According to our new research study on “Digital Pharmacy Market Size and Forecast to 2030 –Country Analysis – by Drug Type, Product Type, Platform, Gender” the market is expected to grow from US$ 67,242.93 million in 2022 to US$ 2,40,216.87 million by 2030; it is estimated to record a CAGR 17.25% during 2022–2030. Factors like the rising internet usage, access to web-based services & online services, increasing inclination towards online platform are driving the digital pharmacy market size and growth.
Rising Internet Usage, Access to Web-Based Services & Online Services
According to the Centers for Disease Control and Prevention (CDC) report, health information technology (HIT) is rising globally. HIT is the application of information processing through computer hardware & software providing storage, retrieval, sharing, and use of healthcare information, data, and knowledge for communication and decision-making. For example, research published in the CDC report on HIT reveals that 74% of adults in the US use the Internet, among which 61% use the Internet to search for healthcare or medical information. Also, adults between the ages of 18 and 49 are more likely to utilize HIT than senior adults.
Further, the National Institute of Health report reveals that rising internet usage to purchase products & services has risen over the past two decades. Also, purchasing online medicines is on the rise globally. For example, the growth of the online segment has attracted customers to purchase medicines through online platforms. Online medicine purchase has developed in numerous ways with different models worldwide due to diverse regulatory, economic, and cultural environments. For example, in the US, the internet pharmacy is majorly prescription-based, while in Europe, Internet pharmacy is a non-prescription-based model. Therefore, rising internet usage with more access to web-based services and online purchase of medicines is a standalone factor responsible for influential growth for the forecast period 2020-2030.
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The report segments digital pharmacy market as follows:
The market for drug type is segmented into prescription medicine and over-the-counter medicine. Prescription medicine held the largest market share. The digital pharmacy market by product is further segmented as personal care, vitamin and supplements, medicine and treatment, and other products. Medicine and treatment segment accounted for a larger market share in 2022. The market is segmented into by platform i.e., app-based and website-based. App-based segment accounted largest share in 2022.
Increasing Organic and Inorganic Strategies by Key Players
In recent years, changing lifestyle habits and growing geriatric population are increasing the incidence of various chronic disorders, advent of e-commerce. Thus, there is an increasing demand for early diagnosis and treatment. To enhance the quality of life of people, key players are taking several initiatives through various organic and inorganic strategies.
· In November 2020, Amazon, Inc. announced launching of Amazon Pharmacy a delivery service for prescription medications. In addition to the basic Amazon Pharmacy service, Amazon is rolling out special features for Prime members. Those subscribing to the Amazon’s premium membership tier can receive unlimited, free two-day delivery on Amazon orders.
· In January 2023, Hims & Hers Health, Inc. announced trusted consumer-first platform aiming to provide a modern personalized health & wellness experience to consumers. Hims & Hers Health, Inc. new volumized shampoos and conditioners are formulated with Biovolume 128 that has been shown to increase hair volume with vegan, pthalates-, sulfate-, dye- and cruelty-free formulas. The product have been developed specifically to boost the volume of those having fine, flat, or limp hair.
· In September 2021, LloydsPharmacy announced launching of LloydsPharmacy VideoGP service. Through the new product launch patients can access a general practioner (GP) appointment in as little as 30 minutes seven days a week. The VideoGP service operates via an app from LloydsPharmacy, available from the Apple App Store and Google Play.
· In September 2023, GoodRx, announced collaboration with MedImpact for lowering drug prices on prescriptions at the pharmacy counter. The collaboration will integrate GoodRx’s prescription pricing into MedImpact’s pharmacy benefit manager (PBM) services offering a seamless experience for MedImpact members. Additionally, the collaboration will allow both companies to deliver more savings to consumers without any additional effort and offering program to seamless data integration. This is achieved by ensuring patients are given alert about any negative drug interactions through the MedImpact’s rigorous drug safety review.
· In May 2023, CVS Health announced acquisition of Signify Health accounting US$30.50 per share in cash for a total transaction value of approx. US$8 billion. The acquisition aims that Signify Health will continue to operate as a payor-agonistic business as part of CVS Health.
· In June 2022, Lloyds Pharmacy announced partnership with Deliveroo allowing customers to order toiletries and OTC medicines to be expanded to 110 stores. The expansion of the partnership was launched amid the pandemic in 2020, with 150 Lloyds stores participating in the scheme. Through this partnership the consumers can now order a range of top 50 selling products through the Deliveroo app, comprising cold relief medicines, OTC painkillers, and home pregnancy tests among the popular items.
· In October 2021, Pharmacy2U, announced partnership with Diabetes UK. The partnership aims to assist people currently living with diabetes, as well as those at increased risk of type 2 diabetes across the UK.
Thus, the key market players are adopting various organic and inorganic strategies, which are anticipated to provide additional opportunities for the growth of the digital pharmacy market during the forecast period.
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