Prompt drug delivery is the cornerstone of an efficient healthcare infrastructure. The growing prevalence of chronic and infectious diseases has accelerated the production of prescription drugs, prompting sellers to develop efficient distribution networks.
Advances in consumer touchpoints and supply chains, including e-commerce, convenience stores and retail stores, have dramatically changed the landscape of prescription delivery services. Advancements such as drone delivery and tracker-based prescriptions contribute to a seamless customer experience.
Additionally, advanced prescription dispensing systems have not only helped in providing round-the-clock customer services, but also helped in managing dosage, treatment compliance, and providing feedback to clinicians.
Prescription Delivery Services Market – Key Takeaways
- Diabetic prescription drugs will dominate and are expected to capture 36.7% market share by 2030
- Ease of Access to Chronic Disease Medications Set to Drive Retail Pharmacy Growth to New Heights
- North America will experience prodigious expansion at a CAGR of 18.4% from 2020 to 2030, attributed to the presence of several convenience stores and pharmacies
- Global prescription delivery services market to reach $434.3 million by the end of 2030
“The adoption of self-service payment terminals and medicine dispensers will improve the experience of buying medicines for customers, allowing sellers to increase customer loyalty,” concludes the IMF analyst.
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Information on the impact of COVID-19
The COVID-19 pandemic has generated fertile ground for the prescription dispensing services market. The imposition of nationwide shutdowns to enforce social distancing has reduced footfall at conventional pharmacies. This has forced patients to rely on online retail platforms to avail their medicines.
Additionally, the heightened vulnerability of geriatric people with comorbidities to coronavirus has necessitated the stockpiling of essential medicines, thus keeping the need for prescription services afloat for the duration of the pandemic. This panic buying behavior will usher in 80% year-on-year growth.
Growth should be particularly robust in the United States, China and India, countries with the highest infection rates. Collectively accounting for 40% of the global infection rate, these countries have seen an unprecedented increase in household hoarding of prescription drugs. This will continue until the second half of 2021.
Prescription Delivery Services Market
Witness to the market entry of e-commerce players
The prescription delivery services market is witnessing the entry of e-commerce, pharmacies, and retail chains, albeit at the local or regional level. Technological developments, new product launches, and collaborations characterize some critical expansion strategies of market players.
Some of the major players in the prescription delivery services market are: Walgreens Co., Walmart Stores Inc., CVS Health, Giant Eagle Inc., Express Scripts Holding Company, Ali Health, and Kroger Co. to name a few- one.
Apart from these established players, several startups are also emerging as potential game changers in the industry. These include NetMeds, Kfyao, Capsule, Myra Medicines, NURX, MedAvail, Zipdrug, Insightfil and ScriptDrop to name a few.
Walgreens, a leading pharmaceutical retail distributor, has a strong presence in the global prescription delivery services market. The company offers refills, auto-refills, drug information and home delivery services.
In 2017, the company acquired Rite Aid for US$5.2 billion, merging two of the three largest drugstore chains in the United States.
More insights into the prescription delivery services market
A recent market study published by Future Market Insights on the prescription delivery services market includes global industry analysis for 2015-2019 and opportunity assessment for 2020-2030, and provides a comprehensive assessment of market dynamics. most important market. The report has been segmented on the basis of disease indication (therapeutic drugs (diabetes, hypertension, and cholesterol disorders), wellness supplements, over-the-counter drugs, and diagnostic drugs) and distribution channel (pharmacies, health facilities, clinics and research institutes) in seven geographical areas. (North America, Latin America, Europe, South Asia, East Asia, Oceania and MEA).
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Key Questions Answered by the Report
- How has the prescription delivery services market performed over the past five years?
The global prescription delivery services market was valued at US$29.2 million in 2015 and acquired a value of US$50 billion in 2019. This upsurge was largely the product of deepening penetration of e-commerce platforms and smart devices in retail stores to meet the rapidly increasing demand for prescription drugs for various ailments.
- What will be the likely growth scenario for the Prescription Delivery Services market during the upcoming forecast period?
According to the IMF, the prescription services market represents an additional dollar opportunity worth US$354 million between 2020 and 2030, and an absolute opportunity of US$18.4 million. A prolific CAGR of 18.4% is predicted for the forecast decade 2020-2030.
- What drivers are driving market expansion for the next decade?
The increase in the incidence of chronic and infectious diseases in the wake of increased life expectancy is pushing consumers to stock up on essential medicines because they are inexpensive.
Additionally, the market is still in a growth phase, allowing the entry of startups and new entrants looking to flood the landscape with technologically advanced delivery mechanisms.
- Identify possible obstacles or impediments to the planned trajectory.
The logistical challenges in terms of distributing the final drug to the appropriate end users due to the very diffuse nature of the distribution networks are proving to be a major impediment to growth. This is mainly due to difficulties in coordinating transport and delivery.
- Will the COVID-19 pandemic change these predictions?
Yes. The COVID-19 pandemic is expected to impact the prescription delivery services market. As lockdown restrictions tighten, patients are opting to shop through e-commerce portals to take advantage of their drug supply, helping to support market demand.