Global Internet Pharmacies Market US$ 76.9 Billion by 2021

Global Internet Pharmacies Market US$ 76.9 Billion by 2021

The global internet pharmacies market is estimated to reach US$ 76.9 Billion by 2021, growing at a CAGR of 17.4% from 2017 to 2021. The internet pharmacy industry is likely to be driven by rising personal disposable income, lower prices, surge in internet penetration, 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.

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. It 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 percent of tested products ordered from non-credentialed online pharmacies were counterfeit.

The global internet pharmacies market report provides market size (2014 to 2021), market share and forecast trends (2017 to 2021). The global internet pharmacies market is segmented by geography into North America (U.S., Canada), Latin America (Brazil, Mexico, Rest of LA), Europe (U.K., Germany, France, Italy, Spain, Rest of EU), Asia Pacific (Japan, China, India, Rest of APAC), and Rest of the World. 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.

Some of salient findings 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: Increasing internet penetration, Cost effectiveness and 24×7 prescription delivery services, and rise in aging population.
  • Market restraints: Likely occurrences of substance abuse, Large number of rogue online pharmacies.
  • Market opportunities: 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.
  • Major players operating in the global internet pharmacies market and profiled in this report include Banner Health, CVS Caremark, DocMorris NV, Dr. Fox Pharmacy, eDrugstore.MD, Lloyds Pharmacy Ltd., MediSave, PlanetRX.com Inc., Rowlands Pharmacy, and Walgreen Co.

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.

1. Geography (Region, Country)
1.1. North America (U.S., Canada)
1.2. Latin America (Brazil, Mexico, Rest of LA)
1.3. Europe (U.K., Germany, France, Italy, Spain, Rest of EU)
1.4. Asia Pacific (Japan, China, India, Rest of APAC)
1.5. Rest of the World

2. Company Profiles
2.1. Banner Health
2.2. CVS Caremark
2.3. DocMorris NV
2.4. Dr. Fox Pharmacy
2.5. eDrugstore.MD
2.6. Lloyds Pharmacy Ltd
2.7. MediSave
2.8. PlanetRX.com Inc.
2.9. Rowlands Pharmacy
2.10. Walgreen Co.

To request Table of Contents and Sample Pages of this report visit:
https://www.ihealthcareanalyst.com/report/online-pharmacies-market/

 

2017-11-01T17:05:25+00:00 Categories: Press Releases|