A recent report published by Infinium Global Research on online pharmacy market provides an in-depth analysis of segments and sub-segments in 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 global online pharmacy Market. According to a report, the global online pharmacy market is projected to grow at a CAGR of 17.5% over the forecast period of 2018-2024.
Online pharmacy is a platform which acts as an intermediary between the customer and the vendor for the sale of medicines. The customer has to search and upload the prescription from a doctor and receive their medicine at their doorsteps rather physically visiting the pharmacy store to procure medicines. Growing internet usage worldwide, developed healthcare infrastructure and rising awareness among the user about the benefits of e-commerce are some of the factors driving the growth of the market. Change in customer behavior with an increased demand for convenience is the key factors for the growth of the market. Additionally, increasing adoption of digital technology in the healthcare sector is expected to fuel growth in this market.
Online pharmacies are gaining acceptance due to a number of offers such as discounts, access to complete information on a prescribed drug, on delivery of medicines, and easy availability of drugs that helps in cost savings. Moreover, a rise in acceptance of e-prescriptions in hospitals and other healthcare facilities is further likely to boost the growth of the market. The increasing healthcare sector in the developing economies and rising requirements of healthcare products & services has led to the demand for online pharmacies. Increasing prevalence of chronic conditions is another key factor for the growing demand for various drugs and healthcare products. On the other hand, the increasing burden of operational cost and lack of awareness in emerging countries are likely to hamper the growth of the market.
Among the regions, North America is expected to be the largest market for an online pharmacy. Growing adoption of e-commerce, increasing pharmaceutical needs, and rise in geriatric population are some of the key factors that drive the growth in this region. Increase in investments and government initiatives for improving the healthcare infrastructure in the Asia-Pacific region is expected to grow at the highest rate in the coming years. The online pharmacy market in China and India have a huge potential for growth. Changing guidelines in the regions and rise in demand for customer healthcare products due to change in lifestyle is driving the market growth of these countries.
The implementation of the different business model and marketing strategies to retain a market position with customer trust is the key strategy of the leading player of this market. The leading players are focusing on marketing strategies to boost the market in regions such as Asia-Pacific and Latin America. The companies profiled in the report are drugstore.com Inc., The SANICARE Group, Domzdrowia.pl S.A., CanDrugstore.com, Walgreen Co, Rowlands Pharmacy, Lloyds Pharmacy Ltd, eDrugstore.MD, CanadaDrugs.com, and Others leading players.
The report on global online pharmacy market covers segments such as type, and end use channel. The type segments include prescription, non-prescription. On the basis of end use channel, the global online pharmacy market is categorized into the app only, online store.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016- 2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, and Malaysia among others. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-Pacific region offers substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience growth at a CAGR of x.x% over the period of 2018-2024.
The report provides profiles of the companies in the global online pharmacy market such as as,drugstore.com Inc, The SANICARE Group, Domzdrowia.pl SA, CanDrugstore.com, Walgreen Co, Rowlands Pharmacy, Lloyds Pharmacy Ltd, eDrugstore.MD, CanadaDrugs.com, and others.
The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global online pharmacy market. Moreover, IGR-Growth matrix analysis given in the report brings 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 online pharmacy market. Moreover, the study highlights current market trends and provides forecast from 2018 to 2024. We also have highlighted future trends in the online pharmacy Market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players. Additionally, the analysis highlights the rise and fall in the market shares of the key players in the market. This report will help manufacturers, suppliers, and distributors of the online pharmacy market to understand the present and future trends in this market and formulate their strategies accordingly.