Digital Pharmacy Market Size Worth $479.20 Billion By 2032 | CAGR: 17.4%

The global digital pharmacy market size is expected to reach USD 479.20 billion by 2032, according to a new study by Polaris Market Research. The report “Digital Pharmacy Market Share, Size, Trends, Industry Analysis Report, By Drug Type (Prescription Medicines and Over-the-counter Products); By Platform; By Product; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The growing number of internet users leading to the increased adoption of advanced and digital technologies coupled with the rising focus by key market players on online sales of medicines and other nutritional products are likely to be major factors driving the growth of the global market during the forecast period. Moreover, the increasing incidence of various chronic diseases in several countries across the globe is growing rapidly, which accelerates the demand for healthcare products through online channels and is a key factor estimated to contribute significantly to global market growth.

For instance, according to the World Health Organization, chronic diseases kill nearly 41 million people yearly, equivalent to 74% of total deaths globally. In cardiovascular diseases account for the largest NCD deaths, with a total number of deaths at around 17.9 million, followed by cancer 9.3 million and chronic respiratory diseases at 4.1 million. And these numbers are estimated to grow significantly in the coming years, which is likely to fuel the demand for E-pharmacy services around the world at a significant growth rate over the coming years.

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Furthermore, increasing various business developing activities by large market players such as collaborations, acquisitions, partnerships, and technological advancements coupled with the new entry of several market players are anticipated to have a positive impact on the growth of the global market. For instance, in November 2021, Flipkart Group entered into the healthcare sector with the launch of Flipkart Health+ with an aim to serve customers across 20,000 pin codes in India. With this new launch, a company acquired a majority share of India-based Sastasundar Marketplace Ltd.

Digital Pharmacy Market Report Highlights

• Over-the-products segment accounted for the highest market share in 2021 due to the easy availability of OTC products and growing prevalence of various types of frequent diseases like cold and flu.
• Health wellness & nutrition sector is anticipated to grow significantly over the forecast period, which is attributed to the rising consumer preferences towards nutritional and wellness products, mainly in high-income nations.
• App-based segment held a significant revenue share in 2021 and is projected to maintain this throughout the forecast period because of the rising number of mobile users and penetration of fast internet facilities across the globe.
• North America was the leading region in market in 2021 owing to increased adoption of the e-commerce industry and growing consumer spending capacity to spend on healthcare products and the increasing geriatric population.
• The global market is moderately competitive in nature owing to the presence of large market players operating across the globe, such as CVS Health, Axelia Solutions, Cigna Corporation, and Express Scripts Holding Company.

Polaris Market Research has segmented the digital pharmacy market report based on drug type, platform, product, and region:

Digital Pharmacy, Drug Type Outlook (Revenue - USD Billion, 2019-2032)

• Prescription Medicines
• Over-the-counter Products

Digital Pharmacy, Platform Outlook (Revenue - USD Billion, 2019-2032)

• App-Based
• Web-Based

Digital Pharmacy, Product Outlook (Revenue - USD Billion, 2019-2032)

• Health Wellness & Nutrition
• Personal Care
• Medications
• Others

Digital Pharmacy, Regional Outlook (Revenue - USD Billion, 2019-2032)

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa