pacific Latin America: Brazil, Argentina, Chile, Rest of Latin America The Middle East and Africa: GCC, Turkey, Israel, Rest of MEA |
Online Pharmacy Market Segment Analysis
By Platforms
The segment includes is bifurcated into apps and websites. In 2021, the value of online pharmacy products sold through app-based platforms was estimated to be around USD 40 billion. In recent years, the rise in mobile usage and internet penetration has increased the demand for online drugs via app-based platforms. Mobile health (mHealth) has recently changed the paradigm of the online pharmacy market by providing highly efficient assistance to both healthcare professionals and patients. Furthermore, the use of mobile applications is enhancing the role of mHealth in market growth. As it provides several benefits such as adequate assistance to pharmacists, tracking of patient disease history, and the calculation of individual drug doses. Moreover, mHealth transforms smartphones into point-of-care diagnostic tools for monitoring blood pressure, which is gaining popularity among consumers.
By Drug Type
The drug type segment is divided into OTC medicines and prescribed medicines. The OTC products sub-segment held more than 70% of the market in 2021 and is expected to grow significantly during the forecast period. Population awareness and education about primary medication for common diseases will benefit OTC sub-segment demand. The availability of a wide range of drugs for several common diseases such as colds and flu will surge the online pharmacy market. According to the Consumer Healthcare Products Association, consumers are switching from prescription drugs to OTC drugs due to improved accessibility and cost-effectiveness. As a result of the mentioned factors, there will be more growth in OTC medicines market.
By Region
The region segment is divided into Asia Pacific, Europe, North America, Middle East, and Africa, Latin America. North American online pharmacy market dominated the global pharmacy industry due to higher internet penetration and rapid adoption of digital technologies. The North American online pharmacy market had a significant revenue share in 2021, and the market is expected to grow at a modest CAGR. This can be attributed to the fact that people now understand how to use the internet and related services and rely heavily on online delivery of OTC. Such growth is seen in North America as the United States has the largest online pharmacy market. In the coming years, the Asia Pacific and Europe will experience significant growth.
Online Pharmacy Market Competitive Landscape
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, surge in Research and Development (R&D), product innovation, and various business strategies have accelerated the growth of the market. Some of these players in Online Pharmacy Market are as follows.
Key Players
- 1mg
- Optum Rx. Inc
- Netmeds Marketplace Ltd.
- Express Scripts
- Medlife International Pvt. Ltd.
- Walmart stores
- CVS health corporation
- co
- Rowlands Phamacy
- DocMorris
Recent Development:
- June 2021, Tata Digital purchased a majority stake in 1mg, an Indian epharama firm. This acquisition will allow Tata Digital to enter the epharamacy market and provide customers with high-quality health care products and services.
- August 2020, MedLife and PharmEasy announced a merger in which MedLife will sell its operations to PharmEasy in exchange for a nearly 20% stake in the latter. This merger will allow the company to expand its operations in emerging markets.
Table of Content
- Introduction
- Market Introduction
- Market Research Methodology
- Research Process
- Primary Research
- Secondary Research
- Data Collection Technique
- Data Sources
- Market Estimation Methodology
- Limitations of the Study
- Product Picture of Online Pharmacy
- Global Online Pharmacy Market: Classification
- Geographic Scope
- Years Considered for the Study
- Research Methodology in brief
- Parent Market Overview
- Overall Online Pharmacy Market Regional Demand
- Research Programs/Design
- Market Breakdown and Data Triangulation Approach
- Data Source
- Secondary Sources
- Primary Sources
- Primary Interviews
- Average primary breakdown ratio
- Market Dynamics
- Drivers
- Drivers
- Restraints
- Restraints
- Opportunity
- Impact forces on market dynamics
- Impact forces during the forecast years
- Industry Value Chain
- Upstream analysis
- Downstream analysis
- Distribution Channel
- Direct Channel
- Indirect Channel
- Potential Customers
- Manufacturing/Operational Cost Analysis
- Pricing Analysis by Region
- Key Technology Landscape
- Regulatory Analysis
- Porter’s Analysis
- Supplier Power
- Buyer Power
- Substitution Threat
- Threat from New Entry
- Competitive Rivalry
- PESTEL Analysis
- Political Factors
- Economic Factor
- Social Factors
- Technological Factor
- Environmental Factors
- Legal Factor
- Covid-19 impact on Global Economy
- Covid-19 impact on Online Pharmacy demand
- Post-Covid Impact on Online Pharmacy Market Demand
- Impact Analysis of Russia-Ukraine Conflict
- Drivers
- Global Online Pharmacy Market Segmentation, by Revenue (USD Billion), (2022-2030)
- By Platform
- Apps
- Websites
- By Drug Type
- OTC Medicines
- Prescribed Medicines
- By Product Type
- Beauty and personal care
- Cold and Flu
- Vitamins
- Weight Loss
- Others
- By Platform
- Global Online Pharmacy Market Overview, By Region
- North America Online Pharmacy Market Revenue (USD Billion), by Countries, (2022-2030)
- US
- By Platform
- By Drug Type
- By Product Type
- Canada
- Mexico
- US
- Europe Online Pharmacy Market Revenue (USD Billion), by Countries, (2022-2030)
- France
- UK
- Spain
- Russia
- Italy
- BENELUX
- Asia Pacific Online Pharmacy Market Revenue (USD Billion), by Countries, (2022-2030)
- China
- Japan
- Australia
- South Korea
- India
- ASEAN
- North America Online Pharmacy Market Revenue (USD Billion), by Countries, (2022-2030)
- Latin America Online Pharmacy Market Revenue (USD Billion), by Countries, (2022-2030)
- Brazil
- Argentina
- Chile
- Middle East and Africa Online Pharmacy Market Revenue (USD Billion), by Countries, (2022-2030)
- GCC
- Turkey
- South Africa
- Global Online Pharmacy Market Revenue: Competitive Analysis, 2021
- Key strategies by players
- Revenue (USD Billion and %), By manufacturers, 2021
- Player Positioning by Market Players, 2021
- Competitive Analysis
- 1mg
- Business Overview
- Business Financials (USD Million)
- Product Category, Type, and Specification
- Main Business/Business Overview
- Geographical Analysis
- Recent Development
- Swot Analysis
- Optum Rx. Inc
- Netmeds Marketplace Ltd.
- Express Scripts
- Medlife International Pvt. Ltd.
- Walmart stores
- CVS health corporation
- co
- Rowlands Phamacy
- DocMorris
- 1mg
- Market Research Findings & Conclusion
Disclaimer
Research Methodology
The Market Research Community offers numerous solutions and its full addition in the research methods to be skilled at each step. We use wide-ranging resources to produce the best outcome for our customers. The achievement of a research development is completely reliant on the research methods implemented by the company. We always faithful to our clients to find opportunities by examining the global market and offering economic insights.Market Research Community are proud of our widespread coverage that encompasses the understanding of numerous major industry domains. Company offers consistency in our research report, we also offers on the part of the analysis of forecast across a range of coverage geographies and coverage. The research teams carry out primary and secondary research to carry out and design the data collection methods.