In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in U.S. Online Pharmacy Market Report
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.
The following factors are likely to contribute to the growth of the U.S. online pharmacy market during the forecast period:
• Rise in Direct to Patient Drug Sales
• Improved E-commerce Technology driving demand
• Increased Adoption of E-prescriptions among US Customers
• Adoption of Automatic Prescription Refills and Automated Customer Relationship Management
The study considers the U.S. online pharmacy market’s present scenario and its market dynamics for the period 2020?2026. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.
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.
• Health Wellness & Nutrition
• Personal Care & Essentials
• Mobile Applications
• Online Branch of Brick and Mortar
• Independent Online Only Pharmacies
• Partnerships with Neighborhood Pharmacies
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.
• 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
• Hi-School Pharmacy
• Hims & Hers Health
• Henry Ford Health System
• Kinney Drugs
• Medly Pharmacy
• Ro Pharmacy
• Walmart Stores
• Woori Pharmacy
KEY QUESTIONS ANSWERED:
1. What are major trends influencing the US Online Pharmacy landscape?
2. How big is the US online pharmacy market?
3. Which product segment accounted for the largest US online pharmacy market in 2020?
4. What are the factors driving the US online pharmacy market?
5. Who are the key players in the US online pharmacy market?
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