Relatively high costs of prescription medicines in some countries are directly adjunct to efforts taken to make medicine availability not only affordable but also easy. In US, medicines are available at very high costs, and those needing prescriptions sometimes have relentless waiting periods in countries like UK. E-commerce platforms for pharmacy have risen to the occasion to counter this problem. This coupled with the increasing number of smartphone users are the primary factors driving the Global online pharmacy market
. Recent data published by the General Pharmaceutical Council (GPhC) states that 25% of people are likely to use online pharmacies in the future with 50% of those staying away citing safety and regulations as reasons for doing so.
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Apollo Hospitals Enterprises Limited, Ayurkart, Chemistdirect.co.uk, europe-pharmacy, Express Scripts Holding Company, Lloyds Pharmacy Limited, myCARE e.K, Netmeds Marketplace Limited, Nutricia Homeward. (Danone Nutricia), OptumRx, Inc, Oxford Online Pharmacy, Paydens Ltd, PHARMACOSMOS A/S, PillPack, Rite Aid Corp, Simple Online Pharmacy Ltd, Walgreen Co. among others
Regulations and safety have become a concern bringing to light various issues in different regions that are now being dealt with. Online pharmacy UK Meds has invested more than £500,000 into AI and facial biometrics software to patient safety within the industry. The average waiting time for a physician’s appointment in UK is now reported to have exceeded 15 days. The country’s NHS services recognize the growing need of patients requiring prescription medicines. Online pharmacy performs that function aptly, UK Meds is partnering to ease qualms on safety with global identity verification provider Onfido.
Accessibility has become the underlying philosophy behind all buying decisions today. Mobile apps that cater to the pharmacy needs of patients have steadily multiplied over the years. 20% of customers use mobile apps to buy medicines. Online pharmacy is replacing the age-old practice of brick and mortar personalized services, which, though are still prevalent and successful. Technology, will soon overweigh these other attractions taking people to traditional pharmacy buying. India is one of the largest online pharmacy markets in the world, seeing a rapid growth of online pharmacies. Taking the service, a step further, it was recently announced that Online pharmacy and healthtech platform, 1 MG has collaborated with the government to take its services to people in rural areas through Common Service Centers (CSCs) across the country.
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On the flipside, regulations have hoarded the global online pharmacy industry worldwide. Indian Pharmaceutical Association (IPA) and FDA both have shunned some uncredited online pharmacies for selling un-prescribed drugs. But there is an omniscient support for the government and regulatory body supported online pharmacy portals. This growing support, companies working towards perennially improving consumer buying offers and breakthrough technology integration will continue to power the global online pharmacy market’s advancement.
The detailed research study provides qualitative and quantitative analysis of global online pharmacy market. The market has been analyzed from the scope of demand as well as supply. The analysis of demand covers market revenue across regions and further also across all the major countries. The analysis of supply covers the major market players and their regional and global presence and strategies. The geographical analysis emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
Online Pharmacy market segment is estimated to grow with CAGR of above 12.7% over the projection timeframe, due to diversifying investments and supporting governmental budgets allocated to healthcare in remote areas, multiplication of smartphone users and accessibility ease of purchasing medicines from an online portal. These portals also offer great discounts and offers making the retail pharmacy experience of consumers very distinct.
By business model, the global pharmacy market divides as marketplace, home delivery and brick and mortar. Brick and mortar still enjoys monopoly in countries like US, UK and India. In US, a personal connect with the pharmacists, more than 80%, is cited as the reason for loyalty and preference. Marketplace is a growing trend. Still nascent, the single umbrella for many pharma brands will soon find an easy climb with more and more people accessing their mobiles and wanting prescription medicines at lower costs. In 2018, Amazon reportedly paid $1 billion
to acquire online pharmacy PillPack that will transform customer experience. Online pharmacy Com will add 12 fulfilment centers across India by 2020 in an effort to facilitate quick last-mile delivery of medicines.
By product type, the global online pharmacy market can be categorized under Over-The-Counter Products (Pain relievers, Cold and Flu, Digestion) and Prescription Products (Diabetes, Orthopedic Cardiology, Oncology, Asthma). Website and App are platforms that facilitate online pharmacy.
Key industry participants in Apollo Hospitals Enterprises Limited, Ayurkart, Chemistdirect.co.uk, europe-pharmacy, Express Scripts Holding Company, Lloyds Pharmacy Limited, myCARE e.K, Netmeds Marketplace Limited, Nutricia Homeward. (Danone Nutricia), OptumRx, Inc, Oxford Online Pharmacy, Paydens Ltd, PHARMACOSMOS A/S, PillPack, Rite Aid Corp, Simple Online Pharmacy Ltd, Walgreen Co. and more.
Geographical expansion, introduction of new products, acquisition and collaboration are some of the strategies adopted by companies to expand their reach and gain competitive advantage.
- By Business Model
- Direct Delivery
- Brick and Mortar Pharmacies
- OTC Products
- Pain relievers
- Cold and Flu
- Prescription Products
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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