The Worldwide Digital Pharmacy Industry is Expected to Reach $211.9 Billion by 2027 – ResearchAndMarkets.com

The Worldwide Digital Pharmacy Industry is Expected to Reach $211.9 Billion by 2027 – ResearchAndMarkets.com




The Worldwide Digital Pharmacy Industry is Expected to Reach $211.9 Billion by 2027 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Digital Pharmacy Market by Drug (Rx, OTC), Product (Medicine, Personal Care, Vitamins & Supplements, Diabetes, CVD, Oncology), Platform (Apps, Websites), Business Model (Captive, Franchise, Aggregator), Geographic (Urban, Rural) – Global Forecasts to 2027” report has been added to ResearchAndMarkets.com’s offering.

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.

Over-the-counter (OTC) products segment is estimated to grow at the highest rate during the forecast period

On the basis of drug 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 the growing prevalence of several chronic disorders and the subsequent growing demand for medications.

On the other hand, the over-the-counter (OTC) products segment is expected 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 & Treatments segment is expected to account for the largest share of the Digital Pharmacy market in 2021

On the basis of products, 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.

Apps segment in the platform is expected to account for the largest share of the global digital pharmacy market

On the basis of platforms, 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 apps offering lucrative promos or discounts to attract customers. The website platform 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 segment among the business model accounted for the largest share of the global digital pharmacy market in 2021

On the basis of business 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 Urban areas accounted for the largest share of the global digital pharmacy market in 2021

On the basis of geographic 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 to dominate the digital pharmacy market during the 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.

Market Dynamics

Drivers

  • Increasing Consumer Preference Toward Buying Online Medicines During and Post the COVID-19 Pandemic
  • Consolidation in the Market and Partnerships
  • Growing Geriatric Population

Restraints

  • Growing Number of Illegal Pharmacies
  • Risk of Counterfeit Drugs
  • Increased Risk of Drug Abuse

Opportunities

  • Emerging Markets
  • Benefits of E-Commerce

Challenges

  • Challenges for Patients Relying on Pharmacists for Clinical Support
  • Lack of Strong National Laws Worldwide
  • Security and Privacy Concerns

Companies Mentioned

  • AmazonCom, Inc
  • Apex Pharmacy
  • Apollo Pharmacy
  • Cigna
  • Costco Wholesale Corporation
  • CVS Health
  • DocMorris
  • Giant Eagle, Inc
  • GoodRx, Inc
  • HealthWarehouse.com
  • Hims & Hers Health, Inc
  • LloydsPharmacy
  • Netmeds.com
  • NorthWestPharmacy.com
  • Optum, Inc (Part of the UnitedHealth Group)
  • PharmEasy
  • Pharmex Direct Inc
  • Rexall Pharmacy Group Ulc
  • Rite Aid Corp
  • Ro Pharmacy
  • Rx Outreach
  • Tata Mg
  • Telus Health
  • The Independent Pharmacy
  • The Kroger Co
  • Walgreen Co
  • Walmart Inc

For more information about this report visit https://www.researchandmarkets.com/r/sir5xu

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