The global online pharmacy market is estimated to reach a market value of US$ 46,652.5 million in 2019 and is forecast to reach US$ 121,560.0 million by 2027, growing at an estimated CAGR of 12.7% over the forecast period.
An electronic pharmacy, also called an online pharmacy, an internet pharmacy, or a mail-order pharmacy, is an online service available through the Internet, which provides services to customers by sending online prescriptions for patients to use online medicine. . It operates online and delivers products to customers through various transportation channels. We offer all kinds of medicines, such as over-the-counter medicines (OTCs) and prescription drugs. As the application of electronic prescriptions increases, access to pharmacies decreases, contributing to the growth of the global electronic pharmacy market. Increasing global Internet penetration, increasing investment by private companies, and increasing numbers of measures by government agencies are one of the key drivers driving the development of the Online Pharmacy Market.
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The global Online Pharmacy Market is highly segmented, and major players are increasing their footprint in this market using a variety of strategies such as new product launches, expansions, contracts, joint ventures, partnerships, acquisitions, and more. This report includes the Online Pharmacy Market share in the world, Europe, North America, Asia Pacific, South America and the Middle East and Africa.
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.
Key Findings of the Report:
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Key Market Segments:
- 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 Online 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 billionto 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.
- 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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The cost analysis of Online Pharmacy market took into account manufacturing costs, labor costs, raw materials and market concentration, suppliers and price trends. Other factors such as supply chains, downstream buyers, and sourcing strategies were evaluated to provide a complete and in-depth view of the market. Report buyers are exposed to market positioning studies that take into account global 3D printing and pricing strategies for target audiences, training, and strategies.
Using SWOT analysis to gather and study all the information, you can see the competitive environment vividly in Online Pharmacy market. Openings for future market developments were revealed and likewise had a competitive advantage. Taking into account the drift and propensity of this market, it shows that the strategic direction is good. Understand your market base and understand your market data using standards, methodologies, and other driving market trends determined for reference.
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