The Global Online Pharmacy Market Size is Expected to Exceed $261,684.5 Million by 2030, According to P&S Intelligence
NEW YORK, April 18, 2022 /PRNewswire/ — Approximately $68,382.3 million in 2021 for $261,684.5 million by 2030, the world online pharmacy market is expected to grow at a CAGR of 16.1%. According to market research report published by P&S Intelligence. This can be attributed to the increasing access to online services, the growing number of internet users and the growing use of electronic prescriptions in healthcare facilities. Above all, the boom in teleconsultation and diagnostic assistance is boosting the industry.
As a result, market players are taking concrete steps to grow their market shares, strengthen their product portfolios, and improve their value propositions. These major players include Amazon Pharmacy, The Kroger Co., Express Scripts Holding Company, Giant Eagle Inc., Shop Apotheke Europe NV, Walgreens Boots Alliance Inc., Walmart Inc., Phoenix Group Holdings, and Zur Rose Group AG.
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Key Findings of the Online Pharmacy Market Report
- During the forecast period, the demand for health and nutrition products is expected to grow at the highest CAGR in the online pharmacy market of almost 17%. Growing awareness of healthy lifestyle, convenience of shopping through online channels, and reasonable costs are driving the boom in the market.
- In 2021, pharmaceuticals marketed through app-based platforms were worth approximately $40 billion. The increase in internet and mobile penetration is credited for this expansion. For example, there were about 107.5 mobile phone subscriptions per 100 people in 2020, according to the World Telecommunication/Information and Communication Technology (ICT) Indicators Database.
- Due to the growing penetration of mobile, the field of mobile health (mHealth) is growing all over the world. It involves the use of mobile phones, computers, tablets and smart watches to deliver and access health services. In poor countries, mHealth improves health care by allowing doctors to track the health status of patients.
- The United Nations Conference on Trade and Development (UNCTAD) reports that the e-commerce industry’s share of total retail sales increased “significantly” to 19% in 2020 from 16% in 2019.
- North America had an online pharmacy market revenue share of more than 40% in 2021. High internet penetration along with awareness about the availability of OTC drugs online is driving the industry here. According to Internet World Stats, around 90% of the continent’s population has access to the Internet.
- In November 2021, Flipkart Group has made a foray into the health market with the introduction of Flipkart Health+. The company has agreed to acquire a majority stake in Sastasundar Marketplace Limited, which operates sastasundar.com, an online pharmacy and digital healthcare platform.
With the COVID-19 outbreak sweeping the globe, along with social distancing altering the way people access medical treatment, offline pharmacies and online pharmacy market players must adapt. Most online shops choose to source necessary pharmaceuticals rather than other products, to avoid the logistical difficulty of meeting the increasing demand for drugs and managing storage.
Browse the detailed report on Global e-Pharmacy Market Trends, Business Strategies, Challenges and Analysis to 2030
In addition, online sales of essential health items, such as disinfectants, masks, lotions and antibacterial drugs, have increased significantly. According to the government of from Canada Department of Statistics, sales of hand sanitizer increased by more than 600% between 2019 and 2020.
Online Pharmacy Market Segmentation Analysis
By platform type
By product type
- Health, wellness and nutrition
- Personal and essential care
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
- United Arab Emirates
- Saudi Arabia
- South Africa
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On P&S intelligence
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