The digital pharmacy market by Drug (Rx, OTC), Product (Medicine, Personal Care, Vitamins & Supplements, Diabetes, CVD, Oncology), Platform (Apps, Websites), Business Model (Captive, Franchise, Aggregator), Geographic (Urban, Rural) - Global Forecasts to 2027",

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 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.

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Browse in-depth TOC on "Digital Pharmacy Market

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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.

“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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The digital pharmacy market is undergoing rapid advancements and witnessing notable recent developments globally. Let's explore the latest trends and regional insights shaping the digital pharmacy landscape:

The digital pharmacy market is undergoing rapid advancements and witnessing notable recent developments globally. Let's explore the latest trends and regional insights shaping the digital pharmacy landscape:

1. 1 North America:

• In the United States, major retail pharmacy chains are increasingly investing in digital pharmacy services to enhance the customer experience. They are expanding their online platforms, offering features like prescription refills, medication reminders, and virtual consultations.
• Digital pharmacies are collaborating with healthcare systems to streamline prescription management and ensure seamless integration between online platforms and electronic health records (EHRs).

1. 2. Europe:

• European countries, such as Germany and the United Kingdom, have seen the emergence of digital pharmacy aggregators. These platforms bring together multiple online pharmacies, allowing consumers to compare prices, select providers, and access a wide range of medications.
• The European Union is implementing the EU Falsified Medicines Directive (FMD), which requires digital pharmacies to implement stringent measures to ensure the authenticity of medications and prevent the distribution of counterfeit drugs.

1. 3 Asia Pacific:

• China's digital pharmacy market is witnessing increased collaboration between online pharmacy platforms and healthcare institutions. This partnership aims to improve medication adherence through personalized patient education, remote monitoring, and follow-up services.
• India is experiencing the rise of online medicine delivery platforms that leverage artificial intelligence (AI) and machine learning (ML) algorithms to provide predictive medication refills and personalized health recommendations.

1. 4 Latin America:

• Brazil has implemented regulations to govern the operation of online pharmacies, ensuring compliance with quality standards and patient safety. The market is witnessing the integration of digital pharmacy services with telemedicine platforms, allowing patients to consult with healthcare professionals and receive prescription medications remotely.

1. 5 Middle East and Africa:

• The United Arab Emirates has witnessed the launch of government-backed digital pharmacy initiatives to enhance accessibility and affordability of medications. These platforms provide home delivery services and leverage smart technology to track the temperature and storage conditions of pharmaceutical products during transportation.

These recent developments highlight the dynamic nature of the digital pharmacy market. Integration with healthcare systems, the emergence of aggregators, adoption of advanced technologies like AI and ML, and regulatory advancements are reshaping the industry across different regions. As the digital pharmacy market continues to evolve, it aims to improve medication accessibility, enhance patient engagement, and provide more personalized and convenient healthcare solutions.

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

Report Link:  digital pharmacy market

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