The Insight Partners Latest Research for Report “Mail Order Pharmacy Market Forecast to 2027″ Includes COVID-19 Impact and Global Analysis by Drug Type (Prescription Drugs, Nonprescription Drugs); Product (Diabetes, Asthma, Blood Pressure, Cardiovascular Medicines, Cold and Flu, Antacids, Painkillers, Dermal Care, Others); Mode of Order (Online Store, Pharmacy Apps) and Geography
Mail Order Pharmacy Market was valued at US$ 48,977 million in 2019 and is projected to reach US$ 166,384.85 million by 2027; it is expected to grow at a CAGR of 16.5% from 2020 to 2027. The report highlights trends prevailing in the global mail order pharmacy market, and the drivers and restraints pertaining to the market growth.
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Mail-order pharmacy operates over the Internet and sends orders through mail, shipping companies, or online pharmacy web portal. Mail order pharmacy delivers medication at doorstep. These are cheaper and more convenient than a local pharmacy. The adoption of mail order pharmacy services has grown at unprecedent rate in last few years owing to increasing adoption of online services in healthcare sector. In addition, aging population, increasing prevalence of chronic diseases, and non-adherence to prescribed medications are further emphasizing on the adoption of mail order pharmacy worldwide.
Market leaders operating in the market have undertaken various organic growth strategies in the mail order pharmacy market. The mail order pharmacy market majorly consists of the players Canada Drugs Online, WellDyne, Walgreens co., eDrugstore.com, Zur Rose Group AG., CHI Health, Optumrx Inc., Express Scripts Holding Company, CVS Health, and PillPack. The companies have been implementing various strategies that have helped the growth of the company and in turn have brought about various changes in the market. The companies have utilized organic strategies such as launches, expansion, and product approvals. Moreover, the companies have utilized inorganic strategies including mergers & acquisitions, partnership, and collaborations.
Below is the list of the growth strategies done by the players operating in the mail order pharmacy market:
Oct-2019: Walgreen forms strategic partnership with centene and RxAdvance. This partnership is expected to introduce an innovative model for pharmacy management which aims at increase transparency, enhance customer base and ultimately result in better health outcomes at affordable pricing
Jan-2019: Zur Rose group acquired Medpex pharmacy. Medpex Pharmacy is largest E commerce platform in Germany. This acquisition has benefited Zur Rose by increasing its market share in drugs mail-order business in the core market of Germany from 18 %to 31% and also increased the active number of customers to more than five million
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Aug-2020: Zur Rose group acquired Apotal group. Zur Rose Group successfully acquired the e-commerce and diabetes activities of Apotal Group. This acquisition has strengthened the European market leadership of company in mail order pharmacy market
Based on product, the global mail order pharmacy market is segmented into diabetes, asthma drugs, blood pressure medications, cardiovascular medicines, cold and flu, antacids, painkillers, dermal care, and other. The dermal care segment held the largest share of the market in 2019; whereas, the diabetes segment is anticipated to register the highest CAGR during the forecast period. This growth is attributed to rising prevalence of diabetes and the increasing number of online pharmacies distributing diabetic drugs.
Based on drug type, the global mail order pharmacy market is segmented into prescription drugs and nonprescription drugs. The nonprescription drugs segment held a larger share of the market in 2019. This growth is ascribed to the increasing demand for over the counter (OTC) drugs such as cough and cold medications, analgesics, and gastrointestinal products. However, the prescription drugs segment is estimated to register a higher CAGR during the forecast period. This growth is attributed to increasing prevalence of chronic diseases, such as cancer, cardiovascular diseases and diabetes.
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