CVS Health (US) and Cigna (US) are Leading Players in the Digital Pharmacy Market
The digital pharmacy market is projected to reach USD 211.9 billion by 2027 from USD 96.5 billion in 2022, at a CAGR of 17.0% during the forecast period. The growth of this market is driven by the increasing consumer preference toward buying online medicines during and post the COVID-19 pandemic, consolidation in the market and partnerships, and the growing geriatric population.
However, patients relying on pharmacists for clinical support and a growing number of illegal pharmacies are expected to restrain the growth of this market during the forecast period.
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Prominent players in this market are CVS Health (US), Cigna (US), Optum, Inc. (Part of the UnitedHealth Group) (US), Walgreens Co. (US), Walmart Inc. (US), The Kroger Co. (US), Amazon.com, Inc. (US), GoodRx (US), Costco Wholesale Corporation (US), Rite Aid Corp. (US), Hims & Hers Health, Inc. (US), PharmEasy (India), Apollo Pharmacy (India), DocMorris (Netherlands), Giant Eagle Inc. (US), LloydsPharmacy (UK), Shop-apotheke.com (Netherlands), Tata 1mg (India), Netmeds.com (India), HealthWarehouse, Inc. (US), Pharmex Direct Inc. (Canada), Apex Pharmacy (UK), TELUS (Canada), RO Pharmacy (US), Rx Outreach (US), The Independent Pharmacy (UK), Rexall Pharmacy Group ULC (Canada), and NorthWestPharmacy.com (Canada). These players are increasingly focusing on product/service upgrades, acquisitions, partnerships, agreements, expansions, and collaborations to expand their product offerings in the digital pharmacy market.
CVS Health (US) is the leading player in the digital pharmacy market. The company helps improve the health of communities across America through its local presence, digital channels, and over 300,000 dedicated colleagues, including more than 40,000 physicians, pharmacists, nurses, and nurse practitioners. In 2021, the company’s PBM filled or managed 2.2 billion prescriptions on a 30-day equivalent basis. The company generates its revenue from four business segments, namely, Health Care Benefits, Pharmacy Services, Retail/LTC, and Corporate/Other. The company’s mail-order dispensing pharmacies have received the Mail Service Pharmacy accreditation, which enhances the company’s presence in the digital pharmacy market.
Cigna (US) held the second position in the digital pharmacy market in 2021. The company provides Express Scripts Pharmacy, one of the country’s largest home delivery pharmacies. Express Scripts Pharmacy has achieved a higher level of therapeutic interventions, better adherence, more cost savings, and a consistently higher Net Promoter Score (NPS) than most retail pharmacies. To sustain its leading position in the digital pharmacy market, the company adopts inorganic growth strategies, such as partnerships.
Optum, Inc. (Part of the UnitedHealth Group) (US) held the third position in the digital pharmacy market in 2021. OptumRx, Inc. is an innovative pharmacy care services company with a diversified array of pharmacy care services. The company has a strong presence in the US and a robust pharmacy care services portfolio. It also provides multiple clinical programs, digital tools, and services to help clients manage overall pharmacy and health care costs in a clinically appropriate manner OptumRx, pursued inorganic growth strategies, such as partnerships and agreements, to enhance its pharmacy care services.
Related Reports:
Digital Pharmacy Market by Drug (Rx, OTC), Product (Medicine, Personal Care, Vitamins & Supplements, Diabetes, CVD, Oncology), Platform (Apps, Websites), Business Model (Captive, Franchise, Aggregator), Geographic (Urban, Rural) - Global Forecasts to 2027
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