New York, USA, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The global digital pharmacy market size was USD 115.34 billion in 2023, estimated at USD 134.92 billion in 2024, and is expected to reach around USD 483.52 billion by 2032, expanding at a CAGR of 17.3% from 2024 to 2032.
What is Digital Pharmacy?
Digital pharmacies at the crossroads of healthcare and technology provide consumers online approach to pharmaceutical services through websites and mobile apps. They provide virtual discourse, individualized care through AI and ML, medicine conformity tracing, and customized health guidance through surfacing technologies. Similar to other healthcare services, digital pharmacies are recognized as VIPPS to sanction security and healthcare conformity. Parallel to the tech framework utilized, the logistics that distribute and convey the medicine are also observed by health organizations.
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Key Takeaways from the Report:
- The market is expected to exhibit at a CAGR of 17.3%.
- The market for digital pharmacy is expanding due to the advancement of software in several domains.
- The digital pharmacy market analysis is primarily based on product, drug type, platform, and region.
- Based on drug type, the over-the-counter product segment dominated the market in 2023.
- In 2023, North America dominated the market with the largest share and is anticipated to continue its dominance during the forecast period.
Digital Pharmacy Market Dynamics:
Growth Drivers:
- Comfort during Shopping: The digital pharmacy market size is expanding due to the growing focus on comfort among consumers worldwide. For instance, as per the National Retail Federation, 83% of US consumers organize ease over any other element while buying commodities. Consumers perceive ease as the most crucial element in their buying resolution frequently eager to pay an elevated cost for a smoother and productive shopping experience.
- Government Support for Digitalization of Several Sectors: Growing government reinforcement for the digitalization of manifold sectors is expected to fuel the market in the coming years. Governments globally are inflicting commending directives and ingenuity to reinforce the e-commerce industry and speed up digitalization to reach the unfulfilled population of the country. For instance, as per Invest India, to escalate broadband connectivity in rural regions, the Indian government has commenced the Digital India Program. Also, to profit and escalate the aggregate of contenders in the e-commerce and swift commerce industry, the government has commenced offering tax benefits, simpler conformity, and IPR swift tracing for small and medium businesses.
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Trends and Opportunities:
- Augmenting Internet and Broadband Services: The augmenting Internet and broadband services have caused a surge in Internet users, resulting in the swift acquisition of digital platforms by the normal population. For instance, as per the World Bank, the percentage of internet users in North America has notably escalated over the past decade from 71% of the entire population possessing an internet approach in 2011 to 93% in 2021. In 2021, 92% of citizens in the US and 93% of the aggregate population in Canada possessed internet access, which suggests that the digital pharmacy market demand is expanding.
- Elevated Acquisition of Telemedicine: The market is anticipated to grow due to the escalated acquisition of telemedicine. The growing usage of telemedicine has prompted elevated demand for distinct prescription and medication handling. For instance, as per Rock Health, 80% of the population in the US has already utilized telemedicine once in their life. As of 2022, live phone teleconsultation was acquired by 64% of the US population. As the acquisition of telemedicine escalates, the market is anticipated to record a sizeable CAGR in the study years.
Competitive Analysis:
The market is always progressing, with several firms struggling to invent and discern themselves. Spearheading global corporations dominate the market by manipulating sizeable research and development potential, progressive software technologies, and notable capital to sustain a competitive edge.
Major players operating in digital pharmacy market are:
- Amazon Pharmacy
- CVS Health
- Walgreen Co.
- Giant Eagle Inc.
- Walmart Inc.
- Express Scripts Holding Company
- Rowlands Pharmacy
- Optum Rx Inc.
- Axelia Solutions
- Apollo Pharmacy
- Com
- Cigna Corporation
Regional Insights:
- North America: Growing digitalization and hastened acquisition of e-commerce platforms covering several sectors are pushing market development in the region. The speedy growth of the e-commerce industry is pushed by growing demand for comfort and growing mergers and acquisitions within the industry.
- Asia Pacific: Augmentation of steady internet connectivity in the region is expected to drive the Asia Pacific digital pharmacy market with the highest CAGR during the forecast period.
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Digital Pharmacy Market Segmentation:
By Product Outlook:
- Medicine & Treatment
- Diabetic Care
- Heart Care
- Oncology
- Other
- Vitamins & Supplements
- Personal Care Products
- Others
By Drug Type Outlook:
- Prescription Medicines
- Over-the-counter Products
By Platform Outlook:
- Application Based
- Web Based
By Regional Outlook:
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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The digital pharmacy market size is expected to reach USD 483.53 billion by 2032, exhibiting a CAGR of 17.3% from 2024 to 2032.
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