Online Pharmacy Market Growing 16% CAGR from 2023 to 2032, Driven by Growing Use of Web and Online Services | overviewSLICE

The Global Online pharmacy the market size was estimated at US$51.5 billion in 2021 and is expected to grow at a CAGR of 16% Between 2023 to 2032.

Internet drug delivery is the sale of pharmaceutical products to customers at their doorstep through an online platform. Expanding investments from private players and government support through significant initiatives to build online infrastructure are major drivers of the global e-pharmacy market.

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The major players in the global online pharmacy market are:

Major players currently with a substantial presence in the global online pharmacy market include 1mg, CVS Health, Express Scripts Holding Company, Giant Eagle, Inc., Netmeds, OptumRx Inc., The Kroger Co., The Walgreen Company, Pharmacy2U Limited, Walmart Stores, Inc., and Zur Rose Group AG.

For example, the online pharmacy company Zur Rose AG from Switzerland launched its first public offering (IPO) in 2017. Currently, the company’s shares are listed on the SIX Swiss Exchange.

The term product portfolio in this report refers to the entire range of products offered by a single online pharmacy competitor.

Driving Factors for Global Online Pharmacy Market Growth

The rise of teleconsultation and diagnostic assistance is what is fueling the e-pharmacy sector. The hallmark of medical care over the years has been the availability of medical facilities for the treatment of chronic diseases nearby.

However, therapeutic approaches have evolved globally since the advent of telehealth/teleconsultation. Currently, remote consultations can be used to create electronic prescriptions that can be used to purchase drugs from online pharmacies. As a result, patient time has been saved and healthcare providers are now more efficient.

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Moreover, a large group of patients around the world prefer to buy medicines online and have them delivered to their homes due to the shortage of specific medicines in retail pharmacies. Online pharmacies also reduce the need for elderly and chronically ill people to depend on other sources for their medication and healthcare needs.

Mobile health (mHealth), which provides consumers and healthcare professionals with extremely effective support, is currently transforming the way in which the online pharmacy market is perceived.

Additionally, the use of mobile applications enhances mHealth’s contribution to market expansion through a number of benefits, including its adequate support for pharmacists, disease history monitoring of patients, and dose calculation. specific drugs.

Additionally, mHealth, which is rapidly gaining popularity with consumers, is turning cell phones into point-of-care diagnostic tools for monitoring blood pressure.

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Product details may include their name, properties, date of production and manufacturing techniques. While the recent developments section gives data on the company’s most recent development initiatives.

This section discusses changes such as global expansion, collaborations, alliances, venture capitals in online pharmacy products, technology/product growth, takeovers, new product launches and geographic expansion.

As an example, Zur Rose AG, an online pharmacy company based in Switzerland, invested US$237 million to expand its operations in Germany in 2017 and this deal was covered in the previous report of our report.

The expansion of the global e-pharmacy market is expected to be boosted in the near future by the intense focus of major players on massive investment to expand their e-pharmacy business.

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Key segments of the global online pharmacy market:

By drug type

  • Prescription drugs
  • Over-the-counter (OTC) drugs

By request

  • Skin care
  • Dental
  • Vitamins
  • Cold and flu
  • Weightloss
  • Others

By geography:

  • North America
    • United States
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • UK
    • Italy
    • France
    • Spain
    • The rest of Europe
  • Asia Pacific
    • Japan
    • India
    • China
    • Australia
    • Rest of Asia-Pacific
  • Middle East and Africa
    • United Arab Emirates
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East and Africa
  • South America
    • Brazil
    • Rest of South America

Regional Performance of the Online Pharmacy Market

The global online pharmacy market is divided into regional economies and numerous companies are operating in various parts of the world.

While the market is highly profitable in developed economies like the US, UK, Germany, Australia, and New Zealand among others, it is expected that growing markets like India and Brazil will occupy the largest place in the years to come.

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