The recent worldwide COVID-19 pandemic has promoted several industries to turn to the online market, including the digital pharmacy market. The medical industry is one significant and crucial sector globally. Digitalization of the healthcare sector promises to revolutionize patient healthcare globally. The different technologies are providing significant benefits to patients and the medical sector. Virtual tools including artificial intelligence, blockchain, and virtual and augmented reality are some technologies that are creating a significant impact.
The digital pharmacy market is extensively benefitting from such technological advancements. Ranging from improving access to clinicians and medicines, as well as improving real-time diagnosis and treatments, digitalization is a boon to the medical sector. The vision is for these technologies to come forth in real-time and interact with each other. This with their physical counterparts, creates a large-scale cyber healthcare system. This transforms treatment pathways for patients worldwide.
Born out of convenience and necessity, digital pharmacies, sometimes referred to as mail-order or online pharmacies have grown drastically. The digital pharmacy market is estimated to register a CAGR of 18.1% from 2022 to 2030. The digital pharmacy market size was valued at US$ 96,428.80 million in 2022. It is projected to reach a global market size of US$ 3,63,878.26 million by 2030. In 1999, Soma.com became the first functioning online pharmacy. Since then, the digital landscape has changed evidently.
There are notably more online pharmacies than there used to be. With the world advancing in the digital era, it is no surprise that more and more consumers are turning to the internet for healthcare information, advice, and even medications. While online pharmacies have been around for decades, they gained more traction throughout the pandemic. This is because of their convenience during quarantine protocols.
Advancements in Healthcare Technologies Driving the Digital Pharmacy Market
There is a rising demand for mail-order pharmaceuticals as E-Commerce and internet use become more widespread. Worldwide, many digital pharmacies offer door-step delivery and medication, dispensing for prescription and over-the-counter drugs. Since the introduction of digital pharmacy patients no longer need to visit the pharmacist. The ease of ordering over various supplier platforms has resulted in the digital pharmacy market development. The main incentives for using a digital pharmacy are convenience, accessibility, price, transparency, privacy, and availability.
Changing individual requirements of patients and interests due to the pandemic have pushed digital pharmacies to be an integral part of the medical care sector. The digital pharmacy market is continuously evolving and driven by changing healthcare needs. A growing acceptance of digital health solutions favors growth. Drug stores are gradually picking up force inside the online business industry’s space with its amazingly developing infiltration rate. The changing consumer behavior and shift towards online platforms for purchases are expected to drive the digital pharmacy market.
The advent of next-gen digital technologies has led to the proliferation of each stage of medical health in an individual’s lifespan. From hit identification to post-marketing surveillance and patient care, digital technologies have evolved leading to a dynamic and robust technology. A technological boom over the past few decades has seen the advent of virtual technologies. Artificial Intelligence, Quantum computing, blockchain, telecommunication, internet of things, and virtual reality, to name a few.
Various technology advancements are reshaping the digital pharmacy market landscape. Advancements in telemedicine, mobile apps, AI-driven prescription filling, virtual consultations, and electronic health records are fostering market growth. These technologies enable efficient management of prescriptions, inventory, patient data, and personalized medication adherence. Increased internet usage and awareness are expected to increase digital pharmacy market sales.
The focus of manufacturers in the digital pharmacy market has shifted to the manufacturing of miniaturized pharmacy automation systems. They target small retail pharmacies in developed geographies. Compact systems with enhanced integrated software are in the peak phase of popularity. This is done to automate routine tasks in pharmacies. Thus, attracting smaller and lower-end pharmacies. The launch of compact pharmacy automation systems by key players will create opportunities for market growth.
Pharmacy automation systems have been holding a strong position and hospital pharmacies and retail pharmacies. The incorporation of automated systems within pharmacies across the world has notably improved the efficacy and security of medications. The rise in the number of pharmacies worldwide and the growing need to reduce medication errors drive the pharmacy automation system market.
Emerging markets in developing economies offered lucrative growth opportunities for manufacturers. Organizations can capitalize on the vast pool of opportunities present in these markets by introducing cost-efficient automation solutions. Governments in these regions are taking the initiative to install automated drug dispensing systems. This is to ease the medication-buying process.
Looking Ahead in the Digital Pathology Market
The globalization of healthcare services has increased the demand for remote consultation and second opinions. Digital pathology facilitates cross-border collaborations and consultations. The digital pathology market is expected to grow on account of the increasing prevalence of chronic diseases. Chronic diseases such as cancer and heart disease require digital pathological solutions to diagnose diseases more accurately and efficiently.
The remote diagnosis of diseases by the utilization of digital pathology solutions, referred to as telepathology, is becoming increasingly popular. Pathologists can increase their diagnostic offerings to patients in remote locations. The launch of digital pathology education platforms by key market companies is a significant move. These platforms can help train the next generation of professionals in pathology. This also enhances the skills of current professionals.
Partnerships and collaborations between digital pathology companies and technology giants can lead to innovation and broader market reach. AI-powered digital pathology solutions can help to diagnose diseases more accurately. The shift towards patient-centric care requires more precise diagnosis and tailored treatment plans.
The digital pathology market ecosystem globally is expected to expand rapidly in the coming years. Continuous advancements in digital imaging, Artificial Intelligence, and machine learning are driving the adoption of digital pathology solutions. The ability to integrate digital pathology data with EHRs and apply advanced analytics, including AI and machine learning, can lead to personalized treatment plans.
The increasing burden of cancer globally underscores the importance of digital pathology for accurate cancer diagnosis treatment planning and research. The growth of precision oncology which relies on detailed molecular and pathological data creates a strong demand for advanced digital pathology solutions. A favorable regulatory environment shows the safety and quality of digital pathology solutions. This supports the overall digital pharmacy market growth.
Growth Potential in the Regional Digital Pharmacy Market
Rising Focus Towards Reducing Medication Error Fostering Sales in the United States
The United States is expected to continue to remain at the epicenter of the digital pharmacy market. This can be attributed to the rising adoption of automation across the thriving medical industry in the region. The consumer-friendly online experience is made possible by the digital world. This with other advanced services is fueling the expansion of the market.
The growth of telemedicine has increased the need for remote monitoring and patient consultations. This makes digital pharmacy solutions essential. Digital pharmacies and their substitutes are integral to drug discovery, pre-clinical and clinical research, and translational medicine.
Continuous advancements in digital imaging, Artificial Intelligence, and machine learning are driving the adoption of digital pharmacy solutions. Growing acceptance of virtual medical appointments and advancements in telecommunication make the region more likely to experience exponential growth.
Government Initiatives to Promote Digital Pharmacy Platforms Will Support Growth in India
In India, the government authorities during the pandemic realized that it was important to promote digital pharmacies and found them to be an essential service. The Government of India and the Ministry of Health and Family Welfare have come up with several public health-oriented initiatives. With the help of Information and Communication technologies, these initiatives enable residents to profit from government organizations without any difficulty.
The increasing health insurance schemes protect the public from the high cost of medicines and keep the claim ratio under check. This is an added advantage to the digital pharmacy as many online players have tied up with the government E-healthcare initiatives. In turn, healthcare insurers are progressively elevating the clients to purchase drugs through digital pharmacy gateways. The government has launched several mobile applications to promote digital pharmacies. They include the Arogya Setu app. Digital India, Ayushman Bharat, Startup India, and National Digital Health Mission. These are some government initiatives favoring the growth of the digital pharmacy market.
Advancements in Healthcare Services in China to Augment Growth
China is expected to emerge as an attractive pocket in the digital pharmacy market over the assessment period. Medicine prices have become more transparent and drug terminal prices have been reduced to make them affordable for all. Mobile medication management has made buying and taking medicine and disease prevention timelier. This is expected to drive the China digital pharmacy market.
Major improvements to healthcare IT infrastructure and advancements in technology in medical management pharmacies and hospitals are fueling the market growth. China is investing heavily in biomedical research. The digital pharmacy market trend is expected to be positively impacted by the general population’s reliance on the online delivery of consumer products. Online medicine procurement is expected to rise in China as a result of an increase in the number of patients using home care services and treatments.
Inclination Towards Digitalization to Promote Growth in Germany
The growing elderly population who requires medication for chronic diseases regularly is a factor driving growth in Germany’s market. Tailoring digital pharmacy services to meet the specific needs of the elderly population, such as simplified user interfaces and medication reminders is a great market driver. The growth of e-commerce in healthcare has opened avenues for digital pharmacies to expand their reach. This also caters to a broader consumer base in the region.
The major market players present in the region are forming partnerships with healthcare providers, insurance companies, and technology firms to enhance their service offerings. This leads to an upliftment in the market. The competitive market with various digital pharmacy solution providers encourages innovation and cost-effectiveness making these platforms more accessible.
Booming Competition in the Digital Pharmacy Market
Technology development, expansion, as well as mergers and acquisitions increase market share, reach, and revenue. To meet consumer demand, leading companies are implementing strategies such as new product launches investments, and research and development. By promoting generic alternatives and implementing cost-effective medication management systems, digital pharmacies can contribute to reducing overall healthcare costs.
With increasing demand for medical products in the market, companies are partnering with online service providers to improve sales. Integration with telehealth services can create comprehensive healthcare platforms, offering consultations, prescriptions, and medication delivery seamlessly. Many companies are utilizing data analytics and AI so that they can offer personalized medication plans and dosage regimens. As the market continues to evolve, partnerships between traditional pharmacies and digital platforms, advancements in telemedicine technology, emphasis on patient-centric services, and regulatory changes are expected to shape the future landscape of digital pharmacies.
References
National Library of Medicine- The Rise of E-pharmacy in India
Science Direct-Advancing pharmacy and healthcare with virtual digital technologies
