The global pharmaceutical E-commerce market size is anticipated to grow to US$72.1 billion by 2022. By 2032, the market is anticipated to reach US$ 273.6 billion, growing at a CAGR of 14.3% from 2022 to 2032. The pharmaceutical E-commerce market’s share of the overall E-commerce market is predicted to be 6–15%.
In North America, the U.S is expected to hold a dominant share over the forecast period owing to high adoption of digital technologies, as well as the presence of leading market players who provide services in the international market.
Additionally, increasing burden of common ailments such as the common cold, the flu, back pain, and cough is spurring demand for OTC merchandise. With growing access to devices retail at online channels, individuals are preferring to purchase medical products online. E-pharmacy is becoming more crowded as a result of a growing number of startups and intense competition among market players who provide discounts and offers.
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)
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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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