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:
By Drug
- Prescription
Drugs
- Over-the-Counter
(OTC) Drugs
By Product type
- Skin Care
- Cold and Flu
- Dental
- Weight Loss
- Vitamins
- Other
Product Types
By Region
- North
America
- Europe
- Asia
Pacific
- Latin
America
- ROW
The unique insights provided by
this report also includes the following:
1. In-depth value chain analysis
2. Opportunity mapping
3. Sector snapshot
4. Key Players Positioning Matrix
5. Regulatory scenario
6. Strategies Adopted-Benchmarking
Heat Map
7. Market trends
8. Covid-19 impact analysis
9. Product comparison
10. Pre & Post COVID 19
impacts on Online Pharmacy Market
11. 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
Drivers
- Growing
internet penetration across the world
- Rising
implementation of e-prescriptions in hospitals and other healthcare
services
- Improving
online payment services
Restraints
- Strict
regulatory framework and guidelines
- Concentrated
market with increased competitors
Opportunities
- Rise in
economic growth, per capita income, & healthcare spending expenditure
- Increase in
health awareness
- Spread of
Corona virus encourage people to shop online
Challenges
- 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
|
Trends |
Impact |
|
Rising competition among the online pharmacy players to acquire
higher market share by offering competitive price, heavy promotion &
different business models |
Positive |
|
Continuous technological advancements and innovation in supply
chain management of online pharmacies |
Positive |
|
Increased collaboration and partnership among online pharmacy
players |
Positive |
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)
- Kroger
- Zur Rose
Group
- parafarmacia-online
- GoGoMeds
- AMX Holdings
- Japan Health
Center
- UK Meds
- NorthWestPharmacy.com
- Farmacia
Internacional
- Foundation
Care
- Lekarnar
- 1MG
Technologies
- Netmeds
- MedLife
- Nunokame
- Pharm24
- Vamida
- Sanicare
- Lékárna WPK
- Pharmacy2U
- Pharmacy4u
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