A recent report published by Infinium Global Research on online pharmacy market provides an in-depth analysis of segments and sub-segments in global as well as regional online pharmacy market
Pune, India -- (SBWIRE) -- 01/16/2020 -- A recent report published by Infinium Global Research on Online Pharmacy Market (Type - Prescription, Non-prescription; End-Use Channel - App Only, Online Store): Global Industry Analysis, Trends, Market Size and Forecasts to 2024. According to a report, the global online pharmacy market is projected to grow at a CAGR of 17.5% over the forecast period of 2018-2024.
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Online Pharmacy Market: Industry Insights
Online pharmacy operates over the internet where a vendor sells medicines to customers through mail or shipping companies. Online pharmacy shortens the long chain of distributors and provides the medicine to end users at lower price. Online pharmacies include both legitimate and illegitimate pharmacies. Online pharmacies offer better pricing as compared to offline stores. It provides lower transaction and product costs. Also, consumers are more comfortable with the online pharmacy as it provides media alerts, discounts, doorstep delivery in a short time, and information about substitutes and their adverse effects. The global online pharmacy market is projected to grow at a CAGR of 17.5% over the forecast period of 2018-2024.
Rising Adoption of Digital Technology in the Healthcare Sector is Driving the Online Pharmacy Industry
The burden of chronic diseases is rapidly increasing worldwide. According to the World Health Organization, in 2001, chronic diseases contributed approximately 60% of the 56.5 million total reported deaths in the world. The proportion of the burden of NCDs is expected to increase to 57% by 2020 that primarily drives the growth of the online pharmacy market. Rising adoption of digital technology in the healthcare sector is driving the online pharmacy market. Changing consumer behavior with priority for convenience and increasing awareness about the benefits of e-commerce contributes to the growth of the online pharmacy market. In addition, increasing demand for healthcare products and rising chronic conditions boost the online pharmacy market. However, high operational costs restraint the growth of the online pharmacy market. Moreover, the rising acceptance of e-prescription creates an opportunity for the online pharmacy market.
Online Pharmacy Market: Segmentation
The online pharmacy market is segmented on the basis of type and end-user channels. Based on type, the online pharmacy market is divided into prescription, non-prescription. The prescription market is expected to have a maximum share in the type segment of the online pharmacy market. And based on the end-use channel, the market is divided into the app only, online store.
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North America is Expected to the Largest Share
Geographically, the online pharmacy market is classified into North America, Europe, Asia-Pacific and the Rest of the World. North America is expected to have the largest share in the online pharmacy market. The rising geriatric population and increasing adoption of e-commerce promote the growth of online pharmacy in the North America region. Asia-Pacific region is also anticipated to grow in the online pharmacy market. The rising government initiative to improve healthcare infrastructure in the Asia-Pacific region boosts the online pharmacy market in the Asia-Pacific region. In the Asia-Pacific region, China and India are expected to grow at the fastest rate due to the growing elderly population, increasing middle-class population and thereby, increasing demand for medical products.
Online Pharmacy Market: Competitive Analysis
The leading players in the online pharmacy market are drugstore.com Inc, The SANICARE Group, Domzdrowia.pl SA, CanDrugstore.com, Walgreen Co, Rowlands Pharmacy, Lloyds Pharmacy Ltd, eDrugstore.MD, CanadaDrugs.com, and others. The leading players are focusing on strategic collaborations, mergers, and acquisitions to maintain their market position. For instance, Lloyds Pharmacy acquires Sainsbury's pharmacy business.
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