Digital Pharmacy Market worth $211.9 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, June 10, 2022 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, the Digital Pharmacy Market is projected 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.

Browse in-depth TOC on "Digital Pharmacy Market"
175 – Tables
36 – Figures
224 – Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=134868253

The growth of this market is driven by the increasing consumer preference toward buying online medicines during and post the COVID-19 pandemic, consolidation in the market and partnerships, and the growing geriatric population.

However, patients relying on pharmacists for clinical support and a growing number of illegal pharmacies are expected to restrain the growth of this market during the forecast period.

Impact of COVID-19 on the digital Pharmacy Market

The growing number of internet users, increased access to online services, and the rising implementation of e-prescriptions in healthcare services in the wake of the COVID-19 pandemic are other key factors supporting market growth. In March 2020, CVS Health began to employ new measures to balance the requirement of drugs used in the treatment of both COVID-19 and other chronic diseases. In November 2020, Amazon launched an online pharmacy service in the US for both generic and prescription medications.In pre-COVID times, 70% of households were chronic-first users of digital pharmacy as they found better value in these affordable & convenient services. However, during the lockdown phase, an equal proportion of chronic-first and acute-first households were onboarded, as digital pharmacy became the need of the hour. In addition to prescription medicines, the growth of the digital pharmacy market is also supported by the increased demand for OTC products, such as masks, sanitizers, thermometers, and steamers, among others. Thus, the rapid adoption of OTC products will positively impact the market.

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

Based on drug type, the 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 the growing prevalence of several chronic disorders and the subsequent increase in the demand for medications.

On the other hand, the over-the-counter (OTC) products segment is estimated 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 OTC products and the growing trend of self-medication.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=134868253

"The Medicines & Treatments segment is estimated to account for the largest share of the Digital Pharmacy market in 2021"

Based on 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 market in 2021.

However, the vitamins & supplements segment is estimated to register the highest CAGR during the forecast period due to the high prevalence of chronic diseases and the availability of multiple product options.

"Apps segment in the platform accounted for the largest share of the global digital pharmacy market"

Based on platforms, the market is segmented into apps and websites. In 2021, apps accounted for the largest share of the global market. The large share of this segment can be attributed as the apps offering lucrative promos or discounts to attract customers. The websites platform is expected 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"

Based on business models, the market is segmented into captive, franchise, and aggregator business models. In 2021, the captive business model accounted for the largest share of the global market. The captive business model is also expected to register the highest CAGR during the forecast period. The flexibility, accessibility, and affordability of captive business models are key contributors to segmental growth in the market. The aggregator business model is expected to grow at the second-highest CAGR during the forecast period.

Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=134868253

"The Urban areas accounted for the largest share of the global digital pharmacy market"

Based on geographic coverage, the market is segmented into urban and rural areas. In 2021, urban areas accounted for the largest share of the global market due to the growing penetration of the internet in urban areas.

 "North America to dominate the digital pharmacy market in 2022"

North America accounted for the largest share of the market. The increasing 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 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, increasing patient population, and the rapidly growing pharmaceutical market.

Prominent players in this digital pharmacy 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.

Browse Adjacent Markets: Healthcare IT Market Research Reports & Consulting

Browse Related Reports:

ePrescribing Market by Product & Services (Solution (Integrated, Standalone), Services(Implementation, Network)),by Delivery Mode (Web & Cloud based, On premise) End User (Hospitals, Physician Offices, Pharmacies) - Global Forecast to 2025
https://www.marketsandmarkets.com/Market-Reports/e-prescription-systems-market-910.html

Pharmacy Automation Market by Product (Automated Medication Dispensing & Storage Systems, Table-Top Counters, Retrieval Systems, Medication Compounding), End User (Inpatient, Outpatient (Fast-Track Clinics), Retail Pharmacies) - Global Forecast to 2027
https://www.marketsandmarkets.com/Market-Reports/pharmacy-automation-systems-market-71522890.html

About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/digital-pharmacy-market.asp
Visit Our Web Site: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/digital-pharmacy.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg