Global Online Pharmacy Market Size Set to Skyrocket: Forecasted CAGR of 9.5% to Surpass USD 38.2 Billion by 2030
[218 + Pages Report] According to a market research study published by Zion Market Research, the demand analysis of Global Online Pharmacy Market size & share revenue was valued at around USD 18.5 billion in 2022 and is estimated to grow about USD 38.2 billion by 2030, at a CAGR of approximately 9.5% between 2023 and 2030. The key market players are listed in the report with their sales, revenues and strategies are CVS Health, Kroger Co., Walgreen Co., Express Scripts Holding Company, Wal-Mart Stores Inc., Giant Eagle Inc., Rowlands Pharmacy, DocMorris, OptumRx Inc., Netmeds Marketplace Ltd., Medlife International Pvt. Ltd, and others.
Houston, TX, Sept. 20, 2023 (GLOBE NEWSWIRE) — Zion Market Research has published a new research report titled “Online Pharmacy Market By Product Type (Skin Care, Dental, Cold & Flu, Vitamins, Weight Loss, And Others), By Platform (Mobile Users And Desktop Users), By Drug Type (OTC Medicines And Prescription Medicines), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the demand of global Online Pharmacy Market size & share in terms of revenue was valued at USD 18.5 billion in 2022 and it is expected to surpass around USD 38.2 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 9.5% during the forecast period 2023 to 2030.”
What is Online Pharmacy? How big is the Online Pharmacy Industry?
The global online pharmacy market size was worth around USD 18.5 billion in 2022 and is predicted to grow to around USD 38.2 billion by 2030 with a compound annual growth rate (CAGR) of roughly 9.5% between 2023 and 2030.
The practice of purchasing prescription and over-the-counter medications, as well as medical supplies, via the internet is referred to as “e-pharmacy,” which is also often known as “online pharmacy” or “digital pharmacy.” It eliminates the need for customers to travel to traditional pharmacies in order to obtain the medications and supplies they require, making it a convenient means of obtaining prescription drugs. Customers can obtain their medications and supplies without leaving the convenience of their own homes. In most cases, it provides customers with access to a comprehensive selection of pharmaceuticals, vitamins, personal care items, and medical supplies. It typically provides safe methods for submitting prescriptions, provides information about various medications, and guarantees hidden packing and delivery. In addition, it is essential to make sure that online pharmacies prioritize the safety and privacy of their customers and that they hold a valid license.
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Global Online Pharmacy Market: Growth Factors
The expansion of digitalization is the primary driver of market growth.
Customers now have improved access to the services offered by online pharmacies as a direct result of the rising use of smartphones and the internet. People are now able to research and purchase medications in a rapid and simple manner by utilizing mobile applications and websites that are easy to use. It is anticipated that the number of smartphones in use will continue to climb over the next few years, first surpassing 7 billion in 2024 and then reaching 7.5 billion by 2026. These projections are based on secondary sources. It shouldn’t come as much of a surprise that the majority of these smartphone users are located in China, given that China is the country with the highest population in the world. The country has more than 910 million people who use smartphones, putting it in first place, ahead of India’s 650 million people who use smartphones. The United States of America is the nation with the third-highest percentage of smartphone users due to the fact that it has 249 million users. As a result, these statistics provide credence to the rise of the market for online pharmacies during the time of forecasting.
The Constraints Facing the Online Pharmacy Market
Market expansion is hampered by a lack of capabilities for physical examination.
One of the most significant limitations associated with operating an online pharmacy is the inability to carry out physical examinations. Both physical assessments and scenario analyses are capable of being carried out to a very high standard under certain conditions. Even if an online evaluation is carried out, a qualified healthcare professional will not be the one to conduct it. As a result, it is anticipated that this will act as a barrier to the expansion of the market throughout the aforementioned time period.
Opportunities Available in the Online Pharmacy Market
The proliferation of internet pharmacies in emerging countries presents a profitable prospect for the expansion of the business.
The expansion of the number of online pharmacies operating in developing countries is expected to be a primary factor in driving the growth of the online pharmacy business throughout the course of the period under consideration. For example, Hyphens Pharma International Limited presented the public with the WellAway online pharmacy in Singapore in January 2022. Kellaway has been formally acknowledged by Singapore’s Health Sciences Authority (HSA) as the country’s very first online pharmacy. Patients will be able to get electronic prescriptions from appropriately licensed medical professionals using this online platform, and the recommended medication will be provided in a dependable and risk-free manner. It is anticipated that initiatives such as these will fuel market expansion as e-pharmacy services become extensively utilized in the nations of Asia.
The Challenges Facing the Online Pharmacy Market
Compliance with regulations could be a significant barrier to market expansion.
The industry of internet pharmacies is governed by a convoluted web of rules and norms, the specifics of which vary significantly from one country to the next. It may be difficult to ensure that these rules are followed, and failing to do so may result in legal complications and the shutdown of internet pharmacies. Therefore, maintaining regulatory compliance is anticipated to be a significant obstacle to market expansion during the course of the aforementioned time period.
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|Market Size in 2022||USD 18.5 billion|
|Projected Market Size in 2030||USD 38.2 billion|
|CAGR Growth Rate||9.5% CAGR|
|Key Market Players||CVS Health, Kroger Co., Walgreen Co., Express Scripts Holding Company, Wal-Mart Stores Inc., Giant Eagle Inc., Rowlands Pharmacy, DocMorris, OptumRx Inc., Netmeds Marketplace Ltd., Medlife International Pvt. Ltd, and others.|
|Key Segment||By Product Type, By Platform, By Drug Type, and By Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa|
|Purchase Options||Request customized purchase options to meet your research needs. Explore purchase options|
Online Pharmacy Market: Segmentation Analysis
The market for online pharmacies can be broken down into distinct submarkets according to the drugs they sell, the platforms they use, and the types of products they sell.
Skin care, dental care, cold and flu, weight reduction, vitamin supplements, and other categories make up a portion of the global market depending on the type of product sold. Over the course of the projected period, it is anticipated that the segment dealing with colds and flu will secure the biggest market share. There is a wide selection of over-the-counter (OTC) cold and flu medications that can be purchased from online pharmacies. Some examples of these medications include pain relievers, decongestants, antihistamines, and cough syrups. These items can be easily viewed and purchased by customers, and customers frequently have the option of having their purchases delivered to their homes. Customers can also compare the prices of over-the-counter (OTC) cold and flu medicines offered by various online pharmacies in order to find the best deals and savings possible. People who are concerned about their finances might find this to be of great assistance. As a result, fuelling the growth of the market throughout the anticipated time period.
The market for online pharmacies can be divided into mobile users and desktop users, depending on the type of device their customers use. Over the course of the projected period, it is anticipated that the mobile user group would seize the biggest market share. Because of mobile devices such as smartphones and tablets, an increasingly large population now has access to the services offered by online pharmacies. Mobile apps and websites that are optimized for mobile use allow users to research topics, make purchases of medications, and have access to information about healthcare even when they are away from home. In addition, customers who use mobile devices appreciate how simple it is to place orders for healthcare supplies and prescription pharmaceuticals using their mobile devices. Because customers are able to place orders from any location, they are no longer need to physically go to pharmacies to get their prescriptions filled. As a consequence of this, it is anticipated that this will propel the growth of the market during the period of the projection.
The over-the-counter medicine sector and the prescription medicine sector are the two sub-sectors that make up the overall market for online pharmacies. Over-the-counter medicines are anticipated to hold the majority share of the market during the projection period. The increase in the general public’s awareness of the availability of over-the-counter (OTC) products and education regarding the primary therapy for a variety of common ailments are key factors that are expected to boost the growth of the segment during the anticipated period. The availability of a wide range of over-the-counter pharmaceuticals to treat a variety of common conditions, such as the flu and the common cold, is the primary factor driving the growth of this market. In the coming years, it is also projected that a number of favorable government activities and scenarios, which are already accelerating the transition from Rx to OTC, will further improve segment development. This is due to the fact that these initiatives and scenarios are accelerating the changeover.
The global Online Pharmacy market is segmented as follows:
By Product Type
- Skin Care
- Cold and Flu
- Weight Loss
- Mobile Users
- Desktop Users
By Drug Type
- OTC Medicines
- Prescription Medicines
Browse the full “Online Pharmacy Market By Product Type (Skin Care, Dental, Cold & Flu, Vitamins, Weight Loss, And Others), By Platform (Mobile Users And Desktop Users), By Drug Type (OTC Medicines And Prescription Medicines), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030″ Report At https://www.zionmarketresearch.com/report/online-pharmacy-market
Some of the main competitors dominating the global Online Pharmacy market include –
- CVS Health
- Kroger Co.
- Walgreen Co.
- Express Scripts Holding Company
- Wal-Mart Stores Inc.
- Giant Eagle Inc.
- Rowlands Pharmacy
- OptumRx Inc.
- Netmeds Marketplace Ltd.
- Medlife International Pvt. Ltd
Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the Online Pharmacy market is likely to expand at a CAGR of around 9.5% during the forecast period (2023-2030).
- In terms of revenue, the Online Pharmacy market size was valued at around US$ 18.5 billion in 2022 and is projected to reach US$ 38.2 billion by 2030.
- The convenience offered by online pharmacies is expected to drive the online pharmacy industry revenue growth.
- Based on the product type, the cold and flu segment is expected to capture the largest market share over the forecast period.
- Based on the platform, the mobile user segment is expected to capture the largest market share over the forecast period.
- Based on the drug type, OTC medicines are expected to dominate the market over the forecast period.
- Based on region, North America is expected to dominate the market over the forecast period.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Online Pharmacy industry?
- What are the main driving factors propelling the Online Pharmacy Market forward?
- What are the leading companies in the Online Pharmacy Industry?
- What segments does the Online Pharmacy Market cover?
- How can I receive a free copy of the Online Pharmacy Market sample report and company profiles?
- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Product Type, By Platform, By Drug Type, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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North America is expected to dominate the market growth over the forecast period
North America is expected to dominate the global online pharmacy market during the forecast period. This is mostly due to the increased usage of online services and the increased number of internet users, both of which are predicted to accelerate the market’s expansion throughout the projected period. For instance, Medicure Inc.’s subsidiary Marley Drug Pharmacy in the United States introduced its nationwide direct-to-consumer e-commerce pharmacy platform in February 2022. With this, Americans may purchase affordable, FDA-approved medications from Marley Drug on its brand-new e-commerce website, which provides home delivery to all 50 states.
The demand for over-the-counter pharmaceuticals rises as the frequency of minor diseases like the flu, fever, backaches, coughs, and colds rises. As a result, more people are turning to Internet pharmacies to get these prescriptions. Additionally, it is anticipated that the e-pharmacy industry in North America, particularly the United States, would be driven by the convenience of ordering medications from the comfort of home. The market’s expansion in North America is also anticipated to be fueled by the high concentration of market participants and the use of cutting-edge technology by major companies to enhance the experience of customers making online drug purchases. For instance, Mark Cuban launched the “Mark Cuban Cost Plus Drug Company” (MCCPDC), a fresh online pharmacy, in January 2022, selling inexpensive generic drugs. Thus, driving the market growth in the region.
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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