PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1110905
PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1110905
According to SPER Market Research, the Digital Pharmacy Market is estimated to reach USD 334.25 billion by 2030 with a CAGR of 16.8%.
The rising consumer desire for purchasing pharmaceuticals online during and after the COVID-19 pandemic, market consolidation and partnerships, and the rising elderly population all contribute to the sector's growth. During the projected period, an increasing number of violent pharmacies and patients who depend on pharmacists for therapeutic support are anticipated to hinder the growth of this market.
Other significant reasons boosting the market growth include the expanding number of internet users, more access to online services, and the increased deployment of e-prescriptions in healthcare services in the aftermath of the COVID-19 epidemic. In March 2020, CVS Health began implementing new strategies to balance the demand for medications used throughout the treatment of both COVID-19 and other chronic conditions. In November 2020, Amazon will start an online pharmacy service in the United States for both generic and prescription pharmaceuticals. Before COVID-19, 70% of families were chronic-first consumers of digital pharmacy because they saw superior value in these affordable and convenient services. Nevertheless, as digital pharmacy proved the need of the hour during the lockdown period, an identical amount of chronic-first and acute-first families were onboarded. Furthermore, the rising demand for over-the-counter (OTC) items such as masks, sanitizers, thermometers, and steamers, among others, is supporting the expansion of the digital pharmacy market. As a result, the rapid use of OTC products will benefit the digital pharmacy sector.
Based on the Drug Type, Global Digital Pharmacy Market is segmented as; Over-The-Counter Products (Ease of use and convenience associated with Over-The-Counter products to drive market growth), Prescription Medicines (Growing geriatric population and subsequent increase in chronic diseases to drive the demand for prescription medication).
Based on the Product, Global Digital Pharmacy Market is segmented as; Medicines and Treatments {Diabetes Care (Growing global diabetic population will ensure strong demand for diabetes care medicines & treatments), Heart Care (Rising incidence of cardiovascular diseases drives the demand for heart care medicines & treatments), Oncology (Increasing prevalence of cancer is a major factor driving the growth of this market segment, Other medicines & treatments)}, Vitamins and Supplements (Growing demand for immunity-associated supplements in the wake of the COVID-19 pandemic to drive market growth), Personal Care Products (Growing focus on personal health & hygiene to drive market growth), Other Products.
Based on the Platform, Global Digital Pharmacy Market is segmented as; Applications (AAPS) (Advantages such as contactless delivery will drive the demand for AAPS), Websites (Promotions, discounts, and offers provided by websites to drive market growth).
Based on the Business Model, Global Digital Pharmacy Market is segmented as; Captive (Flexibility, accessibility, and affordability of captive models-key factors driving market growth), Aggregator (Quality services associated with aggregator models to drive market growth), Franchise (Growing number of pharmacy franchises to drive market growth).
Based on the Geographic Coverage, Global Digital Pharmacy Market is segmented as; Urban Areas (Rapid internet penetration in urban areas to drive market growth in this segment), Rural Areas (Government initiatives to fuel the demand for digital pharmacies in rural areas).
North America owns the prime share of this market; the major factors of the market's growth in the region are the increasing incidence of chronic illnesses, the growing amount of medicine prescriptions brought on by the region's rapidly aging population, and the expansion of key market participants in the area.