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.
Online Pharmacy market 2019 Global Industry Research Report provides market size, industry growth, share, development trends, investment plans, business ideas and forecasts by 2025. Scenarios and useful business decisions. The report includes subjective comprehensive research and a direct study of the quantitative perspectives of key family pioneers for an in-depth understanding of other industry experts, markets and industry practices. This report provides a reasonable picture of the current market situation, including truth and forecast market estimates on trading volume, technological advances, macroeconomic and governance factors.
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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.
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 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 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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