Reliable Data You Can Trust
Reliable Data You Can Trust
A recent report published by
Infinium Global Research on the online pharmacy market provides an in-depth analysis
of segments and sub-segments in the global as well as regional online pharmacy
market. The study also highlights the impact of drivers, restraints, and macro
indicators on the global and regional online pharmacy market over the short
term as well as long term. The report is a comprehensive presentation of
trends, forecast and dollar values of the global online pharmacy market. According
to the report, the global online pharmacy market is projected to grow at a CAGR
of 15.3% from USD 54 billion in 2020 to over USD 128 billion in 2026 during the forecast period of 2020-2026.
Market Insight
Advancements in technology and the
booming IT sector have led to a revolution in several industries. Retail
pharmacy is one of the many industries which has been transformed with the
advent of the IT sector. Similar to the retail sector, pharmacies have also
found their space on the internet. Several online pharmacies or e-pharmacies
have entered the market along with the e-commerce boom. Eventually, the
conventional retail pharmacies realized the potential of e-commerce and entered
the online space as well. Today, the online pharmacy market is growing at a
rapid pace. Many of these pharmacies offer both OTC drugs as well as
prescription drugs. Factors such as easy user interface, and free home delivery
service is driving the adoption of e-pharmacies. Moreover, several online
pharmacies are also promoting medical services such as clinical consultancy,
booking appointments, and drug refills.
The COVID-19 pandemic is likely to
have a fairly positive impact on the sale of online pharmacies over a shorter
period of time. Many national and local governments imposed strict lockdowns in
their respective constituencies during the pandemic, in order to slow down and
stop the spread of the virus. Such lockdowns compelled civilians to stay inside
their homes and avoid public places as much as possible. Moreover, many people
avoided visiting outdoors in order to keep themselves protected from COVID-19
infection. Thus, the adoption of online services such as e-commerce,
e-pharmacies, online payment, and others increased during the period of the
pandemic. Furthermore, several online pharmacies are offering online COVID-19
vaccine bookings. People who book vaccines are able to schedule vaccination for
themselves through online pharmacies. This, in turn, is anticipated to boost
the online pharmacy market during the pandemic.
The rapid penetration of the
internet is majorly driving the growth of the online pharmacy market. As
technology advances and infrastructure develops, the internet is becoming more
accessible to a large part of the population. As a result, more people are able
to access various online services such as e-commerce, online pharmacies, and
online banking. Moreover, the growing adoption of e-prescriptions by medical
professionals is anticipated to further augment the market growth. With the
help of e-prescriptions, the patients can order medication easily from
e-pharmacies. However, the lower internet accessibility in developing nations
is majorly hampering the market growth. On the other hand, the increasing
adoption of digital platforms by medical facilities is anticipated to boost the
market growth over the forecast period.
In terms of geography, North
America held the largest share in the global online pharmacy market in 2019.
Higher penetration of the internet and increasing awareness regarding the
e-commerce platforms in general in North America is mainly supporting the
domination of the region in the global market. Moreover, the growing adoption
of IT solutions among healthcare organizations and pharmacies is expected to
drive market growth in North America. Furthermore, the Asia Pacific region is
estimated to grow at the fastest rate over the forecast period. Improving
economic conditions and healthcare infrastructure is majorly driving the market
growth in the Asia Pacific. Additionally, the presence of a large consumer pool
in the region is further augmenting the growth of the online pharmacy market in
the Asia Pacific.
The report on the global online
pharmacy market covers segments such as drug type, and end-use channel. On the
basis of drug type, the sub-markets include prescription drugs, and
over-the-counter (OTC) drugs. On the basis of end-use channel, the sub-markets
include app, and website.
The report provides profiles of
the companies in the market such as CVS Health Corporation, Amazon.com Inc.,
API Holdings Pvt. Ltd., Giant Eagle Inc., Walmart Stores Inc., Optum Rx Inc.,
The Walgreen Company, 1mg Technologies Pvt. Ltd., Rowlands Pharmacy, and
LloydsPharmacy Ltd.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of the online pharmacy market. Moreover, the study highlights current
market trends and provides forecast from 2020-2026. We also have highlighted
future trends in the market that will affect the demand during the forecast
period. Moreover, the competitive analysis given in each regional market brings
an insight into the market share of the leading players.
Please Choose One of them.