Selbyville, Delaware, Dec. 10, 2020 (GLOBE NEWSWIRE) --
According to latest report “Online Pharmacy Market by Product Type (OTC Medicine, Prescription Medicine), Therapy Area (Weight Loss, Vitamins, Cold & Flu, Dermatology), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of online pharmacy will reach $149.4 billion by 2026. Growing development of e-commerce platforms in developed as well developing nations will spur the market growth.
Recent incidence of COVID-19 has considerably influenced the utilization of online pharmacy platforms to avoid the risk of infection as well as due to movement restrictions within and across the regions. For instance, as per data from the Federation of Indian Chambers of Commerce & Industry (FICCI), number of online pharmacy households in India has witnessed growth from 3.5 million during first quarter of 2020 to 9 million during lockdown in May 2020. In addition, about 19 states in the country have identified e-pharmacies as essential services.
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Growing preference for internet-based pharmacies by majority of population in developed regions will significantly drive the online pharmacy market expansion in coming years. Population within developing nations are seeking e-commerce platforms for product purchasing. Integration of advanced technologies to cater to customer expectations further stimulates the market value. Also, development of innovative digital platforms to increase accessibility of treatment to large population base offers business development opportunities to e-pharmacies. Furthermore, with rising chronic diseases and need for long-term scheduled medication in such patients, the market will foresee significant revenue growth.
Prescription medicine accounted for over 20% of the online pharmacy market share owing to growing usage of digital channels by doctors and physicians resulting into increase in number of online prescriptions. Establishment of favorable policies and standards for repeat online prescription purchase will boost the drug sales through e-pharmacies.
Dermatology segment revenue was more than USD 6.5 billion in 2019 led by rising prevalence of skin conditions, ranging from acne to severe infections. According to the American Academy of Dermatology, in the U.S., acne is one of the common skin conditions affecting about 50 million Americans every year. Also, demand for cosmetic treatments further stimulates the online distribution of dermatological products.
North America online pharmacy market is expected to showcase around 14.1% growth rate till 2026 on account of the increase in adoption and expansion of e-commerce platforms, e-pharmacies. Growing burden of chronic diseases among elderly population has benefited the regional expansion. Moreover, considering the incidence of COVID-19, geriatric population and mobility restrictions for certain period, the market will foresee tremendous growth.
Some of the prominent players operating in the online pharmacy market include 1mg, DocMorris, Netmeds Marketplace Ltd., Express Scripts and Medlife International Pvt. Ltd. among other players. These companies are broadening their market presence by adopting several strategies such as augmentation of their services, partnerships and collaborations. For instance, in August 2020, Amazon announced the launch of online pharmacy platform in in India. This launch will allow the company to offer services to broad customer range that will assist in business growth of the company with diversification.
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Table of Contents (ToC) of the report:
Chapter 3 Online Pharmacy Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2015 – 2026 (USD Billion)
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.5 COVID-19 impact analysis
3.6 Regulatory landscape
3.7 Current and future scenario of online pharmacies
3.8 Online Pharmacy business models
3.9 Industry SWOT analysis
3.10 Porter’s analysis
3.11 Competitive landscape, 2019
3.12 PESTEL analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.