How big is the digital pharmacy market today, and what are its future growth expectations?
The digital pharmacy market size has grown exponentially in recent years. It will grow from $139.91 billion in 2024 to $168.58 billion in 2025 at a compound annual growth rate (CAGR) of 20.5%. The growth in the historic period can be attributed to increasing penetration of internet users, rising life science research, increasing demand for remote consultation, increasing diagnostic offerings, increasing illegal pharmacies.
The digital pharmacy market size is expected to see exponential growth in the next few years. It will grow to $350.73 billion in 2029 at a compound annual growth rate (CAGR) of 20.1%. The growth in the forecast period can be attributed to rising demand for over-the-counter (OTC) products, rising prominence of online modes of drug procurement, rising adoption of automation, rising consumer demand for online pharmaceuticals, and rising prevalence of chronic conditions. Major trends in the forecast period include rising adoption of digital technologies, advancements in healthcare technologies, innovative e-pharmacy models, integrating web-based online pharmacy interfaces, and advancements in telemedicine.
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What key drivers have fueled the digital pharmacy market’s development over the years?
The increasing adoption of e-commerce in the healthcare sector is expected to propel the growth of the digital pharmacy market going forward. E-commerce in the healthcare sector refers to buying and selling healthcare products and services online. The increasing adoption of e-commerce in the healthcare sector is due to convenience and accessibility, enhanced patient engagement, and consumer preferences. Digital pharmacies strengthen e-commerce in the healthcare sector by offering convenient access to medications, expanded product ranges, personalized patient care, efficient prescription management, cost savings, health information, patient safety, regulatory compliance, and integration with telemedicine and digital health solutions. For instance, in August 2022, according to the Australian Digital Health Agency 2022, an Australia-based government agency, around 118.2 million telehealth services were delivered to 18 million patients, and more than 95,000 practitioners used telehealth services in 2022. Therefore, the increasing adoption of e-commerce in the healthcare sector drives the digital pharmacy market.
What is the segmentation for the digital pharmacy market?
The digital pharmacy market covered in this report is segmented –
1) By Product: Medicines And Treatments, Personal Care Products, Vitamins And Supplements, Other Products
2) By Drug Type: Prescription Medicines, Over-The-Counter (OTC) Products
3) By Business Model: Captive, Franchise, Aggregator
4) By Platform: App-Based, Web-Based
5) By Application: Urban Areas, Rural Areas
Subsegments:
1) By Medicines And Treatments: Prescription Medicines, Over-The-Counter (OTC) Medications, Chronic Disease Medications, Acute Disease Medications, Specialty Medications
2) By Personal Care Products: Skincare Products, Hair Care Products, Oral Care Products, Hygiene And Grooming Products
3) By Vitamins And Supplements: Dietary Supplements, Herbal Supplements, Sports Nutrition Supplements, Weight Management Supplements, Probiotics
4) By Other Products: Medical Devices (Blood Pressure Monitors, Glucose Meters), Health-Related Devices (Thermometers, Pulse Oximeters), First Aid Products, Health Testing Kits (Pregnancy Tests, DNA Tests)
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Who are the most influential companies in the digital pharmacy market?
Major companies operating in the digital pharmacy market are Walmart Inc. , Amazon.com Inc., MetLife Inc., Omnicell (OMCL) Inc., Hims & Hers Health Inc., Tata 1MG Technologies Pvt Ltd., Ro, Medminder Systems Inc., Thirty Madison Inc., Pharmacy2U Ltd, NimbleRx, PocketPills Pharmacy Inc., Nurx, Medley Pharmacy Ltd., RxSafe LLC, ScriptDrop Inc., mscripts LLC, Blink Health LLC, MedAvail Inc., Truepill, NowRx Inc., Capsule Pharmacy
What are the top industry trends projected to impact the digital pharmacy market?
Major companies operating in the digital pharmacy market are focused on developing innovative solutions, such as online digital pharmacy platforms, to enhance the customer experience, streamline medication management, and improve accessibility to pharmaceutical services. An online digital pharmacy platform is a web-based or mobile application interface that provides pharmacy services over the internet. These platforms aim to streamline ordering medications, managing prescriptions, and accessing healthcare information. For instance, in November 2023, Pure Health, a UAE-based healthcare company, launched Dawak, an online digital pharmacy platform. The platform is designed to streamline how patients in the UAE access, purchase, and use their medications. It eliminates waiting times, enables users to review and refill prescriptions, chooses convenient delivery options, and facilitates easy payment through the platform. Dawak focuses on promoting medication adherence and provides a means to report any adverse effects from medications. Dawak organizes medications into packs with individually sealed sachets, sorted by date and time, and includes detailed dosage information.
What are the major regional insights for the digital pharmacy market, and which region holds the top position?
North America was the largest region in the digital pharmacy market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital pharmacy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Digital Pharmacy Market Report 2025 Offer?
The digital pharmacy market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A digital pharmacy refers to a platform or service that operates over the internet, allowing customers to purchase pharmaceutical products and medications online. A digital pharmacy leverages technology to streamline the medication procurement process and enhance the accessibility and convenience of pharmaceutical services for consumers.
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