Number of pages: 100 | Report Format: PDF | Published date: September 06, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global healthcare E-commerce market was pegged at US$ 340 billion in 2021 and is expected to witness a CAGR of 16.80% during the forecast period from 2022 to 2030.
E-commerce represents platforms for purchasing and selling products or services using digital communication. This facility aids the gap between the producer, distributors, retailers, and consumers using telecommunication. E-commerce bears various advantages such as ease of access, low costs, and convenient & improved efficiency. Healthcare E-commerce exclusively focuses on pharmaceuticals, medical devices, and healthcare-associated services.
Growth in the adoption of healthcare E-commerce among the population and healthcare segment gave a boost to the market. Society’s infrastructure development and rising adoption of technologies in day-to-day life have impacted market growth. Additionally, rising demands for pharma and medical devices also benefit the market. The growth of the market can also be attributed to big investments, improved patient services, easy accessibility, cost-effective products, and many more.
The global healthcare E-commerce market has been analyzed from four perspectives: by type, application, end-user, and region.
Healthcare E-commerce Market by Type
Based on type, the global healthcare E-commerce market has been bifurcated into medical devices and pharmaceutical products. The pharmaceutical products segment holds the largest share in the market and is expected to show rapid growth during the forecast period. This attributes to the increasing utilization of prescription and over-the-counter drugs. An increasing patient base due to chronic diseases such as cancers, diabetes, heart problems, etc., has resulted in the growing demand for effective healthcare products, thereby accelerating the healthcare E-commerce market growth globally.
Healthcare E-commerce Market by Application
Based on the application, the global healthcare E-commerce market has been segmented into telemedicine, medical consultation, and caregiving services. The telemedicine segment holds the largest revenue share in the market. This is owed to the growing adoption of technology and the development of a smart city with enhanced services with facilities. This service provides various advantages such as flexibility, cost-saving, convenient accessibility, better mobility, and many more. Additionally, growing awareness of telemedicine and increasing government initiatives have also played a key role in the growth of this segment.
Healthcare E-commerce Market by End User
Based on end-user, the healthcare E-commerce market has been segmented into hospitals and clinics, home care centers, pharmacies, and others (ambulatory care centers, nursing homes, etc.). The hospital and clinics segment holds the largest revenue share in this market and is expected to show constant dominance during the forecast period. This facility connects the healthcare system and manufacturers through electronic or digital platforms. Emerging demand for drugs and medical devices due to growing chronic disease prevalence and also the COVID-19 factor have positively impacted the market growth. This method also can address the desired requirements of various drugs and medical devices which further boosts the market growth globally.
Healthcare E-commerce Market by Region
Geographically, the healthcare E-commerce market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominates the global healthcare E-commerce market with the largest revenue share in 2021. Digitization of services, products, and merchandise democratizes the present healthcare system, this novelty also helps in the growth of the market in North America. Also, the adoption of advanced technology, rising consumer demands, and others are a few reasons for the uptrend of this segment in the global market.
Additionally, Asia Pacific is considered to be the fastest-growing region in this market. This growth can be attributed to the rapid adoption of the latest technologies, development in the healthcare infrastructure, growth in pharma industries, and many more.
Some of the prominent players operating in the global healthcare E-commerce market are:
The growth of the healthcare E-commerce market is contributed to growing urbanization, rising adoption of advanced technologies, growing demands for telemedicine, and many more
The Asia Pacific region is estimated to experience rapid growth in the market during the projected period.
The healthcare E-commerce market is expected to grow at a CAGR of 16.80% in the forecast period.
Top market players in healthcare E-commerce are eBay Inc., Flipkart Pvt. Ltd., Lloyds Pharmacy Ltd., Walgreens Boots Alliance Inc., Alibaba Group Holding Ltd., Kroger Co., Amazon.com, Inc., CVS Health Corp., Netmeds Marketplace Limited, and Medlife International Private Limited among others.
*Insights on financial performance is subject to availability of information in public domain