Digital Pharmacy Market by Power Source (Battery-Powered, hardwired with battery backup, Hardwired without battery backup), Type (Photoelectric Smoke Detectors, Ionization Smoke Detectors), Service, Distribution Channel, and region (North America, Europe, Asia-Pacific, Middle East, and Africa and South America).
The global Digital Pharmacy Market size is 96.5 billion USD in 2022 and is projected to reach a CAGR of 18.9% from 2023-2030.
Digital Pharmacy is a digital platform also known as internet pharmacy or online pharmacy, involved in the sales of drugs, or medication to consumers. The platform is designed to provide online pharmacy services, including drug delivery. Digital Pharmacy allows prescription refilling and delivery over the counter as well as specialty medicines to patients.
A significant increase in the number of online service providers has enhanced the accessibility to internet pharmacies in developing nations. In recent years, a considerable increase in the number of internet users has further led to a high adoption rate. Therefore, ease of access to internet pharmacies through smartphones and the availability of a range of pharmaceutical products are major factors driving the growth of the Digital Pharmacy market. Further, collaborations between the manufacturers and e-pharmacies to broaden the accessibility of their products and expand their customer base via online channels will propel the market growth during the projection period.
Illegal internet pharmacies are often international operations with servers, shipping operations, and other parts of the business located in several countries are the biggest threat to the market. Consumers seeking overseas options to obtain medicines also pose a threat to the pharmaceutical industry and pharmacists of the respective country. Such illegal buying behaviours can result in the loss of credibility and faith in online medicine and may hinder the greater adoption of digital pharmacy solutions globally.
During COVID-19, the Digital Pharmacy business has witnessed significant growth across developing countries including India. Regional lockdowns and movement restrictions have led to the adoption of Digital Pharmacy mobile applications providing online medicine delivery services. Further, government initiatives supporting digital technologies to improve medicine access have positively impacted the Digital Pharmacy market growth. Therefore, several industry players operating in the Digital Pharmacy business experienced an increase in the number of application subscriptions amid the pandemic.
The National Institute of Health (NIH) research states that buying goods and services online, including prescription drugs, has become standard practice with community pharmacies increasingly implementing digital health strategies. An increase in internet users, easier access to the internet and online services, and an increase in the use of digital prescriptions in hospitals and other healthcare facilities are all factors contributing to the growth of the digital pharmacy market. Doctors are now available with just a few clicks of your mouse making it easier for patients to get proper care and consultancy for their health problems.
North America to Dominate the Market