Mail Order Pharmacy Market Size Worth $166,384.85 Million, Globally, by 2027 at 16.5% CAGR - Exclusive Report by The Insight Partners

NEW YORK, Dec. 15, 2021 /PRNewswire/ -- According to the new market research report "Mail Order Pharmacy Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Drug Type (Prescription Drugs, Nonprescription Drugs); Product (Diabetes, Asthma, Blood Pressure, Cardiovascular Medicines, Cold and Flu, Antacids, Painkillers, Dermal Care, Others); Mode of Order (Online Store, Pharmacy Apps), and Geography", published by The Insight Partners, the global mail order pharmacy 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. Get the Latest COVID-19 Analysis on mail order pharmacy market at https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00008558

Mail Order Pharmacy Market: Competition Landscape and Key Developments

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 key companies operating in the mail order pharmacy market. These players are focusing on the expansion and diversification of their market presence and the acquisition of a new customer base, thereby tapping prevailing business opportunities.

• In August 2020, Zur Rose group acquired Apotal group. Zur Rose Group successfully acquired the e-commerce and diabetes activities of Apotal Group. This acquisition has strengthened the European market leadership of company in mail order pharmacy market.
• In December 2018, WellDyneRx Launch Outsourced Pharmacy Solutions. Launch of outsourced pharmacy solutions will enable company to offer comprehensive clinical solutions that optimize patient care.

North America held the largest share of the mail order pharmacy market. Increasing aging population, increasing internet accessibility, growing e-commerce and rising economic growth are driving the growth of the market. In addition, rising implementation of e-prescriptions in hospitals and other healthcare services is also promoting the growth of the market in North America. Nowadays, healthcare products, services, and prescription spending are opening all sorts of new opportunities for large pharmacy retail chains like Walgreens, CVS and Amazon.

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Companies such as Walgreens and CVS are taking their e-commerce operations and transforming them into digital delivery platforms that offer consumers a variety of services. Companies like Capsule use a business model that offers fast delivery to patients at doorstep on the same day, live online chats to handle patient questions, and allows doctors to order directly through the company. Also, companies are offering attractive discounts to expand the customer base. For instance, in December 2018, Walmart and Express Scripts entered into an agreement to provide access to Walmart's prescription services for Express Scripts clients' covered members. Express Scripts has introduced InsideRx to provide discounts, on average 40%, to uninsured Americans on a growing number of important brand-name prescription drugs. Express Scripts works with major drug manufacturers to lower the cost of high-priced medications and will continue to expand the program and deliver savings on additional medications for the whole family. The use of mail order pharmacies has been rising in recent years due to convenience and potential cost savings. The COVID-19 pandemic has further boosted the use of mail order pharmacies as government due to lockdown and social distancing measures. Platforms like Walgreens and NowRX deliver prescriptions that can be quickly and easily ordered online. Thus, above mentioned factors are driving the growth of the mail order pharmacy market in the forecast period.

The Asia-Pacific region is the fastest-growing market for mail order pharmacy. Rise in disposable income, increasing investment in home-based startups, and entry of international e-commerce players is driving the growth of the market in Asia-Pacific. Moreover, the increasing number of smartphone users in further augmenting the growth of the market.

Increasing Incidence of Chronic Diseases in  Mail Order Pharmacy Market:

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 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.

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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: Segmental Overview

Based on Drug Type, the Mail Order Pharmacy market is segmented into prescription drugs and non-prescription drugs. The non-prescription drugs segment accounted for more than 71.37% of the market share in 2019. In terms of 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. The dermal care segment held the largest share of the market in 2019. In terms of mode of order, the mail order pharmacy market is segmented into online store and pharmacy apps. The online stores segment held the largest share of the market in 2019.

The COVID-19 outbreak has disturbed various trades and businesses across the world. Due to an increasing number of infected patients, healthcare professionals and leading organizations are distracting the flow of healthcare resources from research & development to primary care, which is slowing down the process of innovation. Till date no definitive treatment against COVID 19 has been established. Hence, lack of definitive therapy offers significant opportunities for preventive medication products in mail order pharmacy market. As various regulatory authorities including US FDA has approved with emergency use authorization mechanism use of alcoholic sanitizers, some preventive medications such as hydroxychloroquine and others, the demand for these drug products has ramped up and various mail order pharmacies have witness significant revenue growth opportunities from these product segment. Therefore, in long run Mail Order Pharmacy market will have significant growth prospects. For instance, in March 2020 Walgreen one of the largest online drugstore chains in US has collaborated with Centers for Disease Control and Prevention (CDC), and Centers for Medicare and Medicaid Services (CMS) in order to provide access to COVID 19 testing and essential medication supply. Similarly, in March 2020, Emblem Health, one of the largest non-profit health insurers in US has partnered with Medly Pharmacy to provide direct and home delivery of prescriptions medications to the customers in response to rising concerns of COVID-19.

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About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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SOURCE The Insight Partners

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