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(Medical-NewsWire.com, June 21, 2022 ) Major Growth Boosting Factors:
The growth of Digital Pharmacy Market is driven by the increasing consumer preference toward buying online medicines during and post the COVID-19 pandemic, consolidation in the market and partnerships, and the growing geriatric population.
However, patients relying on pharmacists for clinical support and a growing number of illegal pharmacies are expected to restrain the growth of this market during the forecast period.
Revenue Growth Expectations:
The global revenue growth is projected to reach USD 211.9 billion by 2027 from USD 96.5 billion in 2022, at a CAGR of 17.0% during the forecast period.
Impact of COVID-19 on The digital Pharmacy Market
The growing number of internet users, increased access to online services, and the rising implementation of e-prescriptions in healthcare services in the wake of the COVID-19 pandemic are other key factors supporting market growth. In March 2020, CVS Health began to employ new measures to balance the requirement of drugs used in the treatment of both COVID-19 and other chronic diseases. In November 2020, Amazon launched an online pharmacy service in the US for both generic and prescription medications.In pre-COVID times, 70% of households were chronic-first users of digital pharmacy as they found better value in these affordable & convenient services.
However, during the lockdown phase, an equal proportion of chronic-first and acute-first households were onboarded, as digital pharmacy became the need of the hour. In addition to prescription medicines, the growth of the digital pharmacy market is also supported by the increased demand for OTC products, such as masks, sanitizers, thermometers, and steamers, among others. Thus, the rapid adoption of OTC products will positively impact the digital pharmacy market.
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“Over-the-counter (OTC) products segment is expected to grow at the highest rate during the forecast period”
Based on drug type, the digital pharmacy market is segmented into prescription medicines and over-the-counter products. Prescription medicines accounted for the largest share of the global digital pharmacy market in 2021. The large share of this market segment can be attributed to the growing prevalence of several chronic disorders and the subsequent increase in the demand for medications.
On the other hand, the over-the-counter (OTC) products segment is estimated to grow at the highest CAGR during the forecast period. Growth in this market segment is largely driven by the widespread availability and cost-effectiveness of OTC products and the growing trend of self-medication.
“The Medicines & Treatments segment is estimated to account for the largest share of the Digital Pharmacy market in 2021”
Based on products, the digital pharmacy market is segmented into medicines & treatments, personal care products, vitamins & supplements, and other products. The medicines & treatments segment accounted for the largest share of the global digital pharmacy market in 2021.
However, the vitamins & supplements segment is estimated to register the highest CAGR during the forecast period due to the high prevalence of chronic diseases and the availability of multiple product options.
“Apps segment in the platform accounted for the largest share of the global digital pharmacy market”
Based on platforms, the digital pharmacy market is segmented into apps and websites. In 2021, apps accounted for the largest share of the global digital pharmacy market. The large share of this segment can be attributed as the apps offering lucrative promos or discounts to attract customers. The websites platform is expected to grow at the second-highest CAGR during the forecast period due to convenience, privacy, and safety offered by websites are key factors driving the market growth.
“Captive segment among the business model accounted for the largest share of the global digital pharmacy market”
Based on business models, the digital pharmacy market is segmented into captive, franchise, and aggregator business models. In 2021, the captive business model accounted for the largest share of the global digital pharmacy market. The captive business model is also expected to register the highest CAGR during the forecast period. The flexibility, accessibility, and affordability of captive business models are key contributors to segmental growth in the digital pharmacy market. The aggregator business model is expected to grow at the second-highest CAGR during the forecast period.
“The Urban areas accounted for the largest share of the global digital pharmacy market”
Based on geographic coverage, the digital pharmacy market is segmented into urban and rural areas. In 2021, urban areas accounted for the largest share of the global digital pharmacy market due to the growing penetration of the internet in urban areas.
“North America to dominate the digital pharmacy market in 2022”
North America accounted for the largest share of the digital pharmacy market. The increasing prevalence of chronic conditions, the rising number of drug prescriptions resulting from the rapidly growing aging population, and the presence of key market players in the region are the key factors driving the growth of the digital pharmacy market in North America.
The Asia Pacific market is projected to register the highest CAGR during the forecast period, owing to the growing disease burden, increasing patient population, and the rapidly growing pharmaceutical market.
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Prominent players in this market are CVS Health (US), Cigna (US), Optum, Inc. (Part of the UnitedHealth Group) (US), Walgreens Co. (US), Walmart Inc. (US), The Kroger Co. (US), Amazon.com, Inc. (US), GoodRx (US), Costco Wholesale Corporation (US), Rite Aid Corp. (US), Hims & Hers Health, Inc. (US), PharmEasy (India), Apollo Pharmacy (India), DocMorris (Netherlands), Giant Eagle Inc. (US), LloydsPharmacy (UK), Shop-apotheke.com (Netherlands), Tata 1mg (India), Netmeds.com (India), HealthWarehouse, Inc. (US), Pharmex Direct Inc. (Canada), Apex Pharmacy (UK), TELUS (Canada), RO Pharmacy (US), Rx Outreach (US), The Independent Pharmacy (UK), Rexall Pharmacy Group ULC (Canada), and NorthWestPharmacy.com (Canada). These players are increasingly focusing on product/service upgrades, acquisitions, partnerships, agreements, expansions, and collaborations to expand their product offerings in the digital pharmacy market.
Mr. Aashish Mehra