Online Pharmacy Market 2020-2026
Global Online Pharmacy Market Size, Share & Trends Analysis Report by Medicine Type (OTC Medicines and Prescription Medicines) Forecast Period (2020-2026)
The global online pharmacy market is anticipated to at a CAGR of 16.8% during the forecast period. A surge in internet penetration and an increase in the adoption of smart devices such as smartphones, and laptops have boosted the number of citizens inclined toward online pharmacy. Presently, online social media has gained major popularity, which makes it easier for individuals to get more and more information on medications and relevant data, consequently ordering pharmaceuticals online.
The online delivery of pharmaceuticals is increasing due to diverse regulatory, economic, and cultural environments. Over three decades ago, before the introduction of the world wide web, people were not much aware of the internet. However, now with the changing trend, the internet has become an essential tool across the globe. It is widely used in pharmacies and among doctors with the emerging trend of online pharmacy. An online pharmacy sells medicines online, which includes independent internet-only sites, online branches of brick-and-mortar pharmacies, and sites representing partnerships with other brick and mortar pharmacies.
The global online pharmacy market is segmented based on medicine type. Based on medicine type, the online pharmacy market is segmented into OTC medicines and prescription medicines. OTC medicines are estimated to be the dominating medicine type sub-segment, growing at a substantial CAGR.
Geographically, the global online pharmacy market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. In the US, the online pharmacy market is mainly prescription-based. However, there is a limited presence of prescription based online pharmacies in Europe, unlike the US. Among other regions, Europe is the second-largest market for online pharmacy, while North America is the largest one. Moreover, in the APAC region, online pharmacy is anticipated to increase owing to the surge in investments and several government initiatives to improve the healthcare infrastructure. India and China are estimated to be the major contributors in the region with prominent market shares.
Amazon.com, Inc. (PillPack), Carepoint Healthcare LLC (Carepoint Pharmacy), Caremark LLC (CVS Pharmacy), Express Scripts Holding Co., Giant Eagle, Inc., Shop Apotheke Europe N.V., The Kroger Company, and Walmart, Inc. are some of the market leaders in the global online pharmacy industry. The global online pharmacy market is completely diverse and all sizes of enterprises are emerging in the online pharmacy market. The key pharmaceutical companies are anticipated to increase investments toward forming partnerships with e-commerce enterprises to inflate their market value.
The market study of the global online pharmacy market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include:
Financial reports of companies involved in the market.
Whitepapers, research-papers, and news blogs.
Company websites and their product catalog.
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
1. Global Online Pharmacy Market Research and Analysis by Medicine Type
The Report Covers:
Comprehensive research methodology of the global online pharmacy market.
This report also includes a detailed and extensive market overview with key analyst insights.
An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
Analysis of regional regulations and other government policies impacting the global online pharmacy market.
Insights about market determinants which are stimulating the global online pharmacy market.
Detailed and extensive market segments with the regional distribution of forecasted revenues.
Extensive profiles and recent developments of market players.