The Mail Order Pharmacy Market size was estimated to be US$ 89.90 billion in 2023 and is expected to reach US$ 316.57 billion by 2031; it is estimated to record a CAGR of 17.0% till 2031. Adoption of software technologies for data integration is likely to remain key Mail Order Pharmacy Market trends.
The growing emphasis on patient-centric care, advancement in healthcare technology, cost-effective solutions, and the need for convenient healthcare services is mainly fueling the growth of the mail order pharmacy market. In addition, increasing geriatric population, increasing awareness about home healthcare, increasing prevalence of chronic and infectious diseases, and awareness about benefits of mail order pharmacy in developing countries are driving the growth of the market.
Mail-order pharmacy operates over the Internet and sends orders through mail, shipping companies, or online pharmacy web portal and then delivers the required medication at doorstep. Mail order pharmacy is a cheaper and more convenient than a local pharmacy. The adoption of mail order pharmacy services has grown at unprecedented rate in last few years owing to increasing adoption of online services in healthcare sector. In addition, aging population, increasing prevalence of chronic diseases, and non-adherence to prescribed medications are further emphasizing on the adoption of mail order pharmacy worldwide.
Mail order pharmacy services have shown a significant growth pattern in the last few years, and currently involved in mailing billions of prescriptions annually worldwide. Many employers offer a mail-order pharmacy option as a part of their comprehensive prescription benefits. Also, many retail giants have ventured into mail order pharmacy business owing to its growing popularity and increasing adoption worldwide. To avoid waiting in line at drugstores, consumers have shifted to digital pharmacy services. As the mail order pharmacy service providers are witnessing increase in the volume of orders, various companies have expanded their services to meet the growing demand. Moreover, growing demand for mail order pharmacy has paved the way for many new companies in this space offering a wide range of services. Thus, increasing adoption of mail order pharmacy by consumers is fueling the growth of the mail order pharmacy market.
The number of start-ups in mail order pharmacy services is increasing and the investment in mail-order pharmacy is becoming a lucrative business model for investors. This market segment of the specialty pharmacy is undergoing rapid growth and offering lucrative opportunities and attracting huge amount of money from investors. With the increasing inflow of investment, internet dependency, and demand of hassle-free delivery have led to a rise in number of independent mail order pharmacies, thus offering numerous opportunities for players to expand their business across the world. For instance, in April 2024, Online Pharmacy startup PlatinumRx has secured US$ 800k in seed funding from India Quotient and a cohort of distinguished angel investors. The investment underscores a growing recognition of the pivotal role that online pharmacies play in ensuring affordable and accessible healthcare solutions, particularly amidst the backdrop of rising chronic illnesses and escalating medical expenses.
Key segments that contributed to the derivation of the Mail Order Pharmacy Market analysis are drug type, product, and mode of order.
The geographic scope of the Mail Order Pharmacy Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the Mail Order Pharmacy Market. In North America, the US holds a significant share of the mail order pharmacy market. The growth in North America is characterized by high prevalence of chronic diseases and infectious diseases, growing healthcare expenditure, rise in adoption of internet services in healthcare sector, higher adoption of online services, increase in number of service providers, and developing healthcare institutions.
The regional trends and factors influencing the Mail Order Pharmacy Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Mail Order Pharmacy Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 89.90 Billion |
| Market Size by 2031 | US$ 316.57 Billion |
| Global CAGR (2023 - 2031) | 17.0% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Drug Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Mail Order Pharmacy Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Mail Order Pharmacy Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Mail Order Pharmacy Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for viral antigens and strategies:
The “Mail Order Pharmacy Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: