North America Leads Online Pharmacy Market Due to High Internet Penetration

NEW YORK - Oct. 15, 2024 - PRLog -- The online pharmacy market is projected to grow from $68,382.3 million in 2021 to $261,684.5 million by 2030, expanding at a CAGR of 16.1%. This significant rise is largely due to the increase in internet users worldwide. The COVID-19 pandemic further accelerated this trend, as lockdowns led people to rely more on online pharmacies for their medication needs.

E-prescriptions have increasingly replaced traditional in-person clinic visits, saving people both time and money. Online pharmacies often offer discounts and deals, making medication more affordable. The rising use of smartphones has also contributed to the market's growth, as purchasing medicines is now just a few clicks away. Additionally, some medications that may not be readily available at local drugstores can be conveniently sourced through online platforms, ensuring easy home delivery. This has especially benefited chronically ill patients, reducing their dependence on third parties for acquiring medication.

The growth of e-commerce has enabled online pharmacies to establish a broad customer base across both developed and developing nations, driving market expansion globally. The convenience of shopping online has greatly fueled this sector's growth.

There is also a rising demand for online health, wellness, and nutrition products, driven by increased awareness of healthy living. This segment is expected to witness the highest growth rate of around 17% over the coming years. Factors such as ease of shopping, competitive pricing, and improved access to online channels are driving the online pharmacy market. Urban consumers, in particular, are more aware of health and wellness, leading to higher spending compared to rural areas.

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In 2021, app-based online pharmacies held a larger market share than web-based platforms, largely due to the widespread availability of smartphones. According to the World Telecommunication/ICT Indicators Database, there were approximately 107.5 mobile cellular subscriptions per 100 people in 2020. This rise in smartphone usage has resulted in more online transactions, contributing to the rapid expansion of the online pharmacy market.

Geographically, North America dominated the market in 2021, mainly driven by high internet penetration and increased awareness of over-the-counter (OTC) drugs. As per Internet World Stats, around 90% of the North American population uses the internet. Higher internet usage correlates with greater market revenue, which explains the region's leading position.

Overall, the online pharmacy market continues to thrive with the rapid increase in internet users across the globe.