Dynamic Expansion: Digital Pharmacy Market Size, Business Dynamics, and Industry Forecast Report to 2027

The Digital Pharmacy Market in terms of revenue was estimated to be worth $96.5 billion in 2022 and is poised to reach $211.9 billion by 2027, growing at a CAGR of 17.0% from 2022 to 2027. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The growth of this market is driven by the increasing consumer preference toward buying online medicines during and post the COVID-19 pandemic, consolidation in the market and partnerships, and the growing geriatric population.

However, patients relying on pharmacists for clinical support and a growing number of illegal pharmacies are expected to restrain the growth of this market during the forecast period.

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Browse in-depth TOC on "Digital Pharmacy Market
175 – Tables
36 – Figures
224 – Pages

Key Market Player

Prominent players in this market are CVS Health (US), Cigna (US), Optum, Inc. (Part of the UnitedHealth Group) (US), Walgreens Co. (US), Walmart Inc. (US), The Kroger Co. (US), Amazon.com, Inc. (US), GoodRx (US), Costco Wholesale Corporation (US), Rite Aid Corp. (US), Hims & Hers Health, Inc. (US), PharmEasy (India), Apollo Pharmacy (India), DocMorris (Netherlands), Giant Eagle Inc. (US), LloydsPharmacy (UK), Shop-apotheke.com (Netherlands), Tata 1mg (India), Netmeds.com (India), HealthWarehouse, Inc. (US), Pharmex Direct Inc. (Canada), Apex Pharmacy (UK), TELUS (Canada), RO Pharmacy (US), Rx Outreach (US), The Independent Pharmacy (UK), Rexall Pharmacy Group ULC (Canada), and NorthWestPharmacy.com (Canada). These players are increasingly focusing on product/service upgrades, acquisitions, partnerships, agreements, expansions, and collaborations to expand their product offerings in the digital pharmacy market.

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Restraint: How is growing illegal pharmacies restraining growth of the market?

Illegal internet pharmacies are often international operations with servers, shipping operations, and other parts of the business located in several countries. The WHO emphasizes that substandard and falsified products may result in patient harm and suboptimal treatment, leading to an overall mistrust of medications, and the health system. In 2021, the FDA issued warning letters to website operators engaged in illegal activity in violation of the US Federal Food, Drug, and Cosmetic Act. Consumers seeking overseas options to obtain medicines also pose a threat to the pharmaceutical industry and pharmacists of the respective country. Such illegal buying behaviors can result in the loss of credibility and faith in online medicine and may hinder the greater adoption of digital pharmacy solutions globally.

"Over-the-counter (OTC) products segment is expected to grow at the highest rate during the forecast period"

Based on drug type, the digital pharmacy market is segmented into prescription medicines and over-the-counter products. Prescription medicines accounted for the largest share of the global digital pharmacy market in 2021. The large share of this market segment can be attributed to the growing prevalence of several chronic disorders and the subsequent increase in the demand for medications.
On the other hand, the over-the-counter (OTC) products segment is estimated to grow at the highest CAGR during the forecast period. Growth in this market segment is largely driven by the widespread availability and cost-effectiveness of OTC products and the growing trend of self-medication.

"The Medicines & Treatments segment is estimated to account for the largest share of the Digital Pharmacy market in 2021"

Based on products, the digital pharmacy market is segmented into medicines & treatments, personal care products, vitamins & supplements, and other products. The medicines & treatments segment accounted for the largest share of the global digital pharmacy market in 2021.
However, the vitamins & supplements segment is estimated to register the highest CAGR during the forecast period due to the high prevalence of chronic diseases and the availability of multiple product options.

"Apps segment in the platform accounted for the largest share of the global digital pharmacy market"

Based on platforms, the digital pharmacy market is segmented into apps and websites. In 2021, apps accounted for the largest share of the global digital pharmacy market. The large share of this segment can be attributed as the apps offering lucrative promos or discounts to attract customers. The websites platform is expected to grow at the second-highest CAGR during the forecast period due to convenience, privacy, and safety offered by websites are key factors driving the market growth.

"Captive segment among the business model accounted for the largest share of the global digital pharmacy market"

Based on business models, the digital pharmacy market is segmented into captive, franchise, and aggregator business models. In 2021, the captive business model accounted for the largest share of the global digital pharmacy market. The captive business model is also expected to register the highest CAGR during the forecast period. The flexibility, accessibility, and affordability of captive business models are key contributors to segmental growth in the digital pharmacy market. The aggregator business model is expected to grow at the second-highest CAGR during the forecast period.

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Report Objectives:

- To define, describe, segment, analyze, and forecast the digital pharmacy market based on drug type, product, platform, business model, geographic coverage, and region

- To provide detailed information regarding the drivers, restraints, opportunities, challenges, and industry trends influencing the growth of the digital pharmacy market

- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market

- To analyze the opportunities in the digital pharmacy for stakeholders and provide details of the competitive landscape for market leaders

- To forecast the size of the global digital pharmacy market with respect to five main regions (along with countries)& North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

- To strategically profile the key players in this market and comprehensively analyze their market shares and core competencies

- To track and analyze competitive developments such as product/service upgrades, acquisitions, partnerships, agreements, expansions, and collaborations in the digital pharmacy market during the forecast period

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