The digital pharmacy market is expected 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. The growth of this market is driven by the growing consumer preference toward buying online medicines during and post COVID-19 pandemic, consolidation in the market and partnerships, and increasing geriatric population.
However, patients relying on pharmacists for clinical support and increasing number of illegal pharmacies are expected to restrain the growth of this market during the forecast period.
“Over-the-counter (OTC) productssegment isestimated to grow at the highest rate during the forecast period”
On the basis ofdrug 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 factors such as growing prevalence of several chronic disorders and the subsequent growing demand for medications.
On the other hand, the over-the-counter (OTC) products segment isexpected 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 over-the-counter products and the growing trend of self-medication.
“The Medicines & Treatmentssegment is expected to account for the largest share of theDigital Pharmacymarket in 2021”
On the basis ofproducts, 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 expected to register the highest CAGR during the forecast period due to increase prevalence of chronic diseases and the availability of multiple product options.
“Appssegment in the platformis expected to account for the largest share of the global digital pharmacy market”
On the basis ofplatforms, the digital pharmacy market is segmented into apps and websites. In 2021, apps is expected to hold the largest share of the global digital pharmacy market, growth in this segment is attributed to factors as the appsoffer lucrative promos or discounts to attract customers.The websitesplatform is estimated 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 segmentamong the business model accounted for the largest share of the global digital pharmacy market in 2021”
On the basis ofbusiness models, the digital pharmacy market is segmented into captive, franchise, and aggregator business models. The captive business model accounted for the largest share of the global digital pharmacy market in 2021 The captive business model is also estimated to register the highest CAGR during the forecast period. The flexibility, accessibility, and affordability of captive business models are key factors to segmental growth in the digital pharmacy market. The aggregator business model is estimated to grow at the second-highest CAGR during the forecast period.
“The Urbanareasaccounted for the largest share of the global digital pharmacy market in 2021”
On the basis ofgeographic coverage, the digital pharmacy market is segmented into urban and rural areas. Urban areas accounted for the largest share of the global digital pharmacy market in 2021 due to the growing penetration of the internet in urban areas.
“North America todominate the digital pharmacy market during forecast period”
North America accounted for the largest share of the digital pharmacy market in 2022. The growing 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, growing patient population, and the rapidly growing pharmaceutical market.
Breakdown of supply-side primary interviews, by company type, designation, and region:
- By Company Type: Tier 1 (41%), Tier 2(31%), and Tier 3 (28%)
- By Designation: C-level (44%), Director-level (35%), and Others (21%)
- By Region: North America (46%), Europe (26%), Asia Pacific(18%),Latin America (7%) and Middle East & Africa (3%)
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.
- The report studies theDigital Pharmacymarket based on drug type, products,platform,business model,geographic coverage, and region
- The report analyzes factors (such as drivers, restraints, opportunities, andchallenges) affecting the market growth
- The report evaluates the opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders
- The report studies micro-markets with respect to their growth trends, prospects, and contributions to the total digital pharmacy market
- The report forecasts the revenue of market segments with respect to five major regions
Key Benefits of Buying the Report:
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the Digital Pharmacy market and provides them information on key market drivers, restraints, challenges, and opportunities.