PUBLISHER: The Business Research Company | PRODUCT CODE: 1427889
PUBLISHER: The Business Research Company | PRODUCT CODE: 1427889
A mail-order pharmacy is a digital pharmaceutical service that facilitates online prescription orders and delivers medications to customers through mail services. This operational model enables individuals to conveniently manage their prescriptions using digital platforms such as smartphones or computers.
The primary product categories offered by mail-order pharmacies encompass dermal care products, diabetes medications, cardiovascular medicines, blood pressure medications, asthma medications, cold and flu remedies, painkillers, antacids, and other pharmaceuticals. Within this framework, cardiovascular medicine pertains to the specialized branch of medicine focused on identifying and treating conditions related to the heart, blood vessels, and circulatory system. The range of drugs provided by mail-order pharmacies includes both non-prescription (over-the-counter) drugs and prescription drugs. These medications can be conveniently ordered through various channels such as online stores and pharmacy apps, offering customers a streamlined and accessible means of managing their healthcare needs.
The mail-order pharmacy market research report is one of a series of new reports from The Business Research Company that provides mail-order pharmacy market statistics, including mail order pharmacy industry global market size, regional shares, competitors with a mail-order pharmacy market share, detailed mail-order pharmacy market segments, market trends, and opportunities, and any further data you may need to thrive in the mail order pharmacy industry. This mail-order pharmacy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The mail order pharmacy market size has grown rapidly in recent years. It will grow from $92.72 billion in 2023 to $108.8 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The historical growth of mail-order pharmacies can be ascribed to various factors. These encompass the escalating prevalence of chronic conditions, a surge in healthcare costs, a maturing population demographic, an increased emphasis on convenience and accessibility in healthcare services, and a rising demand for online pharmacy solutions. Collectively, these elements played a pivotal role in driving the expansion of mail-order pharmacy services throughout the historical period.
The mail order pharmacy market size is expected to see rapid growth in the next few years. It will grow to $206.97 billion in 2028 at a compound annual growth rate (CAGR) of 17.4%. The projected growth in the forecast period for mail-order pharmacies is influenced by various factors. These encompass the increasing adoption of telemedicine, the widening coverage for specialty medications, the emergence of personalized medicine, a growing emphasis on patient-centric care, the repercussions of global health events and pandemics, the ongoing expansion of e-commerce, and the proliferation of digital health platforms. Key trends anticipated during the forecast period include technological advancements, the incorporation of artificial intelligence (AI) and automation in prescription processing, the application of AI and machine learning in healthcare, innovations in medication delivery methods, an increased focus on sustainability in packaging medicines, and heightened collaboration with insurance providers. These trends collectively contribute to the positive trajectory expected in the mail-order pharmacy sector.
The expansion of the mail-order pharmacy market is propelled by the increasing adoption of e-commerce. E-commerce involves the electronic exchange of goods, services, or data over digital networks. Mail-order pharmacies leverage e-commerce technologies, enabling customers to conveniently order medications and prescription refills from the comfort of their homes or through mobile apps while on the move. For instance, a report from October 2021 projects that global e-commerce for consumer goods is anticipated to constitute approximately 22% of all retail sales worldwide, with an average growth rate exceeding 1% by 2024. The sustained and substantial growth in retail e-commerce sales, forecasted at 8%, underscores the profound impact of e-commerce on the global retail landscape. Consequently, the surge in e-commerce adoption stands out as a pivotal driver for the mail-order pharmacy market.
The increasing availability and utilization of telemedicine services are poised to further elevate the mail-order pharmacy market. Telemedicine services involve the remote provision of healthcare services, including consultations, diagnosis, treatment, and monitoring, utilizing telecommunications technology. By integrating virtual consultations with medication delivery, mail-order pharmacies can enhance patient care by facilitating medication reviews, addressing concerns, and providing education and support. A report from October 2022 underscores that 37.0% of adults in the United States utilized telemedicine services within the previous 12 months in 2021. The positive correlation between age and telemedicine usage, along with higher rates among women and increasing rates with age, underscores the growing acceptance and adoption of telemedicine. As telemedicine services continue to broaden their reach, they play a substantial role in propelling the growth of the mail-order pharmacy market.
Technological advancements emerge as a prominent and increasingly popular trend in the mail-order pharmacy market, with major companies introducing innovative solutions to elevate pharmaceutical operations. A case in point is the April 2023 launch of NEXiA Enterprise Analytics by Innovation Associates, Inc., a US-based pharmaceutical development company. This cloud-based application is designed to complement the NEXiA software for pharmacy fulfillment, providing customers with real-time visualization of pharmacy operations across multiple fulfillment locations. NEXiA Enterprise Analytics empowers users to swiftly identify trends, thereby facilitating the efficient delivery of medicines to patients.
Key players in the mail-order pharmacy market are strategically focusing on the development of electronic prescribing services, aiming to cater to larger customer bases, increase sales, and boost revenue. Electronic prescribing services involve digital systems that enable healthcare professionals, particularly physicians, to generate and transmit prescriptions electronically, replacing traditional paper-based methods. Illustratively, in September 2022, Walmart Canada, in collaboration with Canada Health Infoway, launched PrescribeIT. This electronic prescribing service allows prescribers to electronically send prescriptions and renewals to a patient's chosen pharmacy, thereby enhancing patient care, safety, and communication among clinicians. The adoption of PrescribeIT streamlines the prescription-filling process for Walmart pharmacy patients, optimizing workflow for pharmacists and fostering seamless communication between prescribers and pharmacy professionals.
In December 2022, Prime Therapeutics, a prominent pharmacy benefit management (PBM) services provider, acquired Magellan Rx for $1.35 billion. This acquisition expands Prime Therapeutics' portfolio with PBM capabilities, creating a diversified pharmacy solutions organization serving commercial markets and government programs. Magellan Rx, the acquired company, specializes in online pharmaceutical services, reviewing orders to ensure the swift and secure mailing of medications. This acquisition enhances Prime Therapeutics' capabilities in the dynamic landscape of pharmacy benefit management.
Major companies operating in the mail order pharmacy market report are CVS Health Corporation, UnitedHealth Group Inc., Accredo Health Group Inc., McKesson Corporation, Cigna, Cardinal Health, Walgreen Co., OptumRx Inc., Humana Pharmacy, Aetna Inc., Wellcare Health Plans Inc., Prime Therapeutics LLC., Express Scripts Inc., Zur Rose Group AG, CHI Health, MedImpact, Remedi SeniorCare Holding Corporation, RxAdvance Corporation, WellDyneRx Inc., PillPack Inc., BeneCard Services Inc., DocMorris N.V., EnvisionPharmacies, Freedom Fertility Pharmacy, Canada Drugs Online, Elixir Rx Solutions LLC., eDrugstore, Simple Meds LLC., SANICARE, Apex Specialty Pharmacy
North America was the largest region in the mail-order pharmacy market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the mail order pharmacy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the mail order pharmacy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The mail-order pharmacy market includes revenues earned by entities by providing services such as doorstep delivery and refiling medication. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Mail Order Pharmacy Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on mail order pharmacy market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for mail order pharmacy ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The mail order pharmacy market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.