Dublin, June 10, 2021 (GLOBE NEWSWIRE) -- The "U.S. Online Pharmacy Market - Industry Outlook & Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The U.S. online pharmacy market by revenue is expected to grow at a CAGR of approx. 19% during the period 2020-2026.
Automated prescription filling, automated customer relationship management, direct-to-the-patient sales of medicines are other major factors increasing the adoption of online pharmacies across the US.
The market is shifting toward the direct-to-patient model as the ever-expanding digital world opens doors to new services and consumer-friendly online experiences. The ease and familiarity of online purchasing attract several patients to search for virtual care medications and wellness options.
This has increased online pharmacies to advertise more and acquire more consumers through digital platforms. The COVID-19 pandemic has further accelerated this shift as most healthcare professionals and patients have adapted to the virtual way to purchase medicines. The trend expects to increase drastically across the US post-COVID-19.
U.S. ONLINE PHARMACY MARKET SEGMENTATION
The U.S. online pharmacy market research report includes a detailed segmentation by drug type, product, modality, pharmacy type. The prescription-based US online pharmacy market is likely to cross USD 132 billion by 2026.
A significant factor driving the growth of prescription-based medicines via online mode is cost-efficiency. Consumers prefer to purchase drugs from online stores as they offer medications at a low price than retail outlets. Among US adults prescription-taking medications, 1.5% reported having purchased medicines outside the US due to high costs. Hence, online pharmacies are seen as the best solution for providing prescription medications at discounted prices, thereby observing growth.
In 2020, the medication segment accounted for approx. 76% in the U.S. online pharmacy market share. The increase in the patient population along with the increased geriatric population is increasing the demand for medications. There is an increase in consumers preferring online pharmacy platforms to purchase medicines due to high purchase convenience. Many customers and patients prefer using online pharmacies for refilling long-term medications.
The mobile app-based segment will likely grow at a CAGR of over 19% from 2020 to 2026. Mobile applications play a significant role in the global online pharmacy market. They help online pharmacies to get in touch with consumers directly, thereby increasing the patient base. Mobile applications help online pharmacies to position their pharmacies effectively.
Mobile applications providing refill prescription facilities, secure two-way messaging, HIPAA compliant mobile app will increase the customer base for online pharmacies. Vendors prioritize digital advertising and marketing to attract more audience as many patients spend their time online.
The U.S. online pharmacy market by the online branch of brick and mortar expects to reach approx. USD 80 billion by 2026. Most retail companies in the US tend to own an online channel to promote their products and increase the customer base. This trend has been prevalent in the US for a long period. However, during the COVID-19 pandemic, the country further accelerated the adoption of online pharmacy channels.
INSIGHTS BY VENDORS
The U.S. online pharmacy market is witnessing a steady flow of start-ups entering the industry. The COVID-19 pandemic has increased the importance of online pharmacies in the country.
Many physicians, patients, and healthcare providers have increased the adoption of telehealth, which has increased the number of teleconsultations in the country. Large hospitals have received 500% more online consultations, and e-prescriptions among healthcare providers have also increased.
These factors have accelerated the growth of the online pharmacy market in the US. A change in consumer behavior patterns has increased opportunities for market growth. However, strict adherence to regulatory guidelines and the prevalence of counterfeiting and fake websites selling unhealthy products are hindering the market.
Kroger, CVS Health, CIGNA (Express Scripts), Walgreens Boots Alliance, and Rite Aid are the key players in the U.S. online pharmacy market.
Prominent Vendors
- Kroger
- CVS Health
- CIGNA (Express Scripts)
- Walgreens Boots Alliance
- Rite Aid
Other Prominent Vendors
- Alto Pharmacy
- Blink Health
- BioPlus Specialty Pharmacy
- Batell Drug
- Carepoint Pharmacy
- Foundation Care
- Fruth Pharmacy
- Giant Eagle
- Gogomeds.com
- Healthwarehouse
- Hi-School Pharmacy
- Hims & Hers Health
- Henry Ford Health System
- Kinney Drugs
- KwikMed
- MedVantx
- Medicure
- Medly Pharmacy
- Northwestpharmacy.com
- OptumRx
- PillPack
- Ro Pharmacy
- Rx-24-online.com
- Walmart Stores
- Woori Pharmacy
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
7.2 Impact Of COVID-19 On Us Online Pharmacy
7.3 Regulations For Online Pharmacies In US
7.4 E-Pharmacy Comparison In US Versus Global Market
7.5 Online Pharmacy Start-Ups and Their Investments
8 Market Opportunities & Trends
8.1 Rise In Direct-To-Patient Drug Sales
8.2 Increase In Demand For Advanced E-Commerce Technologies
8.3 High Adoption Of E-Prescriptions Among US Customers
9 Market Growth Enablers
9.1 Increasing Teleconsultation And Diagnostic Support
9.2 Growing Penetration Of Internet And Mobile Applications
9.3 High Adoption Of Automated Prescription Refill And CRM Solutions
10 Market Restraints
10.1 Sale Of Unapproved Drugs And FDA Warnings
10.2 Competition From Traditional And Medical Product Retailers
10.3 Strict Regulatory Framework For Online Sale Of Drugs
11 Market Landscape
11.1 Market Overview
11.2 Market Size & Forecast
11.3 Five Forces Analysis
12 Drug Type
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
12.3 Prescription
12.4 Over The Counter (OTC)
13 Product
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Medication
13.4 Health, Wellness, & Nutrition
13.5 Personal Care
14 Modality
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 Mobile Application
14.4 Web Based
15 Pharmacy Type
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
15.3 Online Branch Of Brick & Mortar Pharmacy
15.4 Independent Online-Only Pharmacies
15.5 Partnership Site With Neighborhood Pharmacies
16 Competitive Landscape
16.1 Competition Overview
16.2 Market Share Analysis
For more information about this report visit https://www.researchandmarkets.com/r/wor599