who carry out detailed and diligent research on different markets, trends, and emerging opportunities in the consecutive direction for the business needs. Systematic investment analysis is also underlined in this report which forecasts impending opportunities for the market players.
Digital Pharmacy Market Overview
The global Digital Pharmacy Market size is 96.5 billion USD in 2022 and is projected to reach a CAGR of 18.9% from 2023-2030.
Digital Pharmacy is a digital platform also known as internet pharmacy or online pharmacy, involved in the sales of drugs, or medication to consumers. The platform is designed to provide online pharmacy services, including drug delivery. Digital Pharmacy allows prescription refilling and delivery over the counter as well as specialty medicines to patients.
A significant increase in the number of online service providers has enhanced the accessibility to internet pharmacies in developing nations. In recent years, a considerable increase in the number of internet users has further led to a high adoption rate. Therefore, ease of access to internet pharmacies through smartphones and the availability of a range of pharmaceutical products are major factors driving the growth of the Digital Pharmacy market. Further, collaborations between the manufacturers and e-pharmacies to broaden the accessibility of their products and expand their customer base via online channels will propel the market growth during the projection period.
Illegal internet pharmacies are often international operations with servers, shipping operations, and other parts of the business located in several countries are the biggest threat to the market. Consumers seeking overseas options to obtain medicines also pose a threat to the pharmaceutical industry and pharmacists of the respective country. Such illegal buying behaviours can result in the loss of credibility and faith in online medicine and may hinder the greater adoption of digital pharmacy solutions globally.
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During COVID-19, the Digital Pharmacy business has witnessed significant growth across developing countries including India. Regional lockdowns and movement restrictions have led to the adoption of Digital Pharmacy mobile applications providing online medicine delivery services. Further, government initiatives supporting digital technologies to improve medicine access have positively impacted the Digital Pharmacy market growth. Therefore, several industry players operating in the Digital Pharmacy business experienced an increase in the number of application subscriptions amid the pandemic.
Delvens Industry Expert's Standpoint
The National Institute of Health (NIH) research states that buying goods and services online, including prescription drugs, has become standard practice with community pharmacies increasingly implementing digital health strategies. An increase in internet users, easier access to the internet and online services, and an increase in the use of digital prescriptions in hospitals and other healthcare facilities are all factors contributing to the growth of the digital pharmacy market. Doctors are now available with just a few clicks of your mouse making it easier for patients to get proper care and consultancy for their health problems.
Key Findings
• Digital Pharmacy is a digital platform also known as internet pharmacy or online pharmacy, involved in the sales of drugs, or medication to consumers. The platform is designed to provide online pharmacy services, including drug delivery. Digital Pharmacy allows prescription refilling and delivery over the counter as well as specialty medicines to patients.
• Significant increase in the number of online service providers has enhanced the accessibility to internet pharmacies in developing nations. In recent years, a considerable increase in the number of internet users has further led to a high adoption rate. Therefore, ease of access to internet pharmacies through smartphones and the availability of a range of pharmaceutical products are major factors driving the growth of the Digital Pharmacy market.
• During COVID-19, the Digital Pharmacy business has witnessed significant growth across developing countries including India. Regional lockdowns and movement restrictions have led to the adoption of Digital Pharmacy mobile applications providing online medicine delivery services. Further, government initiatives supporting digital technologies to improve medicine access have positively impacted the Digital Pharmacy market growth. Therefore, several industry players operating in the Digital Pharmacy business experienced an increase in the number of application subscriptions amid the pandemic.
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America accounts for the largest share of the studied market. This can be primarily attributed to the more significant number of internet users and higher adoption of online services, which are expected to augment the market's growth over the forecast period.
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Digital Pharmacy Market Regional Analysis
North America to Dominate the Market
• North America accounts for the largest share of the studied market. This can be primarily attributed to the more significant number of internet users and higher adoption of online services, which are expected to augment the market's growth over the forecast period.
Digital Pharmacy Market Competitive Landscape
• The Kroger Co
• The Walgreen Company
• Express Scripts Holding
• CVS Health
• DocMorris
• Giant Eagle
• Wal-Mart Stores
• OptumRx
• PharmEasy
• 1mg
• Netmeds
Digital Pharmacy Market Recent Developments
• In 2021, Walgreens Co. (US) launched nationwide contactless same-day delivery services (in under two hours) for more than 24,000 products.
• In 2021, Rite Aid Corp. (US) partnered with Uber to deliver Rite Aid products nationwide through Uber Eats, allowing customers to conveniently order and receive essential healthcare and grocery items directly to their homes.
Reasons to Acquire in the Digital Pharmacy Market
• Increase your understanding of the market for identifying the best and most suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors
• Gain authentic and granular data access for Digital Pharmacy Market so as to understand the trends and the factors involved in changing market situations
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
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Frequently Asked Questions
What are the years considered to study Digital Pharmacy Market?
What is the compound annual growth rate (CAGR) of the Digital Pharmacy Market?
Which region holds the largest market share in Digital Pharmacy Market?
Which region is the fastest growing in Digital Pharmacy Market?
Who are the major players in Digital Pharmacy Market?
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