Saturday, 27 July 2024
According to our new research study on “Digital Pharmacy Market Forecast to 2030 – Global Analysis – by Drug Type, Product, and Platform,” the digital pharmacy market size was valued at US$ 96.428.80 million in 2022 and is projected to reach US$ 3,63,878.26 million by 2030; the market is estimated to register a CAGR of 18.1% from 2022 to 2030. Key factors driving the growth of the digital pharmacy market include rising internet usage, access to web-based services and online services, and an upsurge in the online purchase of prescription medicines during the COVID-19 pandemic.
Health information technology (HIT) involves information processing through computer hardware and software, enabling the storage, retrieval, sharing, and use of healthcare information, data, and knowledge for communication and decision-making. For example, research published in a Centers for Disease Control and Prevention (CDC) report on HIT reveals that 74% of adults in the US use the Internet, among which 61% use the Internet to search for healthcare or medical information. Also, adults belonging to the age group of 18–49 are more likely to utilize HIT than senior adults.
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Source: The Insight Partners Analysis
The National Institute of Health report reveals that the use of the Internet to purchase products and services has risen over the past two decades. Also, there has been an increase in the trend of purchasing online medicines globally. Online medicine purchases have evolved in various ways with the introduction of different models worldwide due to diverse regulatory, economic, and cultural environments. For example, in the US, Internet pharmacies majorly operate as a prescription-based model, while they operate via a non-prescription-based model in Europe.
Based on drug type, the digital pharmacy market is bifurcated into prescription medicines and OTC medicines. The prescription medicine segment held a larger market share in 2022 and is anticipated to register a higher CAGR during 2022–2030. A doctor fills out a digital prescription online and sends it directly to prescription centers over the Internet. Prescription centers are electronic databases that issue and process medicines, baby food, and medical devices. Prescriptions are stored in the public domain by default, but they can only be changed by the concerned doctor. In the private prescription, only patients are allowed to purchase prescribed medicines, while in the authorized prescription, prescription medicines can be purchased at a pharmacy by the patient or by people authorized by the patient on the online portal. Individuals purchasing the prescribed medicines need to show the pharmacist their identity documents, including a photograph and an identification number. If the medicine is purchased for another person, the buyer must also know their personal identification number. Post buyers’ verification, pharmacists would locate the correct prescription in the prescription center based on the buyer's identification code (mentioned in the prescription).
Amazon.com Inc, Goodrx Holdings Inc, The Cigna Group, CVS Health Corp, Walmart Inc, Hims & Hers Health Inc, Roman Health Pharmacy LLC, Apex Pharmacy Inc, LloydsPharmacy Ltd, Pharmacy2U Ltd, Docmorris NV, and Truepill are among the leading companies operating in the digital pharmacy market.
The global digital pharmacy market is segmented into drug type, product, and platform. Based on drug type, the digital pharmacy market is bifurcated into prescription medicine and OTC medicine. The prescription medicine segment held the largest market share in 2022 and is anticipated to register the highest CAGR for the forecast period 2022–2030. Based on product, the global digital pharmacy market is segregated into personal care, vitamins & supplements, medicine & treatment, and others. The medicine & treatment segment held the largest market share in 2022. In terms of platform, the digital pharmacy market is categorized as app-based and website-based. The app-based segment held the largest share of the market in 2022 and is anticipated to register the highest CAGR in the market for the forecast period 2022–2030. The digital pharmacy market, based on geography, is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Spain, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and Rest of the Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).
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