Online Pharmacy Market overview:
E-pharmacies are online pharmacies that sell medications to customers via mail or shipping. Price transparency, raising awareness, selecting appropriate healthcare service providers, and medication reminders are all made possible by technological advancements. According to WHO, telemedicine, an online healthcare service provider, is providing one of the most innovative technologies in the healthcare industry.
By region, the North American e-pharmacy market dominated the global pharmacy industry due to higher internet penetration and rapid adoption of digital technologies. Furthermore, Asia Pacific is expected to have the fastest CAGR. In emerging economies, such as China and India, the government is taking initiatives to encourage the adoption of digital technologies in this sector. Increase in the number of strategic initiatives launched by various public and private organizations, the Asia Pacific market is expected to expand at a faster rate in the coming years. For example, Reliance Retail announced in August 2020 the acquisition of a 60.0 percent equity stake in Netmeds for USD 83.0 Billion. The acquisition is intended to improve the company's ability to provide its customers with affordable and high-quality health care products and services.
The drug type segment is divided into OTC and prescribed medications. The e-pharmacy market is divided into OTC and prescription products. In 2021, the OTC products segment accounted for more than 70% of the market and is expected to grow significantly during the forecast period. Population awareness and education about common diseases' primary medications will benefit segment demand.
The market is projected to grow at a significant pace reaching a CAGR of approximately 18.4%, over the forecast period of 2022–2028, despite a considerable fall in product sales during the initial phase of pandemic spread and lockdown restrictions imposed globally.
In a recent research report by Market Research Community, the Online Pharmacy Market is expected to surpass USD 240.2 Billion by the year 2028, from USD 56.15 Billion in 2021.
The study is consolidated into major segments and further into sub-segments, such as by Platform (Apps, Websites), by Drug Type (OTC Medicines, Prescribed Medicines), to forecast the Online pharmacy market size by value; also includes the analysis of past market dynamics from 2016 – 2021, considering 2021 as the base year.
Lastly, the report includes a regional analysis and country analysis with the latest trends, along with the major key players including 1mg, Optum Rx. Inc, Netmeds Marketplace Ltd., Express Scripts, Medlife International Pvt. Ltd., Walmart stores, CVS health corporation, Walgree.co, Rowlands Phamacy, DocMorris.
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