Global Internet Pharmacies Market $260 Billion by 2029

The global market for internet pharmacies estimated to reach $260 billion by 2029, expanding at a double-digit CAGR of 16.3% over the forecast period, majorly driven by rising personal disposable income, lower prices, and surge in internet penetration worldwide.

• Other factors driving online pharmacies market growth include stupendous growth of online retail market and a large number of online players entering the online healthcare product segment.
  • The major players are in a race to increase their share in the industry by implementing various marketing initiatives, technology advancements, switching to different business models and others.
• The pace of innovation and disruption is likely to further intensify the anticipated market growth and investment trends.
  • These include the availability of convenient online payment; sharp growth in smart-phone penetration; a growing pool of pharmacy and healthcare start-ups; and improvements in delivery logistics.

Since the start of the COVID-19 global pandemic, the online pharmacies (OPs) have emerged as an extremely popular way to purchase medication due to the quarantine measures introduced by numerous countries to prevent the virus’s spread.

• Surveys of other populations have shown that 71% of European internet users and 72% of US internet users have run searches for information about health matters at least once in the past years.
• The patronage of online pharmacies is rapidly growing, driven by the convenience and cheaper costs of purchasing prescription drugs electronically, especially under the lockdown situations.
  • However, there are issues regarding the quality of the prescription drugs sold online and the legitimacy of online pharmacies. The use of prescription drugs without the supervision of a licensed health care practitioner may potentially harm consumers.

An online pharmacy, Internet pharmacy, e-pharmacy or mail-order pharmacy is a pharmacy that operate over the Internet and sends the orders to customers through the mail or shipping companies.

• While many internet pharmacies sell prescription drugs only with a prescription, some do not require a pre-written prescription.
• Patients can save time and money by purchasing drugs from Internet pharmacies, but they can also end up with counterfeit or substandard medications.
• As the online pharmacy industry grows, so do concerns about the safety of obtaining prescription drugs through the Internet.
  • Therefore, sufficient measures were introduced by government agencies to ensure the safety of consumers while balancing the convenience and potential cost saving from using the Internet to purchase prescription drugs.
• Independent research published by the National Bureau of Economic Research demonstrates that online pharmacies, U.S. and foreign, verified by certain credentialing entities, sell genuine medication and require a prescription.
  • The report further states that, all tested prescription drug orders were found to be authentic when ordered from online pharmacies, international and U.S.-only, approved by PharmacyChecker.com, as well as U.S. online pharmacies approved by the National Association of Boards of Pharmacy (NABP), Verified Internet Pharmacy Practice Sites (VIPPS) program or LegitScript, whereas 90% of tested products ordered from non-credentialed online pharmacies were counterfeit.

The global internet pharmacies market report provides market size ($million, 2019 to 2029), market share, growth trends and forecast (CAGR%, 2023 to 2029).

The global online pharmacies market is segmented by geography into North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Rest of EU), Asia Pacific (Japan, China, India, Rest of APAC), Latin America (Brazil, Mexico, Rest of LA) and Rest of the World.

Asia’s online pharmacy market trends:

• Asia’s internet pharmacy market is emerging as one of Asia’s hot healthcare opportunities.
• The online pharmacy market in Asia Pacific region is divided into three groups: mature (Japan, South Korea, Taiwan and Australia); maturing (Thailand, Malaysia, China); and emerging (Philippines, India, Vietnam, Pakistan, and Indonesia).
  • Although, the majority of drug retailing in Asia goes via hospital and retail pharmacy channels, existing offline pharmacists are pushing aggressively into online channels, with over-the-counter and consumer health products leading the way.
• Online retailers such as Alibaba and JD.com are intensifying their push to acquire offline pharmacies and supermarkets to create an integrated online-to-offline offering.
  • The Chinese market is leading the way, followed Indonesia and India.
• A range of non-traditional players emerging to reshape patient engagement with pharmacies in such areas as online physician, electronic medical records, genomic-based precision medicine, and pharmacy fulfillment.

Salient findings of the report include:

• Online pharmacy is becoming a lucrative business model. Number of independent mail-order pharmacies specializing in specific niches or diseases are increasing with respect to market share and growth, with enormous competition. The large mail-order pharmacies can no longer dominate the marketplace.
• The major mail-order pharmacies are associated with many insurance providers and large retail chains.
  • Market drivers include increasing internet penetration, Cost effectiveness and 24×7 prescription delivery services, and rise in aging population.
  • Market restraints are the likely occurrences of substance abuse, Large number of rogue online pharmacies.
  • Market opportunities include untapped market in Asia pacific and Latin America. Despite all these challenges, the mail order pharmacies sector has managed to grow in North America and Europe.

Health plans sponsored by providers and in-house hospital pharmacies (Lifespan, Cleveland Clinic, etc.) are gaining market presence due to increased cost savings in the marketplace. 

• By utilizing an in-house mail-order pharmacy model, a health system can achieve cost savings by leveraging existing distribution and manufacturer network and eliminating third-party transactions, retaining income by keeping the cost of the prescription within the same health system and parent company, and providing financial benefit to patients through improved access and reduced copays.
  • This model can lower the cost of prescription by reducing the drug procurement cost, insurance payment and co-pays.
• At the same time, Geisinger Health System, an integrated health services organization does qualify for 340B program.
  • By leveraging 340B regulations, Geisinger could further bring down the drug acquisition cost and by providing value-based insurance system, reduce/eliminate the drug co-payments.
    • This model also provides health care data integration by direct access to a patients’ electronic health records for streamlining medical information and improving medication adherence.

The global internet pharmacies market report also provides the detailed market landscape (market drivers, restraints, opportunities), market attractiveness analysis as well as profiles of major internet pharmacies in the global market by understanding the current trends, challenges and competitive strategies adopted by them in the global internet pharmacy market.

Major players operating in the global internet pharmacies market and profiled in this report include Banner Health, CVS Caremark, DocMorris N.V., Dr Fox Pharmacy, eDrugstore.MD, LloydsPharmacy Ltd., MediSave, PlanetRX.com, Inc., Rowlands Pharmacy, and Walgreen Company.

• Geography
  • North America (U.S., Canada)
  • Europe (U.K., Germany, France, Italy, Spain, Rest of EU)
  • Asia Pacific (Japan, China, India, Rest of APAC)
  • Latin America (Brazil, Mexico, Rest of LA)
  • Rest of the World
• Company Profiles
  • Banner Health
  • CVS Caremark
  • DocMorris N.V.
  • Dr Fox Pharmacy
  • eDrugstore.MD
  • LloydsPharmacy Ltd.
  • MediSave
  • PlanetRX.com, Inc.
  • Rowlands Pharmacy
  • Walgreen Company

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https://www.ihealthcareanalyst.com/report/online-pharmacies-market/

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