Rising internet penetration coupled with the increasing adoption of smartphones across countries is influencing the changing consumer behaviour and thus, a rapid shift is being observed in the buying patterns of consumers. According to the data published by World Bank, a substantially large percentage of population were identified to have been using internet in the year 2017-2018 across major countries such as United States (87%), Canada (91%), United Kingdom (95%), Germany (90%), Japan (91%), Kuwait (100%), UAE (98%), New Zealand (91%) and South Korea (96%). Similarly, as per the data published by GSM Association, the smartphone adoption is widely prevalent across North America (83%), Europe (76%), Asia Pacific (61%), Middle East and Africa (57%) and Latin America (69%). Thus, the modifying buying habits of the population globally from brick and mortar store to online stores is expected to influence the demand for online pharmacy market over the forecast period. In terms of region, Asia Pacific is expected to showcase highest CAGR in the global online pharmacy market over the forecast period. This growth is attributed to the rising investment in online pharmacies by major players in the developing countries including India and China amongst others. For instance, China witnessed a surge in investments in the pharmaceutical ecommerce sector and is considering diversifying their distribution channel by transferring RMB 150 Bn of their offline hospital and retail drug sales to online sales. Optimizing operation process, minimizing distribution cost, enhancing customer experience pertaining to healthcare demands and optimizing resource allocation is driving the shift of the Chinese pharmacy market from offline to online. Similarly, India too has experienced a rise in investment across the online pharmacy market in 2020. For instance, Reliance Retail, a subsidiary of Reliance Industries Ltd, through its acquisition-driven growth strategy initiative, acquired a major stake in the Chennai based online pharmacy, Netmeds. The company aims to strengthen its digital business ecosystem through this investment. In a similar instance, PharmEasy, announced its merger with Medlife, to capitalize the growing online pharmacy market in the country. Thus, the strategic initiatives by major companies in the region to expand their presence in the sector is expected to influence the growth of the online pharmacy market across the region over the forecast period.
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The covid-19 outbreak has positively impacted the global online pharmacy market. The nationwide lockdown to combat the spread of the virus across countries such as United States, France, Germany, Italy, India and China amongst others, have affected the way life functions and made the consumers across these countries more dependent upon e-commerce for their necessities like food and medicines. According to the data published by United Kingdom National Health Service, Pharmacy2U, a United Kingdom based pharmacy, experienced an increase of 20,168 e-prescriptions in the last week of March, as compared to the previous week. Even though offline pharmacies were operative during the lockdown period, the population preferred online services to ensure safe and contact free purchasing alternatives in order to protect themselves from the virus. Ecommerce platforms also launched online pharmacy segment to monetize on the burgeoning demand. For instance, Amazon announced the launch of its drug delivery services in India in August 2020, to cater to the growing need for online pharmacy services across the country. Thus, the changing consumer buying pattern coupled with investments by ecommerce platforms in the segment is expected to contribute towards the growth of the global online pharmacy market over the forecast period.
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The detailed research study provides qualitative and quantitative analysis of global online pharmacy market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Global Online Pharmacy Market:
- By Business Model
- Marketing
- Direct Delivery
- Brick and Mortar Pharmacies
- By Product
- OTC Products
- Pain Relievers
- Cold and Flu
- Digestion
- Others
- Prescription Products
- Diabetes
- Orthopedic
- Cardiology
- Oncology
- Asthma
- Others
- By Platform
- Website
- App
- By Region
- North America
- U.S
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- North America
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