The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Digital Pharmacy Global Market Report 2024, the digital pharmacy market is expected to show significant growth in the forecast period.

Market Overview

• The digital pharmacy market has grown significantly, increasing from $116.60 billion in 2023 to $139.91 billion in 2024, with a compound annual growth rate (CAGR) of 20.0%.
• This growth has been fueled by factors like the increasing penetration of internet users, growing life science research, rising demand for remote consultations, expanded diagnostic offerings, and the proliferation of illegal online pharmacies.

Forecast for Future Growth

• The digital pharmacy market is expected to reach $292.29 billion by 2028, growing at a CAGR of 20.2%.
• Key factors driving future growth include rising demand for over-the-counter (OTC) products, the increasing prominence of online drug procurement, adoption of automation, growing consumer preference for online pharmacies, and the rise of chronic conditions that require continuous medication management.

E-Commerce Driving Market Expansion

• The rise of e-commerce in healthcare is a critical driver for the digital pharmacy market, as it offers convenience, accessibility, and enhanced patient engagement.
• Digital pharmacies enhance healthcare e-commerce by providing easy access to a wide range of medications, personalized care, cost savings, and integration with telemedicine services.
• For instance, in 2022, the Australian Digital Health Agency reported that over 118.2 million telehealth services were delivered to 18 million patients, showcasing the growing adoption of digital healthcare solutions.

View More On The Digital Pharmacy Market Report 2024 – https://www.thebusinessresearchcompany.com/report/digital-pharmacy-global-market-report

Key Market Players

• Leading companies in the digital pharmacy market include Walmart Inc., Amazon.com Inc., MetLife Inc., Omnicell Inc., Hims & Hers Health Inc., Tata 1MG Technologies Pvt Ltd., Ro, and Pharmacy2U Ltd.
• These players are innovating with new technologies and expanding their service offerings to meet the growing demand for digital healthcare.

Innovation in Digital Pharmacy Platforms

• Companies are focusing on user-friendly digital pharmacy platforms, allowing patients to manage prescriptions, order medications, and access healthcare information more efficiently.
• In November 2023, Pure Health launched “Dawak,” an online digital pharmacy platform in the UAE, streamlining medication access with features such as easy prescription management, medication refills, and home delivery options. The platform also promotes medication adherence with individually sealed sachets sorted by date and time.

Mergers and Acquisitions Boost Market Position

• Mergers and acquisitions are shaping the digital pharmacy landscape. In April 2023, Phlo, a UK-based digital pharmacy, acquired Truepill, a US-based digital health solutions provider. This acquisition strengthened Phlo’s position as a leader in business-to-business pharmacy services in the UK, expanding its reach and capabilities in digital healthcare.

Market Segmentation

• The digital pharmacy market is segmented by:
  • Product: Medicines and Treatments, Personal Care Products, Vitamins and Supplements
  • Drug Type: Prescription Medicines, Over-The-Counter (OTC) Products
  • Business Model: Captive, Franchise, Aggregator
  • Platform: App-Based, Web-Based
  • Application: Urban Areas, Rural Areas

Regional Outlook

• North America was the largest region in the digital pharmacy market in 2023, driven by advanced healthcare infrastructure and high internet penetration.
• Asia-Pacific is projected to be the fastest-growing region in the forecast period due to increasing internet accessibility, rising healthcare expenditure, and a growing aging population.

Conclusion: The Future of Digital Pharmacies

• The digital pharmacy market is set for exponential growth, driven by the rise of e-commerce, advancements in healthcare technology, and increasing demand for remote healthcare solutions.
• Innovations in user-friendly platforms, strategic mergers, and expanding global reach position digital pharmacies as a key player in the future of healthcare delivery.

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