Digital Pharmacy Market Report 2024

The digital pharmacy size has grown exponentially in recent years. It will grow from $116.6 billion in 2023 to $139.91 billion in 2024 at a compound annual growth rate (CAGR) of 20%. The growth observed in the historical period can be attributed to several factors including the increasing penetration of internet users, advancements in life science research, rising demand for remote consultations, expanding diagnostic services, and the proliferation of illegal pharmacies.

The digital pharmacy market size is expected to see exponential growth in the next few years. It will grow to $292.29 billion in 2028 at a compound annual growth rate (CAGR) of 20.2%. The forecast period growth is expected to be driven by increasing demand for over-the-counter (OTC) products, the growing preference for online channels for drug procurement, increased adoption of automation in pharmaceutical services, rising consumer preference for online pharmaceutical purchases, and the rising prevalence of chronic diseases. Key trends anticipated in this period include the widespread adoption of digital technologies in healthcare, advancements in healthcare technology overall, innovative models in e-pharmacy services, integration of web-based interfaces for online pharmacies, and advancements in telemedicine practices.

The growing use of e-commerce in the healthcare sector is expected to drive the expansion of the digital pharmacy market. E-commerce in healthcare involves buying and selling healthcare products and services online. The rising adoption of e-commerce in this sector is driven by convenience, accessibility, enhanced patient engagement, and consumer preferences. Digital pharmacies boost e-commerce in healthcare by providing easy access to medications, a wider range of products, personalized patient care, efficient prescription management, cost savings, health information, patient safety, regulatory compliance, and integration with telemedicine and digital health solutions. For instance, according to the Australian Digital Health Agency in August 2022, approximately 118.2 million telehealth services were delivered to 18 million patients, with over 95,000 practitioners using telehealth services in 2022. Hence, the growing adoption of e-commerce in healthcare is fueling the digital pharmacy market.

Leading companies in the digital pharmacy market are focusing on developing innovative solutions, such as online digital pharmacy platforms, to enhance customer experience, streamline medication management, and improve access to pharmaceutical services. An online digital pharmacy platform is a web-based or mobile application that offers pharmacy services over the internet. These platforms aim to simplify ordering medications, managing prescriptions, and accessing healthcare information. For example, in November 2023, Pure Health, a healthcare company based in the UAE, launched Dawak, an online digital pharmacy platform. This platform is designed to make it easier for patients in the UAE to access, purchase, and use their medications. It eliminates waiting times, allows users to review and refill prescriptions, choose convenient delivery options, and make easy payments through the platform. Dawak promotes medication adherence and provides a way to report any adverse effects from medications. It organizes medications into packs with individually sealed sachets, sorted by date and time, and includes detailed dosage information.

In April 2023, Phlo, a digital pharmacy based in the UK, acquired Truepill for an undisclosed amount. This acquisition represents a significant milestone in the evolution of digital healthcare in the UK and positions Phlo as a leader in providing business-to-business pharmacy services. Truepill, a US-based provider of digital health solutions, offers services such as telehealth, pharmacy fulfillment, and diagnostic testing.

Major companies operating in the digital pharmacy market are Walmart Inc., Amazon.com Inc., MetLife Inc., Omnicell (OMCL) Inc., Hims & Hers Health Inc., Tata 1MG Technologies Pvt Ltd., Ro, Medminder Systems Inc., Thirty Madison Inc., Pharmacy2U Ltd, NimbleRx, PocketPills Pharmacy Inc., Nurx, Medley Pharmacy Ltd., RxSafe LLC, ScriptDrop Inc., mscripts LLC, Blink Health LLC, MedAvail Inc., Truepill, NowRx Inc., Capsule Pharmacy.

North America was the largest region in the digital pharmacy market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital pharmacy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the digital pharmacy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A digital pharmacy refers to an online platform or service that facilitates the purchase of pharmaceutical products and medications via the internet. It utilizes technology to streamline the process of acquiring medications and improve the accessibility and convenience of pharmaceutical services for customers.

The primary product categories offered by digital pharmacies include medicines and treatments, personal care products, vitamins and supplements, among others. Medicines and treatments encompass both prescription drugs and over-the-counter medications used for managing various health conditions. These drugs are available through different business models such as captive, franchise, and aggregator, operating on platforms such as apps and websites. Digital pharmacies cater to diverse demographics, serving customers in urban as well as rural areas.

The digital pharmacy market research report is one of a series of new reports that provides digital pharmacy market statistics, including digital pharmacy industry global market size, regional shares, competitors with a digital pharmacy market share, detailed digital pharmacy market segments, market trends, and opportunities, and any further data you may need to thrive in the digital pharmacy industry. This digital pharmacy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The digital pharmacy market includes revenues earned by entities by subscription-based pharmacies, specialty pharmacy services, online ordering, and telemedicine services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

This product will be delivered within 3-5 business days.