DUBLIN, June 11, 2021 /PRNewswire/ -- 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 SEGMENTATIONThe 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 VENDORSThe 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.
KEY QUESTIONS ANSWERED:
- What are major trends influencing the US Online Pharmacy landscape?
- How big is the US online pharmacy market?
- Which product segment accounted for the largest US online pharmacy market in 2020?
- What are the factors driving the US online pharmacy market?
- Who are the key players in the US online pharmacy market?
Key Topics Covered: 1 Research Methodology 2 Research Objectives 3 Research Process 4 Scope & Coverage 5 Report Assumptions & Caveats5.1 Key Caveats5.2 Currency Conversion5.3 Market Derivation 6 Market at a Glance 7 Introduction7.1 Overview7.2 Impact Of COVID-19 On Us Online Pharmacy7.3 Regulations For Online Pharmacies In US7.4 E-Pharmacy Comparison In US Versus Global Market7.5 Online Pharmacy Start-Ups and Their Investments 8 Market Opportunities & Trends8.1 Rise In Direct-To-Patient Drug Sales8.2 Increase In Demand For Advanced E-Commerce Technologies8.3 High Adoption Of E-Prescriptions Among US Customers 9 Market Growth Enablers9.1 Increasing Teleconsultation And Diagnostic Support9.2 Growing Penetration Of Internet And Mobile Applications9.3 High Adoption Of Automated Prescription Refill And CRM Solutions 10 Market Restraints10.1 Sale Of Unapproved Drugs And FDA Warnings10.2 Competition From Traditional And Medical Product Retailers10.3 Strict Regulatory Framework For Online Sale Of Drugs 11 Market Landscape11.1 Market Overview11.2 Market Size & Forecast11.3 Five Forces Analysis 12 Drug Type12.1 Market Snapshot & Growth Engine12.2 Market Overview12.3 Prescription12.4 Over The Counter (OTC) 13 Product13.1 Market Snapshot & Growth Engine13.2 Market Overview13.3 Medication13.4 Health, Wellness, & Nutrition13.5 Personal Care 14 Modality14.1 Market Snapshot & Growth Engine14.2 Market Overview14.3 Mobile Application14.4 Web Based 15 Pharmacy Type15.1 Market Snapshot & Growth Engine15.2 Market Overview15.3 Online Branch Of Brick & Mortar Pharmacy15.4 Independent Online-Only Pharmacies15.5 Partnership Site With Neighborhood Pharmacies 16 Competitive Landscape16.1 Competition Overview16.2 Market Share Analysis
- 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
For more information about this report visit https://www.researchandmarkets.com/r/e4sxte
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