The pharmaceutical eCommerce market is estimated to be valued at US$ 75,527.4 million in 2024. The market is projected to expand at a CAGR of 14.4% over the forecast period. The market report further predicts the net worth of the pharmaceutical eCommerce industry to be around US$ 290,824.8 million by 2034.
Digital Transformation in the Pharmaceutical Industry
- Rise of Online Pharmacies: The digital revolution in healthcare has extended to the pharmaceutical industry, enhancing convenience and accessibility for purchasing medications.
- Impact of the Pandemic: Increased demand for contactless services during the pandemic has led to a reliance on online pharmacy platforms.
- Telehealth Integration: Merging telehealth services with pharmaceutical eCommerce platforms is reshaping public perceptions and increasing trust in online drug purchases.
- Support from Healthcare Sector: Enhanced backing from the mainstream healthcare industry is set to further boost the growth of pharmaceutical eCommerce.
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“Growing interest and requirement of specialized medications is expected to fortify the supply networks for pharmaceuticals over eCommerce websites. So, both established and new market participants are poised to benefit immensely from the growing sales of specialty drugs for the treatment of novel diseases,” says a lead analyst at FMI.
Key Takeaways from the Pharmaceutical eCommerce Market Study Report
- The market is forecasted to witness an absolute growth opportunity of USD 215 billion over the next ten years.
- The United States market is projected to grow at a CAGR of 7% over the forecast period.
- Demand for pharmaceutical eCommerce products is projected to surge at a CAGR of 8% through 2034.
- China is the leading market in Asia, and it is expected to expand at a rate of 16% from 2024 to 2034.
- India is figured out to thrive at a most lucrative CAGR of 20.7% during the projected years.
Competitive Landscape
The market is getting competitive gradually with the proliferation of online retail channels. Changing laws to favor online pharmacies is expected to encourage the entry of many new market players in the near future, thereby intensifying the prevailing competition.
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Key Players Profiled in the Pharmaceutical eCommerce Market Report
- 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
Recent Developments by the Pharmaceutical eCommerce Industry Players
- In October 2023, Svaas Wellness announced the opening of Celevida Wellness, an online store for people with diabetes. Svaas Wellness is the healthtech division of pharmaceutical giant Dr. Reddy’s, and its main nutrition brand for dietary treatment of diabetes, Celevida, was introduced in 2019. Along with food items like cereals, drinks, multivitamins, and Celevida powder, the new portal also offers additional brands from other companies. The e-commerce venture is expected to bolster Dr. Reddy’s position in the nutraceutical market and enable it to take advantage of the nation’s expanding digital consumer base.
- In May 2023, Cardinal Health unveiled contemporary payment solutions powered by Square in order to support independent pharmacies in improving their operational efficiency. The platform also aids in keeping up with client payment preferences and gaining access to integrated software tools for their company. Cardinal Health’s partnership with Square enables it to provide its independent pharmacy clients with cutting-edge solutions that can effectively handle company operations, incorporate adaptable payment choices for in-person, online, and delivery transactions, and lower the cost of payment processing.
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Key Segments Covered by Pharmaceutical eCommerce Industry Survey Report
By Product Type:
- Prescription Medicine
- Over-the-Counter Product
By End User:
- Consumer or Individuals
- Healthcare Professionals
- Hospitals or Clinics
- Other End Users
By Region:
- North America Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia and Pacific Market
- Middle East and Africa (MEA) Market
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 stands as 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 ~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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