iCrowd Newswire – Aug 5, 2020
The Global Online Pharma Retail Market is estimated to grow at a CAGR of ~13% during the forecast period 2015-2027. As per the detailed market study, the global online pharma retail industry was valued at ~$41 billion in the year 2018 and is anticipated to reach ~$121 billion by the end of the year 2027.
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Online retail pharma deals in retail channels which sell over the counter and prescribed drugs along with FMCG as some generic testing services such as sugar testing, blood testing, etc. over the internet. From these platforms, customer can purchase drugs and services from an application or directly through websites and receives at their doorsteps.
Online retail pharmacies offer better pricing than brick and mortar or offline stores. These pharmacies have a system in place for validation on prescriptions through a licensed pharmacist. Another benefit with online retail pharmacies are the availability of large stock and detailed information about medicine that include ingredients, substitutes, adverse effects, usage and others.
The global online pharma retail industry is driven by various growth factors such as improved healthcare infrastructure, increased internet penetration across the world impacts the online pharma retail marketplace. Also, rapid growth of aging population in the world and increasing awareness related to pharma e-commerce amongst customers. Furthermore, shift in consumer behaviour towards convenience support the demand of online pharmacy and increasing adoption of digital technologies in the healthcare sector impacts the purchasing pattern of online medicines over the future period.
Segmentation Overview of the Global Online Pharma Retail Market
The global online pharma retail market is categorized on the basis of various market segments that include product category, retail format, channel and platform. These major market segments are further categorized into various sub-segments to study the market in detail.
The Product Category of the Global Online Pharma Retail Market is Sub-Segmented into:
- Health/Energy Products
- Oral Care Products
- Skin Care Products
- Ophthalmic products
- Gastrointestinal Medications
- Cold, Cough, Fever
- Pain relievers
- Rx (Prescription drugs)
- URI (Upper Respiratory Infection) & Asthma
The Retail Format Category of the Global Online Pharma Retail Market is Sub-Segmented into:
- Brand Retail
- Pharma Retail Chains
- Online Marketplaces
The Channel Category of the Global Online Pharma Retail Market is Sub-Segmented into:
The Platform Segment of the Global Online Pharma Retail Market is Sub-Segmented into:
- Mobile Applications
Geographical Overview of the Global Online Pharma Retail Market
The North America online pharma retail market dominated the global marketplace with majority of the market share in the year 2015. The regional market dominance is attributed to high adoption of e-commerce platforms as shopping method and increase in number of elderly populations in the region. The presence of key market players and growth in demand of online medicines also adds up to the regional market growth over the future period.
The Asia Pacific online pharma retail market is estimated to grow at significant growth rate with substantial CAGR over the forecast period. The regional market growth is attributed to presence of large patient pool and growth in the target population of e-pharma retailing in the region. Developing nations in the region possess high growth potential with large population base. The China healthcare industry is witnessing a rapid change in business models including B2C, O2O and internet hospitals. Furthermore, with low production cost of medicines, India has a competitive edge over pricing model, which is 1/3rd of the US and ~50% that of Europe. Also, high potential and rapid penetration of internet in the region with growing interest of various national & international players in the APAC regional market over the forecast period.
Key Players Insights of the Global Online Pharma Retail Market
Walgreen Co., Simple Online Pharmacy Ltd., Rite Aid Corp., PillPack, Pharmacosmos A/S, Paydens Ltd., Oxford Online Pharmacy, OptumRx, Inc., Nutrica Homeward (Danone Nutricia), Netmeds Marketplace Ltd., myCARE e.K, Lloyds Pharmacy Ltd., Express Scripts Holding Company, europe-pharmacy, Chemistdirect.co.uk, Ayurkart and Apollo Hospitals Enterprise Ltd. are some major key players included in the research study of the global online pharma retail market.
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Keywords: Online Pharma Retail Market