The global E-pharmacy market was valued at USD 68,382.3 million in 2021 and will grow at a rate of about 16.1% during 2021–2030, reaching USD 261,684.5 million by 2030, according to P&S Intelligence.
This can be credited to the increasing count of internet users, wide access to online services, and the rising utilization of e-medicines in hospitals and other healthcare sceneries.
Additionally, the surge in teleconsultation and analytic aid boosts the e-pharmacy industry development. Over the years, healthcare amenities for the management of chronic illnesses have been the stamp of medical aid.
However, with the launch of teleconsultation, treatment ways have altered throughout the globe. These days, e-prescriptions can be produced via remote conferences, which can be utilized to buy medications via online pharmacies. This has directed to savings in patients' time and a surge in the effectiveness of healthcare workers.
The industry for online health care and nutrition items is projected to develop with the highest CAGR, of approximately 17%, in the coming few years. This is mainly because of the increasing knowledge regarding nutritional items, and the increase in the sales of such products in the past few years, mostly during the pandemic time.
According to a study, roughly 50% of U.S. consumers order health wellness and nutritional items via online platforms, and this trend is projected to be followed in the future as well.
In 2021, Online pharmacy items sold via app-based channels were valued at approximately USD 40 billion. The surge in mobile utilization and internet saturation, and the increase in the count of individuals doing online payments have elevated the demand for online medications via app-based channels in the past few years.
North America had the largest revenue share, of above 40%, in the online pharmacy market. This can be ascribed to the high internet usage and augmented knowledge about online OTC medications. For example, approximately 90% of the North American populace utilizes the Internet.
Furthermore, the occurrence of chronic illnesses in Canada and the U.S. is growing swiftly. 6 out of 10 adults in the country are suffering from a chronic illness. The U.S. healthcare system invested approximately USD 4.0 trillion yearly, which is flooring the way for the growth of online drugstores in the continent.
Furthermore, the increasing pharmaceutical medication sales in the continent also strengthens the growth of the market. For example, in 2021, North America had approximately 50% of total world medicinal sales.
Hence, the increasing count of internet users, wide access to online services, and the rising utilization of e-medicines in hospitals and other healthcare sceneries are the major factors contributing to the growth of the online pharmacy market.
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