Online Pharmacy Market Comprehensive Insight by Growth Rate, Industry Status, Forecast till 2026

The online pharmacy market is projected to grow at a strong CAGR of 16.8% during the forecast period (2020-2026). Increasing internet penetration is acting as the primary factor that drives the growth of the global online pharmacy market. This is attributed to the fact that smartphones are majorly used for social media accessing and gathering relevant information. Online pharmacies are becoming popular as they offer better pricing than offline stores, with increased access, lower transaction cost, convenience, and greater anonymity for consumers. Consumers sometimes feel embarrassed about ordering certain medications or healthcare products. This issue is addressed by online pharmacies allowing consumers to remain anonymous. For instance, one of the most frequently purchased online medications is which is used for the treatment of erectile dysfunction. Furthermore, the online pharmacy offers accessibility to people with limited mobility, especially those living in remote areas.

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However, digital illiteracy and lack of digital infrastructures such as digital communication, computing or data storage, Wi-Fi networks, applications, and software have limited the growth of the online pharmacy market. On the contrary, an increase in internet user base and technological development in smart devices are anticipated to offer lucrative growth opportunities for the new entrants in the online pharmacy market.

Additionally, amid the COVID-19 pandemic, the online pharmacy has been booming. Due to the lockdown imposed in most countries, an increasing number of individuals have turned to e-commerce for almost everything from food to medicines. It is still not certain, for how long the pandemic endures, thus, the prospect for growth for online pharmacy seems bright in the near fu

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Global Online Pharmacy Market Segmentation

By Medicine Type

· OTC Medicines

· Prescription Medicines

Regional Analysis

North America

· United States

· Canada

Europe

· UK

· Germany

· Spain

· France

· Italy

· Rest of Europe

Asia-Pacific

· India

· China

· Japan

· South Korea

· Rest of APAC

Rest of the World

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