Online Pharmacy Market Size Is Projected To Cross $261,684.5 Million by 2030
From around $68,382.3 million in 2021 to $261,684.5 million by 2030, the worldwide online pharmacy market is predicted to grow at a CAGR of 16.1%. According to the market research report published by P&S Intelligence. This can be attributed to the increasing access to online services, burgeoning number of internet users, and rising usage of e-prescriptions in healthcare settings. Above all, a surge in teleconsulting and diagnostic assistance is driving the industry.
As a result, market participants are taking concrete steps to expand their shares, strengthen their product portfolios, and improve their value propositions. These major players include Amazon Pharmacy, The Kroger Co., Express Scripts Holding Company, Giant Eagle Inc., Shop Apotheke Europe N.V., Walgreens Boots Alliance Inc., Walmart Inc., Phoenix Group Holdings, and Zur Rose Group AG.
During the forecast period, the demand for healthcare and nutrition goods is expected to grow at the highest online pharmacy market CAGR, of almost 17%. The increasing awareness of a healthy lifestyle, convenience of purchasing via online channels, and reasonable costs are driving the market's rise.
In 2021, pharmacy products marketed through app-based platforms were estimated to be worth around $40 billion. The increase in the internet and mobile penetration is credited for this expansion. For instance, there were roughly 107.5 mobile cellular subscriptions for every 100 people in 2020, according to the World Telecommunication/Information and Communication Technologies (ICT) Indicators Database.
Due to the increasing mobile penetration, the field of mobile health (mHealth) is expanding all over the world. It entails the use of mobile phones, PCs, tablets, and smartwatches to offer and access healthcare services. In poor countries, mHealth is improving healthcare by allowing doctors to keep track of patients' health.
With the COVID-19 epidemic sweeping the globe, as well as social distancing changing the way people avail of medical treatments, both offline drugstores and online pharmacy market players must adapt. Most online shops opt to supply themselves with the necessary pharmaceuticals over other products, to avoid the logistical difficulty of catering to the burgeoning medicine demand and dealing with stockpiling.