The European online pharmacy market is anticipated to grow at a CAGR of 12.7% during the forecast period. The growth of the online pharmacy market in Europe is greatly influenced by the growing internet penetration, implementation of e-prescriptions, improved online payment, an increase in chronic diseases, and the aging population. Prescription written by a doctor in any country is valid in all European countries leading to greater utilization of online pharmacies that allow prescription medicines to be sold online. Currently, online pharmacies are less attractive for customers who need to buy prescription medicines, because it usually takes some time, from the moment they place their order online. Pharmacies must go through a long procedure to check the prescriptions, which is not fully automated in most of the companies.
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Further, individuals in Europe are becoming tech-savvy, resulting in increased penetration of both mobile and desktop devices. With the growth in hand-held and other connected devices, the share of mobile and desktop devices segment is attaining saturation. Apart from shopping and communication, mobile devices and computers are used for gaining information. So, online platforms for shopping are often used for sharing blogs that are targeted to potential customers. These factors together are expected to increase the awareness and demand for online pharmacy in the region.
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The European online pharmacy market is segmented based on medicine type. Based on medicine type, the online pharmacy market is segmented into OTC medicines and prescription medicines. OTC medicines is expected to dominate the market value share by a huge margin, whereas, the prescription medicines is estimated to be the fastest growing medicine type segment during the forecast period.
Country-wise, the market is segmented into the UK, Germany, France, Italy, Spain, and Rest of Europe. Spain is expected to be the fastest growing online pharmacy in Europe, owing to an advanced overall healthcare system. Germany is expected to be the largest online pharmacy market in Europe during the forecast period. Some of the biggest online pharmacy markets in Europe are based in Germany, such as Shop Apotheke Europe N.V., Medpex, DocMorris, which account for over half of the traffic sent to the online pharmacy market in the country. Medpex and DocMorris are acquired by Shop Apotheke Europe N.V. The traffic in online pharmacies has grown very rapidly in Germany due to the increase in mobile visits for ordering medicines, which represent major opportunities in the online pharmacy market.
Market Segmentation
European Online Pharmacy Market by Medicine Type
- OTC Medicines
- Prescription Medicines
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