Polaris Market Research recently published [115+ Pages] research report on “Digital Pharmacy Market Share, Size, Trends, Industry Analysis Report, By Drug Type (Prescription Medicines and Over-the-counter Products); By Platform; By Product; By Region; Segment Forecast, 2022 – 2030” in its research database.
According to the research report, the global digital pharmacy market share was valued at USD 83.45 billion in 2021 and is expected to reach USD 340.17 Billion By 2030, growing at a CAGR of 17.05% during the forecast period.
What is the Expected Size & Share of Digital Pharmacy (E-pharmacy) Market?
Digital pharmacy is a business model that considers the composition and sale of prescription and non-prescription drugs as in conventional pharmacies. Online pharmacy takes orders online and dispatches the medications to their terminal by post. The rapid rise in demand for the digital pharmacy market can be attributed to the fact that people who reside far from a conventional pharmacy, the elderly, disabled people, and those who work diligently can take advantage of this fast and easy method of obtaining medicines.
The growing reach of the internet across the globe, enhancing digitalization of healthcare services, and the growing number of tech-savvy consumers are the prominent factors pushing the market growth. Growing consumer preference for online purchases with an increased concentration on satisfaction is also helping the transition. The increasing acquisition of digital technologies and e-commerce in healthcare is expected to push overall growth.
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What Does the Report Include?
- Market share, size, and forecast by revenue
- Market dynamics include growth drivers, restraints, investment opportunities, and leading trends
- Market segmentation including a comprehensive analysis by product type, platform type, drug type, and region
- Competitive landscape including top vital vendors and other prominent vendors
Some of the Top Market Players Are:
- Amazon Pharmacy
- CVS Health
- Walgreen Co.
- Giant Eagle Inc.
- Walmart Inc.
- Express Scripts Holding Company
- Rowlands Pharmacy
- Optum Rx Inc.
- Axelia Solutions
- Apollo Pharmacy
- Cigna Corporation
- Apex Healthcare Berhad
- Pharmex Direct Inc.
- Rexall Pharmacy Group ULC.
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Growth Driving Factors
- Growing penetration of smartphones to propel the growth of the market
The growing penetration of smartphones is additionally helping the market growth. As per the mobile economy 2020, smartphone penetration was 65.0% in 2019 and is anticipated to reach 80.0% by 2025. The explosion in the healthcare sector, together with high operational costs with the implementation of digital pharmacy solutions. The digital pharmacy market size is expanding due to the growing prevalence of chronic conditions leading to the escalation in demand for several healthcare products, including drugs. This indicates the increasing penetration of online modes of drug acquisition worldwide.
The increasing geriatric population is also anticipated to propel the market’s growth. The comfort of operation, growing digitalization, and the growing number of beneficiaries lodging under Medicare are some factors supporting the development. Digital pharmacy market sales are soaring due to increased funding, increasing investment, and growing strategic enterprises being shouldered by many funding agencies, governments, and companies contributing to the market growth.
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- In January 2022, Hyphens Pharma International Ltd., the giant specialty pharmaceuticals and consumer healthcare company in Singapore, initiated WellAway ePharmacy in the region. The contemporary ePharmacy provides customers undemanding approach to several pharmaceutical services, together with helping doctors and teleconsultation. The current services will benefit parents who are elderly, immobile, and self-isolating.
- The counter products segment accounted for the highest market share
Based on drug type, the counter products segment accounted for the highest market share. Growing consciousness regarding the obtainability of OTC products and education about the primary medication for various kinds of common diseases among the global population are the vital factors anticipated to encourage the segment’s growth over the forecast period. The digital pharmacy market demand is rising due to the obtainability of over-the-counter products for often transpiring diseases like cold and flu driving the market.
- The health wellness and nutrition segment registers the highest growth rate
Based on product, the health wellness and nutrition segment is expected to register the highest growth rate over the study period due to the growing consciousness of several kinds of nutritional products and increasing consumer preferences towards health wellness, particularly in advanced economies such as the United States, Canada, and France. Additionally, digital pharmacy market trends include growing the introduction of contemporary nutritional and wellness products by large global manufacturers and suppliers worldwide, generating growth opportunities for the segment market over the coming years.
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Digital Pharmacy (E-pharmacy) Market: Report Scope
|Market Outlook for 2030||USD 340.17 Billion|
|Market Size 2022 Value||USD 96.56 Billion|
|Expected CAGR Growth||17.05% from 2022 – 2030|
|Forecast Year||2022 – 2030|
|Top Market Players||Amazon Pharmacy, CVS Health, Walgreen Co., Giant Eagle Inc., Walmart Inc., Express Scripts Holding Company, Rowlands Pharmacy, Optum Rx Inc., Axelia Solutions, Apollo Pharmacy, Netmeds.Com, Cigna Corporation, Apex Healthcare Berhad, PharmEasy, Pharmex Direct Inc., and Rexall Pharmacy Group ULC|
|Segments Covered||By Drug Type, By Platform, By Product, By Region|
|Customization Options||Customized purchase options are available to meet your research needs. Explore customized purchase options|
- A rapid increase in the adoption of e-commerce to boost the North American region
North America held the most significant digital pharmacy market share due to the rapid adoption of e-commerce, increasing online sales, and enhanced and developed healthcare infrastructure. A substantial rise in the geriatric population is the key factor anticipated to propel the growth and demand of the market in the region.
In the Asia Pacific region, there is a fast CAGR during the forecast period. San increase in the government’s complimentary initiatives, extensive population base, and increasing adoption of progressive technologies, particularly in developing countries such as India and China. Further, the growing digitalization in health care systems and consciousness in context to innovative technologies among consumers are anticipated to push the growth of the digital pharmacy market in the region.
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Digital Pharmacy Market Report Highlights
- The over-the-products segment accounted for the highest market share in 2021 due to the easy availability of OTC products and the growing prevalence of various types of frequent diseases like cold and flu.
- The health wellness & nutrition sector is anticipated to grow significantly over the forecast period, which is attributed to the rising consumer preferences towards nutritional and wellness products, mainly in high-income nations.
- The app-based segment held a significant revenue share in 2021 and is projected to maintain this throughout the forecast period because of the rising number of mobile users and penetration of fast internet facilities across the globe.
- North America was the leading region in the market in 2021 owing to increased adoption of the e-commerce industry and growing consumer spending capacity to spend on healthcare products and the increasing geriatric population.
Frequently Asked Questions
- What are the size of the market and the anticipated growth rate?
- What are the primary driving factors that push the market forward?
- What are the top companies?
- What are the different categories that the market caters to?
- What will be the fastest-growing segment or region?
Polaris Market Research has segmented the digital pharmacy market report based on drug type, platform, product, and region:
By Drug Type Outlook
- Prescription Medicines
- Over-the-counter Products
By Platform Outlook
By Product Outlook
- Health, Wellness & Nutrition
- Personal Care
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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