Pharmacies providing online medicine delivery services are incorporating other value added features to diversify their revenue generation. Growth in smart devices and improved internet infrastructure is enabling individuals to remotely order medicines and get it delivered at their doorstep, which is pushing business to adopt newer revenue generation models to survive in the market. This transformation has also affected the pharmaceutical industry giving rise to telepharmacy concept. Telepharmacy is on-demand delivery of pharmaceutical products and care via digital means of communication. This concept of virtual care encompasses broad spectrum of services apart from medicine delivery such as patient counseling, drug therapy management, refill authorization for the prescribed drugs, monitoring medication compliance and prior authorization of prescribed drugs. Remote areas are anticipated to be the prime beneficiaries of these services as they don’t have easy access to brick and mortar pharmacies and an expert pharmacist. An expert pharmacist, through telepharmacy platforms, assesses the appropriateness of the dose for a remotely located patient and asks for clarifications before approving the order. This has enabled to regulate and streamline the online delivery of medicines. Owing to these wide range of telepharmacy offerings, many online medicine delivery companies are incorporating these features in their platform. For instance, online medicine delivery companies such as Medlife International Pvt Ltd., Practo and others provide other services including consultation with a doctor. Through virtual consultation doctors can provide digital prescriptions to patients which can be submitted to any e-pharmacy for ordering online delivery of medicines. Other companies such as 1mg and Lifecare Health provide online booking of a lab tests. These newly adopted business models are expected to generate additional revenues and propel the growth of the market participants in Online Medicines Delivery Market across the globe.
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The recent outbreak of COVID-19 pandemic has affected countries across continents, disrupting the businesses in various sectors. Countries have imposed partial or full lockdown in the adversely affected areas for containing the spread of this disease. Amidst this lockdowns, people are restrained from leaving their house for visiting doctors and purchasing regular medicine refills. Also, clinics are and medical facilities are overcrowded which is causing safety concerns among the people leading them to use digital mediums to avail medical consultations and delivery of medicines. For instance, the CEO of Medlife International Pvt Ltd. stated in a press release dated March 2020 that the company witnessed 50% increase in its organic traffic and performing more frequent replenishment of its stock to cater the rising demand. Thus, the outbreak of coronavirus pandemic is having a positive impact on the growth of global online medicine delivery market.
The detailed research study provides qualitative and quantitative analysis of online medicines delivery 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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Key Findings of the Report:
- The global online medicines delivery market was valued at US$ 5.67 Bn in 2018 and is anticipated to grow at a CAGR of 18.32% over the forecast period owing to rising demand for faster and hassle free drug delivery
- Businesses are anticipated to grow at higher rate in global medicines delivery market over forecast period due to increasing number of pharmaceutical manufacturers and wholesalers adopting online channels for distribution.
- Express delivery type accounts for a significant share in global online medicines delivery market owing to the increasing number of e-pharmacies providing same day delivery services.
- North America accounted for highest market share in global online medicines delivery market in 2018. Asia Pacific is expected to register the highest compound annual growth rate (CAGR) over the period of next eight years owing to the high number of internet users and growing expenditure on wellness.
- Some of the players operating in the online medicines delivery market are 1mg, Aslas, BrownPacket, CAPSULE CORPORATION, Chemistonline, CVS.com, Eumed, Express Chemist, Medlife International Pvt Ltd, MedPlusMart.com, myCARE, Netmeds Marketplace Ltd., NowRx.com, parafarmacia-online.com, PharmEasy, PillPack, Rite Aid Corp, rx-24-online.com and Simple Online Pharmacy Ltd. amongst others.
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Global Online Medicines Delivery Market:
- By Deployment
- Cloud
- On Premise
- By Platform
- Android
- iOS
- By End-Users
- Individuals
- Businesses
- By Delivery Type
- Standard Delivery
- Express Delivery
- By Application
- Prescription
- Non-Prescription
- 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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