Global Online Pharmacy Market was valued at USD 68.2 billion in 2020 and online pharmacy market is set to grow at a CAGR of 16.8%. This market is expected to reach an approximate valuation of USD 202.3 billion during forecast period-2021-2027.
From the last two decades, the internet has become an accepted way to buy various products and services and purchasing medications online are no exception. The growth of the online pharmacy market is attributed owing to a rise in the number of internet consumers, increased access to online services, increased government support with favourable polices and the growing execution of e-prescriptions in healthcare facilities.
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The online pharmacy market is expected to witness drastic growth over COVID-19 pandemic. As various industries and business adversely impacted due to coronavirus pandemic, demand for online pharmacy increased during this pandemic period. The lockdown in many countries and restrictions over travel couple with the fear of getting infected with the Corona virus, led to an more dependence on online pharmacies. Also, in-person doctor visits are being replaced by teleconsultations, which resulted in the rising number of digital prescriptions. additionally, market players are coming up with various strategies to combat the pandemic. All these factors are expected to drive the market growth during the forecast period.
For instance, in March 2021, Generic Aadhaar which is a low-cost medicine selling pharmacy chain, has launched a mobile app in India. The Generic Aadhaar's mobile app helps standalone retail stores in India who face competition from online pharmacies. Additionally, customers can get more faster delivery from their closest location through this App.
In March 2020, CVS Health implemented some new measures to balance the demand for the off-label use of drugs that are used in the treatment of both chronic diseases and COVID-19. Additionally, as the adoption of non-contact delivery has been in progress due to the COVID-19 pandemic, the demand for online pharmacy has increased during this pandemic phase.
The Global Online Pharmacy Market Segmentation:
- Prescription Drugs
- Over-the-Counter (OTC) Drugs
By Product type
- Skin Care
- Cold and Flu
- Weight Loss
- Other Product Types
- North America
- Asia Pacific
- Latin America
The unique insights provided by this report also includes the following:
- In-depth value chain analysis
- Opportunity mapping
- Sector snapshot
- Key Players Positioning Matrix
- Regulatory scenario
- Strategies Adopted-Benchmarking Heat Map
- Market trends
- Covid-19 impact analysis
- Product comparison
- Pre & Post COVID 19 impacts on Online Pharmacy Market
- Competitive Landscape
Based on drug type, OTC drugs are expected to lead the online pharmacy market during forecast period
Over-the-Counter (OTC) drugs segment accounted for the largest share in 2020 and is expected to maintain it’s dominance during the forecast period. Current industry trends, such as an increasing tendency of people for self-medication in developing regions and Rx to OTC switch by manufacturers are responsible for the segment growth during the forecast period.
In February 2020, the U.S. FDA converted three prescription drugs to OTC drugs including Alcon’s Pataday Twice Daily Relief, Once Daily Relief and GlaxoSmithKline’s Voltaren Arthritis Pain. This resulted in effortless access to the approved drugs to the customers.
Based on product type, cold and flu products are expected to reach highest during forecast period
With the breakthrough of Covid-19, increase in cases of infection which results in cold and flu are common. The demand for medication of cold and flu was high in year 2020 and is expected to grow more during forecast period.
Based on region type, North America is expected to dominate online pharmacy market during forecast period
North America dominated the online pharmacy market in 2020. It accounted for the largest global market share in terms of revenue. This region is envisaged to maintain its dominance throughout the forecast period, owing to the presence of significant number of key players in the online pharmacy market. Furthermore, greater number of internet users, higher adoption of online services, and increased healthcare awareness among the people are key factors which are expected to augment the growth of the market over the forecast period.
Additionally, the ease of obtaining the medicines from the comfort of home is expected to drive the online pharmacy market in North America, especially in the United States. In addition, market players are improvising the experience of online medicine purchase by customers, which further support the growth of market.
The report also provides in-depth analysis of market dynamics such as drivers, restraints opportunities and challenges
- Growing internet penetration across the world
- Rising implementation of e-prescriptions in hospitals and other healthcare services
- Improving online payment services
- Strict regulatory framework and guidelines
- Concentrated market with increased competitors
- Rise in economic growth, per capita income, & healthcare spending expenditure
- Increase in health awareness
- Spread of Corona virus encourage people to shop online
- E-commerce players entering in online pharmacy market such as Amazon
The report also provides in-depth impact analysis of market trends of the of online pharmacy
Rising competition among the online pharmacy players to acquire higher market share by offering competitive price, heavy promotion & different business models
Continuous technological advancements and innovation in supply chain management of online pharmacies
Increased collaboration and partnership among online pharmacy players
The report also provides analysis of recent news and developments in the online pharmacy market value chain
- In August 2020, Amazon launched Amazon Pharmacy for both prescription and OTC medicines in Bangalore, India.
- In December 2020, Express Scripts Holdings launched “Express Scripts Parachute Rx’’ that provides discounts on prescription medicines to offer medications at a reasonable price in the COVID-19 situation
Company Profiles and Competitive Intelligence
The key players operating in the market are:
- CVS Health Corporation
- Albertsons Companies Inc.
- Optum Rx Inc.
- Rowlands Pharmacy
- Giant eagle Inc.
- Walmart Stores Inc.
- Axelia Solutions (Pharmeasy)
- Walgreen Co
- Cigna (Express Scripts)
- Zur Rose Group
- AMX Holdings
- Japan Health Center
- UK Meds
- Farmacia Internacional
- Foundation Care
- 1MG Technologies
- Lékárna WPK
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