According to our new research study on “US Digital Pharmacy Market Size and Forecast to 2030 –Country Analysis – by Drug Type, Product Type, Platform, Gender” the market is expected to grow from US$ 67,242.93 million in 2022 to US$ 2,40,216.87 million by 2030; it is estimated to record a CAGR 17.25% during 2022–2030. Factors like the upsurge in online purchase of prescription medicines during COVID-19 pandemic, increasing inclination towards online platform are driving the US digital pharmacy market size and growth. 

Market Driver

Upsurge in Online Purchase of Prescription Medicines During COVID-19 Pandemic

According to a report published by the ASOP Global Foundation in 2020, nearly 50% of the American population purchased medicines online due to convenience and cost benefits. As per another survey conducted by Abacus Data on 1,500 American consumers, 4 in 10 Americans (42%) purchased medicines online in 2020, recording a 7% rise in the number of online buyers of medicines from 2020 to 2021. Moreover, purchase from digital pharmacy market trends in the US indicate Americans buy an array of prescription drugs online, ranging from products prescribed against chronic and ongoing conditions (23% for all purchases), including high blood pressure, asthma, and diabetes, to specialty prescriptions such as cancer and hormone replacement therapy drugs (each accounting 11% of all purchases). Additionally, 64% of the individuals purchased medicines online for the first time in 2021, with intentions to continue buying online medicine even after the pandemic ends. The preference for online buying of medicines is mainly due to the convenience of buying, accessibility to products, and reduced cost of prescription medication (discounts, special offers, etc.). According to a survey conducted by healthinsurance.com, there was a 340% increase in telemedicine usage among Medicare recipients in the US in 2021. 33% of the increased users revealed that they preferred ordering prescription medicines through an online pharmacy during the COVID-19 pandemic. Thus, an increase in the number of online purchases of prescription medicines, coupled with the rapidly spurring e-commerce industry and a massive shift in consumer behavior toward online purchases, favors the US digital pharmacy market growth.

Increasing Organic and Inorganic Strategies by Key Players

In recent years, changing lifestyle habits and growing geriatric population are increasing the incidence of various chronic disorders, advent of e-commerce has accelerated the digital pharmacy market landscape. Thus, there is an increasing demand for early diagnosis and treatment. To enhance the quality of life of people, key players are taking several initiatives through various organic and inorganic strategies.

• In November 2020, Amazon, Inc. announced launching of Amazon Pharmacy a delivery service for prescription medications. In addition to the basic Amazon Pharmacy service, Amazon is rolling out special features for Prime members. Those subscribing to the Amazon's premium membership tier can receive unlimited, free two-day delivery on Amazon orders.
• In January 2023, Hims & Hers Health, Inc. announced trusted consumer-first platform aiming to provide a modern personalized health & wellness experience to consumers. Hims & Hers Health, Inc. new volumized shampoos and conditioners are formulated with Biovolume 128 that has been shown to increase hair volume with vegan, pthalates-, sulfate-, dye- and cruelty-free formulas. The product have been developed specifically to boost the volume of those having fine, flat, or limp hair.
• In September 2021, LloydsPharmacy announced launching of LloydsPharmacy VideoGP service. Through the new product launch patients can access a general practioner (GP) appointment in as little as 30 minutes seven days a week. The VideoGP service operates via an app from LloydsPharmacy, available from the Apple App Store and Google Play.
• In September 2023, GoodRx, announced collaboration with MedImpact for lowering drug prices on prescriptions at the pharmacy counter. The collaboration will integrate GoodRx's prescription pricing into MedImpact's pharmacy benefit manager (PBM) services offering a seamless experience for MedImpact members. Additionally, the collaboration will allow both companies to deliver more savings to consumers without any additional effort and offering program to seamless data integration. This is achieved by ensuring patients are given alert about any negative drug interactions through the MedImpact's rigorous drug safety review.
• In May 2023, CVS Health announced acquisition of Signify Health accounting US$30.50 per share in cash for a total transaction value of approx. US$8 billion. The acquisition aims that Signify Health will continue to operate as a payor-agonistic business as part of CVS Health.
• In June 2022, Lloyds Pharmacy announced partnership with Deliveroo allowing customers to order toiletries and OTC medicines to be expanded to 110 stores. The expansion of the partnership was launched amid the pandemic in 2020, with 150 Lloyds stores participating in the scheme. Through this partnership the consumers can now order a range of top 50 selling products through the Deliveroo app, comprising cold relief medicines, OTC painkillers, and home pregnancy tests among the popular items.
• In October 2021, Pharmacy2U, announced partnership with Diabetes UK. The partnership aims to assist people currently living with diabetes, as well as those at increased risk of type 2 diabetes across the UK.

Thus, the key market players are adopting various organic and inorganic strategies, which are anticipated to provide additional opportunities for the growth of the coagulation analyzer market during the forecast period.

The Cigna Group, Good Rx Holdings Inc., CVS Health Group, Walmart Inc., Hims & Hers Health Inc., Roman Health Pharmacy LLC, Apex Pharmacy Inc., Lloyds Pharmacy, Pharmacy2U Ltd., Docmorris NV, True pill are among the prominent players in global US digital pharmacy market. Leading players adopt strategies such as the launch of new products, expansion and diversification of their market presence, and expansion of new customer base for tapping prevailing business opportunities.

The report segments US digital pharmacy market as follows: 

Based on type, the US Digital Pharmacy market is segmented based on drug type. The market for drug type is segmented into prescription medicine and over-the-counter medicine. Prescription medicine held the largest market share. The US Digital Pharmacy market by product is further segmented as personal care, vitamin and supplements, medicine and treatment, and other products. Medicine and treatment segment accounted for a larger market share in 2022. The medicine and treatment is further divided into sexual health, neurological disorders, heartcare, diabetes, weight loss, and others. The heartcare segmented accounted for the largest share and fastest CAGR. The market is segmented into by platform i.e., app-based and website-based. App-based segment is further segmented into telehealth pharmacy app, medication management app, health and wellness apps, compounding pharmacy apps and other aps. Telehealth pharmacy app accounted for larger share in the year 2022. Based on gender, the US Digital Pharmacy market is segmented into male and female. The female segment led the market in 2022 and it is also estimated to record the highest CAGR during 2022–2030.

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