Dublin, Oct. 14, 2024 (GLOBE NEWSWIRE) -- The "Online Pharmacy Market - Focused Insights 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The Online Pharmacy Market was valued at USD 109.74 Billion in 2023, and is expected to reach USD 286.26 Billion by 2029, rising at a CAGR of 17.33%.
The global online pharmacy market report consists of exclusive data on 60 vendors. The market is highly fragmented, and some major companies dominate it. However, there are significant growth opportunities for new entrants. Though the market is dominated by major players, many investigational and small companies are coming into existence with innovative solutions, services, and technologies.
Amazon - Amazon Pharmacy, Cigna Healthcare, CVS Health, Giant Eagle, The Kroger Co., Shop-Apotheke.Com, Walgreens Boots Alliance, Walmart, and Docmorries- Zur Rose Group are some leading companies accounting for the major share of the global online pharmacy market. These vendors continuously expand their business strategies and are expected to dominate the market with continued engagement in advanced online pharmacy service deliveries.
The APAC region shows the highest growth in the global online pharmacy market, followed by Europe. The APAC region has witnessed significant growth in online pharmacy in the past few years. The growing internet penetration, engagement in social and medical services, and increasing number of online pharmacies and their expansion in the region have boosted the significant market growth in the region in the past few years. In APAC, healthcare settings become more digital by integrating virtual and online health services. Online pharmacies are majorly adopted in Japan, China, India, and South Korea.
In Europe, the online pharmacy industry is running on a non-prescription-based model. It allows more people to buy non-prescribed health and wellness products. Countries such as Germany, Estonia, Sweden, the UK, Italy, and Spain are commonplace for European digital healthcare facilities. The integration of e-prescription, digital health records, digital payments, and national digital health portals increases access to online pharmacies. This has led to the increasing popularity of e-pharmacies in the region.
MARKET TRENDS & DRIVERS
AI - An Emerging Opportunities For Online Pharmacies
The online pharmacy industry is continuously evolving with new technologies. AI is one of the emerging opportunities in online pharmacies, reshaping it with improving speed, convenience, and accuracy. AI is simplifying the tasks of online pharmacies, including online prescription management, auto communication with consumers, and inventory tracking.
For instance, Amazon Pharmacy, one of the leading market players, started using AI to expand its same-day delivery services in Los Angeles and New York City. The service aims to fulfill prescriptions with AI and machine learning and rapidly reduce treatment delivery time. Integrating AI into online pharmacy services will streamline pharmacy services and deliver a better patient experience.
Consumer Preference Towards Preventive and Wellness Solutions
In the global online pharmacy market, rising innovations, awareness, and digital health applications in the wellness space are opening lucrative opportunities for market growth. The increasing attention towards wellness solutions, such as dietary supplements, nutritional solutions, and other OTC solutions, is creating a huge pace for growth in online pharmacies. During the COVID-19 pandemic, online pharmacies became a hotspot for wellness solutions.
The pandemic creates a huge positive attitude among people toward wellness solutions. E-commerce channels also experienced a significant increase in demand through e-commerce channels. Online pharmacies provide preventive medicines, including nutritional and dietary supplements, certified vitamins, and minerals-based solutions.
Increasing Internet & E-commerce Penetration
Adopting online pharmacy applications depends on internet services in the region, country, or place where patients demand medication and care. The world is evolving with internet penetration across every small area. With increasing access to Internet services, people are becoming more aware of online sales channels, such as e-commerce and e-pharmacies. Moreover, increased internet use led to the rapid adoption of e-commerce channels, resulting in increased awareness about online shopping.
INDUSTRY RESTRAINTS
Substandard and Falsified Medicines
Counterfeit, substandard, and falsified drugs is one of the major concerns across the world for health professionals through traditional as well as online pharmacies. The WHO stated that this type of drug is becoming a major public health threat, and it has expanded in developed and developing countries. Globally, around 11% of medicines are substandard and falsified.
Counterfeit medicines are becoming one of the major and serious threats to public health, and the increased use of e-pharmacies has made it easier for these types of drugs in supply chains. There is concern about the increasing use of online pharmacies along with the mass production of fake medicines, resulting in increasing falsified drug industries.
SEGMENTATION INSIGHTS
INSIGHTS BY MEDICINE TYPE
The global online pharmacy market by medicine type is segmented into over-the-counter (OTC) and prescription medicine. The over-the-counter (OTC) segment accounted for the largest market share. The growth is attributed to OTC products not requiring a doctor's prescription and are sold directly to consumers by pharmacy stores and online pharmacies.
OTC products sold through online pharmacies are generally allowed in most countries. The rising awareness about preventive healthcare and the rising rate of self-medication are two leading factors accelerating the significant sale of OTC products through online pharmacies. Furthermore, social, medical platform services, influencer marketing, advertising, and other factors are expected to drive the rapid demand for OTC drugs through online pharmacies. Billions of internet, smartphone, and e-commerce users are potential consumer bases for OTC online sales delivery.
INSIGHTS BY PLATFORM
The global online pharmacy market by platform is categorized into mobile and desktop. The mobile platform shows significant growth, with the fastest-growing CAGR during the forecast period. Mobile platforms are convenient, portable, and more accessible than other platforms to buy medicines, regardless of location. Online pharmacies witness a high demand for medicines through smartphones and tablets.
Smartphone users' increased use drives online medicine orders through e-pharmacy portals. Moreover, many aging populations turn toward e-pharmacies for medicines with increased internet penetration and smartphone access. In addition, e-pharmacies emerged as a promising sector due to the drastic shift in shopping behavior, as it is the most convenient method to take advantage of medical solutions and services.
INSIGHTS BY PRODUCT TYPE
The medication segment holds the largest share of the global online pharmacy market based on the product type. The increased prevalence of various chronic diseases drives the demand for self-care and self-medication. The growth in the patient population poses a high burden on healthcare systems, creating demand for medications. Medications purchased by online pharmacies are commonly prescription and non-prescription-based.
Most prescription drugs purchased through e-pharmacies are associated with viral infections, such as cold and flu, cough, diabetes-associated drugs, cancer care drugs, and others. People generally tend to self-medicate over concerns with common health conditions, such as cold and flu. Thus, the increasing prevalence of these common health conditions is accelerating the demand for self-medication and contributing to segmental growth. Globally, several countries allow prescription-based and non-prescription-based sales through online pharmacies, contributing to significant market growth.
COMPETITIVE LANSCAPE
Recent Vendor Activities in the Global Online Pharmacy Market
- In 2024, Amazon Pharmacy, one of the leading giants in the market, launched the same-day delivery strategy for prescription medicine in Los Angeles and New York City and announced it would expand this offering to around 12 new cities by the end of 2024.
- In 2023, the leading market players SHOP APOTHEKE EUROPE and Galenica entered a strategic partnership and established MediService Ltd, a leading online pharmacy in Switzerland.
- Ourshoppe.com introduced new online pharmacy facilities in 2023, offering a convenient and easy way to obtain medications. The company also partnered with Z Neem Pharmacy to deliver comprehensive medicines and wellness solutions.
Key Vendors
- Amazon - Amazon Pharmacy
- Cigna Healthcare
- CVS Health
- Giant Eagle
- The Kroger Co.
- Shop-Apotheke.Com
- Walgreens Boots Alliance
- Walmart
- DocMorris AG (Zur Rose Group)
Other Prominent Vendors
- Chemist Direct
- MonCoinSante
- TATA 1mg
- AMX Holdings
- Apteka.ru
- Apotea
- Azeta
- BestPharmacy
- Chemist 4 U
- Cococenter
- BioPlus Specialty Pharmacy
- DeOnlineDrogist
- Farmacia Internacional
- Foundation Care (Centene Corporation)
- GoGoMeds
- Healthwarehouse
- Hi-School Pharmacy
- Henry Ford Health
- Kinney Drugs
- KwikMed
- Index Medical Ltd (Dr Fox)
- INHOUSE PHARMACY
- Lekarna WPK
- MedPlusMart
- Lekarnar
- MEDS
- MedVantx
- myCARE eK
- Netmeds
- Newpharma
- NorthWestPharmacy.com
- Nunokame
- Oxford Online Pharmacy
- parafarmacia-online
- Pharm24
- Pharmacy2U
- Pharmacy4U
- PRVALEKARNA
- The PROTEK Group
- RX-24-ONLINE.COM
- shopware AG (Sanicare)
- SBER EAPTEKA (eApteka)
- Simple Online Pharmacy
- The Canadian Pharmacy
- UK Meds
- Vamida
- Woori Pharmacy
- Ro pharmacy
- MedExpress Enterprises Ltd
- PharmEasy
For more information about this report visit https://www.researchandmarkets.com/r/2p2lcq
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