Online Pharmacy Market To Show Huge Growth At CAGR of 10.6% By 2028 Driven By Rising Digitalization in Healthcare Sector And Increasing Internet Penetration | Million Insights
The global Online Pharmacy Market size is expected to reach USD 42.7 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 10.6% from 2021 to 2028. The market growth can be attributed to the increasing number of smartphone users and rising internet penetration, mostly in developing regions, including Asia Pacific, South America, and Sub-Saharan Africa. In developed economies, the market is driven by the increasing self-medication by the consumers due to accessibility, time efficiency, and economic factors. Moreover, technological developments in the IoT and artificial intelligence are likely to drive the market owing to the sophisticated and convenient consumer experience.
However, the market growth is restrained by the lack of physical evaluation of the medicines and inadequate security of the personal, financial, and health data. Some online pharmacies fail to provide sufficient surety of the secure transaction, which discourages consumers to place the order. The Covid-19 pandemic that resulted in the lockdown and restrictions worldwide forced consumers to incline towards the digital and online route for their everyday needs. Many consumers in order to access medicines adopted online pharmacies during the pandemic as the government initiatives helped online pharmacies to flourish during the Covid-19 pandemic.
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The vitamins and minerals type segment is expected to register the highest CAGR of 11.5% from 2021 to 2028. Vitamins and minerals deficiency is responsible for various health issues including anemia and osteoporosis as proven by many studies. In addition, the rising consumption of fast food and junk food is leading to the increasing deficiency of vitamins and minerals. The growing trend of health consciousness and health tracking is encouraging consumers to opt for vitamin and mineral supplements. This shift in consumer behavior is likely to drive the segment over the forecast period.
Europe held the second-largest revenue share in 2020. The positive attitude of the consumers towards the purchase of the medicine over online websites and mobile pharmacy apps is contributing to the growth of the regional market. Additionally, the prominent presence of the online pharmacy companies in the region and highly digitized and techno-savvy consumers profile are fueling the regional market growth.
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Online Pharmacy Market Report Highlights:
• North America captured the largest revenue share of over 30.0% in 2020. The strong presence of key players, higher consumer awareness, and inclination towards the online sales of OTC medicines in the region are fueling the regional market growth
• The analgesics type segment accounted for the largest revenue share of more than 25.0% in 2020 owing to the higher consumer preference for painkillers in the OTC medicines
• Asia Pacific is expected to register the highest CAGR of 11.4% from 2021 to 2028. An increasing number of smartphone users, rising penetration of the internet in the region, and growing service providers are contributing to the market growth
Online Pharmacy Market Segmentation
Million Insights has segmented the global online pharmacy market on the basis of type and region:
- Online Pharmacy Type Outlook (Revenue, USD Million, 2017 – 2028)
- Analgesics
- Cough and Cold Remedies
- Digestives and Intestinal Remedies
- Vitamins and Minerals
- Skin Treatment Products
- Online Pharmacy Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- Central & South America
- Brazil
- Argentina
- Middle East & Africa
- Saudi Arabia
- South Africa
List of Key Players of Online Pharmacy Market
- CVS Health Corporation
- Walgreens Boots Alliance Inc.
- UnitedHealth Group Inc.
- Amazon.com, Inc.
- The Kroger Co.
- Pharmacy2U Ltd.
- Walmart Inc.
- HealthWarehouse.com, Inc.
- PharmEasy
- Netmeds Marketplace Ltd.
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