Prescription Delivery Services Market Set to Boom at 5.7% CAGR, Reaching US$287.9 Million by 2034 | FMI Analysis

Prescription Delivery Services Market

The Prescription Delivery Services Market is on the cusp of a significant expansion, fueled by a growing consumer preference for convenient and hassle-free medication management. According to a recent market analysis, the market currently holds a valuation of US$165.4 million in 2024. However, looking ahead, the market is projected to experience a steady Compound Annual Growth Rate (CAGR) of 5.7% over the next decade. This translates to a projected market valuation of US$287.9 million by 2034, signifying a clear shift towards prescription delivery services as a preferred method for obtaining medication.

An efficient healthcare infrastructure hinges on the timely supply of medications. The surge in chronic and infectious diseases has driven the increased production of prescription pharmaceuticals, compelling manufacturers to establish streamlined distribution systems. This trend underscores the industry’s dedication to meeting the evolving healthcare needs of global populations.

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The landscape of prescription delivery services has been significantly changed by improvements in customer touch points and supply chains, including e-commerce, convenience stores, and retail outlets. Smooth client experiences are being ushered in by innovations like drone-based deliveries and tracker-based medicines.

Prescription Delivery Services Market – Key Takeaways:

• The prescription delivery service market is poised for consistent growth, driven by increasing convenience and accessibility for patients.
• A CAGR of 5.7% is projected over the next decade, indicating a significant expansion of the market.
• By 2034, the market is expected to more than double in size, reaching a valuation of US$287.9 million.

“Adoption of self-checkout kiosks and medicine dispensing machines shall enhance the medicine purchasing experience of customers, permitting vendors to experience greater customer loyalty,” Says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)

Growth is especially anticipated to be robust across the U.S., China, and India, countries with the highest rates of infections. Collectively accounting for 40% of the global infection rate, these countries have witnessed an unprecedented increase in hoarding prescription medicines by individual households. This shall continue until the latter half of 2021.

Market Witnessing Entry of e-Commerce Players

The Prescription Delivery Service Market is witnessing the entry of e-commerce, pharmacy, and retail chains, albeit at a local or regional level. Technological developments, new product launches, and collaborations characterize some critical expansion strategies of market players.

Some of the key players in the Prescription Delivery Service 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.

Besides these established players, several startup companies are also emerging as potential game changers in the industry. These include NetMeds, Kfyao, Capsule, Myra Medicines, NURX, MedAvail, Zipdrug, Insightful, and ScriptDrop to name a few.

Walgreens, a prominent retail pharmaceutical distributor, has a robust presence in the Global Prescription Delivery Services Industry. The company offers refills, auto refills, drug information, and home delivery services.

In 2017, the company acquired Rite Aid for a sum of US$ 5.2 billion, resulting in the merger of two of the United States’ three largest pharmacy chains.

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Key Segments Covered In Prescription Delivery Services Market Research

By Disease Indication:

• Prescription Drugs
  • Diabetes
  • Hypertension
  • Cholesterols disorders
• Wellness Supplement
• Diagnostics Kits
• OTC Drugs

By Distribution Channel:

• Pharmacy Stores
  • Retail Pharmacy
  • Drug Stores
• Healthcare Institutions
• Clinics
• Research institutes

By Region:

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East and Africa (MEA)

Author

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges clients face and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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