Online Pharmacy Market - Global Outlook & Forecast 2022-2027
In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Online Pharmacy Market Report
The favorable regulatory framework, product innovations, high penetration in the emerging market, and growing pharmaceutical companies toward OTC drugs from Rx drugs are among the top trends driving the global online pharmacy market growth.
Online pharmacy companies use competitive pricing by providing the same product at an equal or lesser price to acquire new customers and a larger market share. Online pharmacies also have an opportunity to present their online platform as advertising space on rent, allowing different parties such as manufacturers, laboratories, clinics, hospitals to do their promotion on these websites. This is an excellent source for generating revenue.
The online pharmacy market is expected to grow at a CAGR of 17.26% during the forecast period
With the COVID-19 pandemic gripping the globe and social distancing being the popular mode of operation, Internet sales of medicinal items such as face masks, hand sanitizers, and anti-bacterial shot up by more than 800% over the past year. Moreover, with policymakers enforcing travel bans and lockdowns or staying-at-home initiatives, consumers are taking advantage of the ability to buy OTC medications. online pharmacies have also eased the delivery of basic necessities and have driven the demand for other businesses as well.
MARKET GROWTH & TRENDS
- Increase in Health Awareness & Demand for Self-medication
- Increased Collaboration Among Stakeholders
- Competitive Price Heavy Promotion & Different Business Models
- Rise in Direct to Patient Drug Sales
- Rising Implementation of E-Prescriptions in Hospitals and Other Healthcare Services
- Improving Online Payment
ONLINE PHARMACY MARKET SEGMENTS
In 2021, the OTC segment dominated the global online pharmacy market with a share of over 54%
The increasing proliferation of e-prescriptions will help the prescription medicine segment gain market share during the forecast period 2021−2027.
Medications include the regular purchase of medicines and refilling prescriptions. This segment accounted for a major share in the market due to various reasons like an increase in the target population and the rising prevalence of patients suffering from chronic conditions like diabetes, cancer, hypertension, and other cardiac-related conditions that require constant medications.
Online pharmacy platforms are simple and convenient because they reduce the effort required to go to the pharmacy and help consumers know about the availability of over-the-counter products and medicines.
The convenience and easy access to products through online pharmacy services is expected to increase the online customer base and contribute to the growth of the North American online pharmacy market during the forecast period.
The major players in the industry are Amazon Pharmacy, Cigna (Express Scripts), CVS Health, Giant Eagle, Kroger, Shop Apotheke, Walgreens Boots Alliance, Walmart, and Zur Rose Group.
New players like Amazon are entering the US market by acquiring the online pharmacy channel of major players.
THE REPORT INCLUDES:
1. The analysis of the Global Online Pharmacy Market provides market size and growth rate for the forecast period 2022-2027.
2. It offers comprehensive insights into current industry trends, trend forecast, and growth drivers about the Online Pharmacy Market.
3. The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
4. It offers a complete overview of market segments and the regional outlook of the global Online Pharmacy Market.
5. The report offers a detailed overview of the vendor landscape, competitive analysis, and critical market strategies to gain competitive advantage.