Mail Order Pharmacy Market Increasing Incidences of Chronic Diseases Drives Mail Order Pharmacy Market Growth
Mail Order Pharmacy Market: Insight
According to our latest study on "Mail Order Pharmacy Market Forecast to 2027 – COVID-19 Impact and Analysis by Drug Type, Product, and Mode of Delivery," the market was valued at US$ 48,977 million in 2019 and is projected to reach US$ 166,384.85 million by 2027; it is expected to grow at a CAGR of 16.5% from 2020 to 2027. The report highlights trends prevailing in the global mail order pharmacy market, and the drivers and restraints pertaining to the market growth.
Mail-order pharmacy operates over the internet and sends orders through e-mail, shipping companies, or online pharmacy web portal. Mail order pharmacy delivers medication at doorstep. These are cheaper and more convenient than a local pharmacy. The adoption of mail order pharmacy services has grown at unprecedent rate in last few years owing to the increasing adoption of online services in healthcare sector. Additionally, aging population, increasing prevalence of chronic diseases, and non-adherence to prescribed medications are further emphasizing on the adoption of mail order pharmacy worldwide. Moreover, increasing investment in mail order pharmacy start-ups is expected to foster the market growth during the forecast period. However, less adoption in low- and -middle income economies due to less penetration of e-commerce is restricting the market growth.
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Mail Order Pharmacy Market Competitive Landscape
The growth of the mail order pharmacy market is attributed to the increasing incidences of chronic diseases and increasing adoption of mail order pharmacy in healthcare sector. However, the less adoption in low- and- middle income economies due to less penetration of e-commerce hinder the growth of this market. Canada Drugs Online, WellDyne, Walgreens co., eDrugstore.com, Zur Rose Group AG., CHI Health, Optumrx Inc., Express Scripts Holding Company, CVS Health, and PillPack are among the leading companies operating in the global mail order pharmacy market.
In the North American region, the US is profoundly affected by the outbreak of the COVID-19 pandemic. The country has marked the highest number of positive cases. Across the nation, various healthcare research centers are working on the COVID-19 therapeutics. Additionally, during the initial phase of COVID-19 crisis, due to lockdown and supply chain disruptions the demand for mail order pharmacy was significantly increased owing to change in customer behaviors for purchasing prescription drugs.
Increasing Incidences of Chronic Diseases Drives Mail Order Pharmacy Market Growth
Chronic diseases, such as diabetes, cardiovascular disorders, autoimmune disorders, and various types of cancer, are the leading causes of death worldwide. According to the Centers for Disease Control and Prevention (CDC) in 2019, 6 in 10 people suffered from at least one chronic disease in the US. As per the WHO, cardiovascular diseases (CVDs) are the number 1 cause of death among people owing to the hectic lifestyle, taking an estimated 17.9 million lives each year. Diabetes is one of the life-threatening chronic diseases with no functional cure. Diabetes of all types can further lead to various complications in different parts of the body and can increase the overall risk of premature death. According to the International Diabetes Federation (IDF), in 2019, ~463 million adults were having diabetes, and the number is expected to reach 700 million by 2045 worldwide. Medication adherence in case of chronic diseases can offer positive health outcomes, with a reduction in hospitalizations and costs.
However, as per the Journal of Managed Care & Specialty Pharmacy, medication adherence for the treatment of chronic diseases is still poor among the population, with less than 50% of patients taking their medications as prescribed. Also, as per the World Allergy Organization, medication adherence to chronic disease, including asthma is a worldwide problem, with estimated adherence to asthma medications varying between 30–70%. Non-adherence to inhaled corticosteroids is responsible for around 24% asthma exacerbations. Additionally, it is estimated that the cost of respiratory disease nonadherence is US$ 35,000 per patient each year in the US. There have been many attempts to increase medication adherence and improve patient care. For instance, various insurance companies provide financial incentives to make filling prescriptions via mail-order pharmacies that is considered less expensive for patients. Mail order pharmacy service is typically offered for drugs used for chronic conditions such as high cholesterol, asthma, high blood pressure, diabetes, and depression. Through this, the customer gets medicine for 90 days rather than getting prescription refilled every month. Therefore, increasing medication non-adherence, aging population, and convenience over traditional methods are expected to drive the growth of the mail order pharmacy market during the forecast period.
Mail Order Pharmacy Market: Segmentation
Based on drug type, the mail order pharmacy market is segmented into prescription drugs and nonprescription drugs. The nonprescription drugs segment held a larger share of the market in 2019. However, the prescription drugs segment is anticipated to register a higher CAGR during the forecast period. The growth of the market for non-prescription drugs is attributed to rising demand for over the counter (OTC) drugs such as cough and cold medications, analgesics, and gastrointestinal products.
Based on product, the mail order pharmacy market is segmented into diabetic drugs, asthma drugs, blood pressure medications, cardiovascular medicines, cold and flu, antacids, painkillers, dermal care, and other.
Based on mode of delivery, the mail order pharmacy market is segmented into online store and pharmacy apps. The online store segment held a larger share of the market in 2019. The growth of this segment is attributed to the increasing utilization of e-prescriptions in hospitals across the globe. Countries such as the UK are putting more efforts in the implementation of e-prescription. For instance, the NHS hospitals in the UK have been planning to go paperless by 2020. However, the pharmacy apps segment is anticipated to register a higher CAGR during the forecast period.
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