Online Pharmacy Market exhibiting CAGR of 16% from 2023 to 2032, owing to increasing use of web-based and online services | insightSLICE
The global Online Pharmacy market size was estimated to be US$ 51.5 billion in 2021 and is expected grow at a CAGR of 16% between 2023 to 2032.
Internet based medication delivery is the practice of selling pharmaceuticals to customers at their doorstep through an online platform. The expansion of private player investment and government backing through significant initiatives to build online infrastructure are the main drivers of the global online pharmacy market.
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The key players of the Global Online Pharmacy Market are:
The key players currently having substantial market presence in the global online pharmacy market include 1mg, CVS Health, Express Scripts Holding Company, Giant Eagle, Inc., Netmeds, OptumRx Inc., The Kroger Co., The Walgreen Company, Pharmacy2U Limited, Walmart Stores, Inc., Well.ca, and Zur Rose Group AG.
For instance, the online pharmacy business Zur Rose AG from Switzerland started its first public offering (IPO) in 2017. Currently, the shares of the company are listed on the SIX Swiss Exchange.
The term product portfolio in this report refers to the entire range of goods offered by a single online pharmacy competitor.
Driving factors for the growth of Global Online Pharmacy Market
The expansion of teleconsultation and diagnostic assistance is what fuels the e-pharmacy sector. The characteristic of medical care over the years has been the availability of medical facilities for the treatment of chronic illnesses in close vicinity.
However, therapeutic approaches have evolved globally since the advent of telehealth/teleconsultation. Currently, remote consultations can be utilized to create electronic prescriptions that can be used to buy medications from online pharmacies. As a result, patients’ time has been saved, and healthcare providers are now more effective.
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Additionally, a sizable patient pool around the world prefers to acquire drugs online and have them delivered to their homes due to the shortage of specific drugs in retail pharmacy stores. E-pharmacies also lessen the need for elderly and chronically ill people to rely on other sources for their medication and healthcare needs.
Mobile health (mHealth), which provides consumers and medical professionals with extremely effective support, is currently transforming the way that the market for online pharmacies is perceived.
Additionally, the use of mobile applications is enhancing the contribution of mHealth to the market’s expansion through a number of advantages, including its adequate support for pharmacists, monitoring of patient disease histories, and calculation of specific medicine doses.
Additionally, mHealth, which is rapidly gaining popularity among consumers, transforms cell phones into point-of-care diagnostic tools to monitor blood pressure.
Major sections of our report:
The details on the products can include their name, properties, production date, and manufacturing techniques. While the part on recent developments gives data on the business’s most recent development initiatives.
This section discusses changes like global expansion, collaborations, alliances, capital ventures in online pharmacy products, technology/product growth, takeover, new product releases, and geographic expansion.
As an example, Zur Rose AG, a Swiss-based online pharmacy corporation, invested US$ 237 million to grow its operations in Germany in 2017 and this deal was covered in our report’s previous report.
The expansion of the global online pharmacy market is anticipated to be driven in the near future by the key players’ intense focus on investing heavily to scale up their online pharmacy businesses.
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Global Online Pharmacy Market Key Segments:
By Drug Type
- Prescription drugs
- Over the Counter (OTC) drugs
- Skin care
- Cold and Flu
- Weight loss
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
Regional performance of Online Pharmacy Market
The global online pharmacy market is divided into regional economies, and many firms are operating in various parts of the world.
While the market is very profitable in developed economies like the U.S., the UK, Germany, Australia, and New Zealand, among others, it is anticipated that rising markets like India and Brazil will take the largest part in the years to come.
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