Vancouver, Dec. 18, 2023 (GLOBE NEWSWIRE) -- The global online pharmacy market size was USD 79.10 Billion in 2022 and is expected to register a revenue CAGR of 16.4% during the forecast period, according to the latest analysis by Emergen Research. Increasing incidences of emergency medical conditions, rising consumer demand for e-commerce stores and home delivery, increasing telemedicine visits, and recent advances in digital health platforms are some of the major factors driving the market revenue growth.
Revenue growth of the global online pharmacy market can be attributed to several factors, including an increase in Internet usage, investments in and spending on pharmaceuticals, improvements in supply chain logistics, creation of digital payment infrastructure, a strong legal and regulatory environment, and stringent data security and drug sale laws. With the increasing Internet usage and accessibility of smartphones, the e-commerce sector has seen exponential expansion, and customers now purchase the majority of their prescription and over-the-counter drug needs online.
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The rise in telemedicine visits is one of the major factors driving the market revenue growth. Leading hospital chains used telehealth platforms including MDLive and Practo, among others, to conduct 200–500 teleconsultations each day during lockdowns. Increasing investments by major companies in offering online digital pharmacy services in countries such as the U.K. is driving revenue growth of the market.
For instance, on 3 February 2023, a Scottish-based online drugstore, Phlo secured USD 12 million in Series A funding. The online pharmacy will utilize the additional funding to broaden the scope of Phlo Connect, which offers medical professionals a digital infrastructure platform, and Phlo Digital Pharmacy, a service that offers patients with same-day delivery of pharmaceuticals in two British cities. Such factors are contributing to the market revenue growth.
One of the major challenges restraining revenue growth of the market is rising number of product recalls by federal regulatory agencies. Rural locations are out of reach for telemedicine since the majority of residents prefer to consult local pharmacies and doctors instead because they are more familiar with traditional services. Online pharmacies are not expanding in developing countries due to a variety of factors, including decreased access to public transportation, longer travel times between homes and healthcare facilities, a rise in individuals working set schedules, and a decreased ability to take time off for visits. In addition, power outages and hardware bugs have an impact on patient health management and diagnosis, endangering healthcare operations. Such factors are limiting revenue growth of the market.
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Scope of Research
| Report Details | Outcome |
| Market size in 2022 | USD 79.10 Billion |
| CAGR (2023–2032) | 16.4% |
| Revenue forecast to 2032 | USD 361.93 Billion |
| Base year for estimation | 2022 |
| Historical data | 2019-2021 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Drug Type, Platform, Product Type, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | CVS Health, Blink Health Administratuon LLC.., Drugs.com, Amazon.com, Inc., Express Scripts., Apollo Pharmacy, GOODRX, INC., THE KROGER CO., Lloyds Pharmacy Limited, and Walgreens |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global online pharmacy market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective online pharmacy solutions. Some major players included in the global online pharmacy market report are:
- CVS Health
- Blink Health Administration LLC.
- Drugs.com
- Amazon.com, Inc.
- Express Scripts.
- Apollo Pharmacy
- GoodRx, Inc.
- The Kroger Co.
- Lloyds Pharmacy Limited
- Walgreens
Strategic Development
- On 1 June 2023, Coherus Biosciences and The Mark Cuban Cost Plus Drug Company announced their partnership to market Yusimry, a biosimilar to Humira that aims to increase access to less expensive prescriptions. Beginning in July 2023, TMark Cuban Cost Plus Drug Company (Cost Plus Drugs) will start selling Yusimry to clients for USD 569.27 plus dispensing and shipping costs. Through participating pharmacies, Yusimry will also be covered by the Team Cuban Card prescription benefit program.
- On 28 April 2021, Capsule, a startup digital pharmacy, received USD 300 million in new money, bringing its worth to more than USD 1 billion. Capsule intends to grow into new areas and make technology investments with the new money. The business wants to create a digital healthcare one-stop shop where customers can access Capsule's digital pharmacy as well as a curated selection of goods and services, including telemedicine or mental health support, all from within a single app.
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Some Key Highlights From the Report
- The Over-the-Counter (OTC) drugs segment accounted for largest revenue share in 2022. Access to healthcare is made easier and less expensive by over-the-counter medications. The words Over the Counter (OTC) medications and nonprescription medications are interchangeable when referring to medications that can be purchased without a prescription. OTC medications are recognized by several countries as a distinct class of drugs, and usage guidelines have been established for them. The majority of countries have a sizable over-the-counter market, and they are actively promoted on e-pharmacy websites, which has greatly increased global OTC sales. In comparison to traditional pharmacies, an online pharmacy is a business that prepares and sells non-prescription pharmaceuticals such as OTC drugs for emergency uses, with home delivery alternatives and online payment options. Around 32,500 Internet pharmacies across the globe offer services within the bounds of the law to safeguard public health everywhere, which contributes to revenue growth of this segment.
- The web-based segment is expected to register a steady revenue CAGR during the forecast period. Web-based pharmacies offer a platform for users to buy prescription medications and E-services online, enabling customers to receive their medications and services quickly and comfortably at home. Online pharmacy websites offer useful information about drug interactions and adverse effects of medications in the form of product data, blogs, or articles. They also inform the patient how much medication is required and at what time of day. These are the major factors that are contributing to revenue growth of this segment.
- On 28 April 2021, Capsule, a startup digital pharmacy, received USD 300 million in new money, bringing its worth to more than USD 1 billion. Capsule intends to grow into new areas and make technology investments with the new money. The business wants to create a digital healthcare one-stop shop where customers can access Capsule's digital pharmacy as well as a curated selection of goods and services, including telemedicine or mental health support, all from within a single app.
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Emergen Research has segmented the global online pharmacy market on the basis of product type, platform, drug type, and region:
- Product Type Outlook (Revenue, USD Billion; 2019-2032)
- Medications
- Health, Wellness & Nutrition
- Personal Care & Essentials
- Platform Outlook (Revenue, USD Billion; 2019-2032)
- App-Based
- Web-Based
- Drug Type Outlook (Revenue, USD Billion; 2019-2032)
- Over-the-Counter (OTC) Drugs
- Prescription Drugs
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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