The Global Pharmaceutical E-commerce Market Will Grow at a 14.3% CAGR Amid Growing E-services in the Healthcare Sector
As per a recent market analysis by Future Market Insights (FMI), the pharmaceutical e-commerce market is expected to reach a valuation of US$ 72.1 Bn in 2022. Sales are projected to increase at a 14.3% CAGR, with the market size reaching US$ 273.6 Bn by 2032.
In response to the coronavirus pandemic, consumer buying patterns have shifted, internet penetration has increased, and healthcare infrastructure has been established across emerging economies. Further, looking at the wide acceptance towards the online platform, large hospital chains are offering home delivery of medicine along with medical consultation.
Online care and pharmaceutical retail are now an important component of the overall health care delivery system. The increasing expectation for lower prices, regulatory changes, and discounts and offers available at online retail channels will boost sales in the market over the forecast period.
“Wide availability of OTC drugs and medical devices at online channels, along with increasing penetration of digital devices in emerging economies will drive the growth in the market,” says an FMI analyst.
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Key Takeaways:
- The global pharmaceutical E-commerce market is expected to gain traction at an impressive 14.3% CAGR, in comparison to the 15.6% CAGR registered between 2017 to 2021.
- Based on product type, sales of OTC drugs are expected to remain high.
- The U.S. will continue dominating the North America pharmaceutical e-commerce market over the forecast period due to high adoption of digital services in the healthcare sector.
- China will lead the East Asia pharmaceutical e-commerce market amid surging demand for at-home delivery of medial devices.
- India will emerge as an attractive market owing to rising government initiatives regarding digital services in the healthcare and pharmaceutical sectors.
Competition Landscape
Mergers and acquisitions, as well as product development and innovation, are among the key strategies used by manufacturers to improve sales. Further, companies are coming up with discount offers to gain new customers.
Key players operating in the global pharmaceutical e-commerce market are Netmeds Marketplace Ltd., EasyMedico, Medlife, Amazon.Inc, Apotek, The Kroger Co., Walgreen Co., Giant Eagle, Inc., Walmart, Express Scripts, CVS Health, Optum, Inc., L Rowland & Co (Retail) Ltd, Zur
Rose Group AG, McKesson Corporation, SHOP-APOTHEKE EUROPE N.V., UK Meds Direct Ltd., Walgreens Boots Alliance, Inc., DocMorris among others.
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Segments:
By Product Type:
- Prescription Medicine
- Over-The-Counter Product
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa (MEA)
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global pharmaceutical e-commerce market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global pharmaceutical e-commerce market based on the product type (prescription medicines, over-the counter) across seven major regions.
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Table of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Summary of Key Findings
1.3. Summary of Key statistics
1.4. Product Evolution Analysis
1.5. FMI Analysis and Recommendations
- Market Overview
2.1. Market Taxonomy
2.2. Market Definition
- Market Risks and Trends Assessment
3.1. Risk Assessment
3.1.1. COVID-19 Crisis and Impact on pharmaceutical e-commerce Demand
3.1.2. COVID-19 Impact Benchmark with Previous Crisis
3.1.3. Impact on Market Value (US$ Bn)
3.1.4. Assessment by Key Countries
3.1.5. Assessment by Key Market Segments
3.1.6. Action Points and Recommendation for Suppliers
3.2. Key Trends Impacting the Market
3.3. Formulation and Product Development Trends
- Growing Popularity of Pharmaceutical E-commerce Market
4.1. A New Generation Taking Online Pharmaceutical E-commerce
4.2. Branded products at low cost are behind the Market Growth
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- Pharmaceutical E-commerce is Changing- Training Industry
5.1. Evolution and Challenges in the Organization
5.2. Delivery of Pharmaceutical E-commerce in Short Time Slots
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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