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Online Pharmacy Market (Drug Type - Prescription Drugs, and Over-the-counter (OTC) Drugs; End Use Channel - App, and Website): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : May, 2021

  • Rep Id : HC0316

  • Category : Healthcare & Medical Devices

  • Status : Published

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% over 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.

 

Segment Covered

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.

 

Online Pharmacy Market


Companies Profiled:

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.

 

Report Highlights:

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.


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