CHICAGO, Sept. 8, 2020 /PRNewswire/ -- The global online pharmacy market size is expected to grow at a CAGR of over 20% during the period 2019−2025.
Key Highlights Offered in the Report:
The global online pharmacy market would realize an incremental growth of around $88 billion in revenue between 2019 and 2025.
Contributing over 60% market share in 2019, North America continues to dominate the online sales of pharma products.
Online sales of OTC medicines is expected to contribute over $90 billion market revenue by 2025.
The growth of the online pharmacy market in Europe is expected to be in double digits throughout the forecast period. COVID-19 pandemic has driven the online sales in major European countries where brick-and-mortar sales are otherwise dominant.
Germany continues to lead the online pharma sales in Europe. Expected positive changes in the regulatory framework allowing online sales of Rx medicines will drive the German market by 15% CAGR during 2019-2025.
APAC, led by India, China, and Japan, is expected to witness strong traction in demand for online pharma products and will contribute an incremental revenue of nearly $30 billion between 2019 and 2025.
Market Size & Forecast by Revenue | 2019−2025
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by platform type, medicine type, and geography
Competitive Landscape – 7 key vendors and 43 other vendors
The global OTC drugs market is likely to record the highest growth rate in Latin America and APAC in the coming years owing to the rapidly growing population, coupled with the growing middle-class population and increase in disposable incomes, which will increase access to OTC medication.
The rising incidence of chronic illnesses such as obesity, cardiovascular diseases, and diabetes, would drive selling incentives for prescription medications in the market. The rise in new diseases would also have a high effect on the market share of prescription drugs online.
The presence of desktop computers and laptops in households has increased over the years. Consumer PC penetration per capita in North America was increasing at a high rate and is still higher than across the world. The penetration of PCs is increasing steadily in Europe as most households in Europe have PC.
Online Pharmacy Market by Platform Type
Online Pharmacy Market by Medicine Type
Online Pharmacy Market – Dynamics
The role of the pharmacies has been changing over the years. It is no longer just a supplier of medicines and medicinal products but also involved in the provision of other health care services. It can be found in hospitals, communities, laboratories, and academic institutions, among others. The importance of Pharmaceutical care is growing with the increase in the need and demand for self-care, such as self-medication. Self-care is gradually enhancing due to an increase in health awareness among the population in both developed and developing countries. The increase in demand for self-care is due to several factors mentioned below and is expected to increase the demand for online pharmacies, especially for OTC medicines.
Key Drivers and Trends fueling Market Growth:
Rise in Economic Growth, Per Capita Income, & Healthcare Expenditure
Increased Collaboration among Stakeholders
Growing Internet Penetration
Rising Implementation of E-Prescriptions in Hospitals and Other Healthcare Services
Online Pharmacy Market – Geography
North America's online pharmacy industry is powered by state-of-the-art technologies and latest apps for current applications, increasing the internet of things and the introduction of cloud-based solutions in virtually any field, especially in the medical sector. The pharmacy automation market in North America is growing enormously. Pharmacy automation comprises automatic processes to handle and dispense medications, counting small objects, mixing and calculating liquids and powders for compounding, updating, and tracing records in the database and inventory management. This is expected to boost the online pharmacy market in North America during the forecast period.
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