Global Healthcare E-commerce Market to Accrue $1038.17 Billion by 2030, Registering a Robust 19.93% CAGR, Propelled by Rising Adoption of Online Healthcare Solutions, States Kings Research
The consumers segment led the global healthcare e-commerce market in 2022.
DUBAI, UAE, Feb. 13, 2024 /PRNewswire/ -- According to a recent Kings Research study, the global Healthcare E-commerce Market was valued at USD 244.99 billion in 2022 and is projected to reach USD 1038.17 billion in revenue by 2030, registering a 19.93% CAGR from 2023 to 2030. The rapid growth of the healthcare e-commerce industry is attributed to the increasing demand for convenience in healthcare procurement. Ongoing technological advancements, including mobile apps and AI-driven recommendations, are enhancing user experiences, thereby contributing to market expansion.
Healthcare e-commerce, also known as eHealth or health e-commerce, refers to digital commerce involving the purchase and sale of healthcare-related products, services, and information. This encompasses diverse applications within the healthcare sector. Online pharmacies and digital platforms offer consumers a convenient means to procure prescription drugs, over-the-counter medications, and specialty pharmaceuticals.
E-commerce platforms offer medical professionals and institutions access to an extensive array of medical equipment, ranging from diagnostic tools to surgical instruments. Healthcare e-commerce seamlessly incorporates telehealth and telemedicine services, facilitating remote consultations between patients and healthcare providers, including the online issuance of prescriptions.
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Competitive Landscape
Key players in the healthcare e-commerce market are strategically employing various business strategies, including partnerships, mergers and acquisitions, product innovations, and joint ventures. Manufacturers aim to broaden their product offerings and improve their market standing in diverse regions. They are adopting strategic initiatives such as increased investments in research and development (R&D) activities, the establishment of new manufacturing facilities, and optimization of supply chain operations to gain a competitive edge.
For instance, in June 2022, Ascential Digital Commerce and GSK Consumer Healthcare introduced Ascential Digital Commerce Connect at the Cannes Lions event. This platform provided a comprehensive solution for brands and retailers, addressing their digital commerce needs, including data intelligence, content generation, and optimization. This launch was in line with the increasing focus on digital transformation and healthcare e-commerce strategies in the business landscape.
Major participants profiled in the global healthcare e-commerce market include:
- Amazon Pharmacy
- Alibaba Health Information Technology Limited
- Walgreens Boots Alliance
- Tata 1mg Technologies
- Reliance Retail
- Practo
- Cigna Corporation
- Medlife International
- CVS Health
- JD Health
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Trending Now: Health E-Commerce Partners with BetterHelp to Expand Mental Health Services for Millions
In December 2023, Health-E Commerce, the parent brand to FSA Store and HSA Store, collaborated with BetterHelp to offer virtual professional therapy services to over 75 million Americans enrolled in flexible spending accounts (FSAs) and health savings accounts (HSAs). This strategic partnership aims to meet the growing demand for mental health services, with BetterHelp, the world's largest online therapy platform, providing accessible and affordable 100% virtual care.
Increasing Consumer Demand for Online Healthcare Solutions to Aid Healthcare E-commerce Market Development
Based on end-user, the market is classified into consumers, healthcare professionals, hospitals & clinics, and pharmacies. The consumers segment led the global healthcare e-commerce market in 2022. The appeal of convenient and accessible healthcare e-commerce services for personal use has significantly attracted consumers. The surge in adoption of online healthcare solutions, particularly telemedicine services and health & wellness products, was also accelerated by the COVID-19 pandemic. The sustained demand for dietary supplements, fitness equipment, and personal care items is anticipated to persist as more individuals embrace healthcare e-commerce solutions, thereby fueling segmental growth.
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Increasing Prevalence of Online Pharmacies to Augment Healthcare E-commerce Market Revenue
Based on product type, the market is segmented into pharmaceuticals, medical equipment, medical devices, and health & wellness products.
The pharmaceuticals segment held the largest revenue share in the global healthcare e-commerce market in 2022 driven by the substantial demand for prescription drugs and over-the-counter medications. The segmental growth is further propelled by the increasing consumer inclination toward purchasing pharmaceuticals from online pharmacies and adherence to stringent regulatory requirements. Established and reputable online pharmacies have gained a competitive edge by prioritizing product authenticity and safety.
Seamless Integration of Technology in Healthcare to Drive Healthcare E-commerce Market Growth
The growth of the global healthcare e-commerce market is propelled by the rising demand for procurement convenience in healthcare, attracting consumers and professionals seeking online access to medicines and medical supplies. The integration of telemedicine services within these platforms creates significant opportunities, allowing patients to consult with healthcare providers and receive electronic prescriptions, thereby enhancing the overall customer experience.
Moreover, the seamless integration of technology into the healthcare sector is set to aid overall industry development in the coming years. The expansion of online pharmacies, which offer pharmaceuticals and over-the-counter drugs digitally, is also contributing to market expansion. The increasing fusion of telehealth and telemedicine services into e-commerce provides virtual healthcare consultations and facilitates convenient prescription deliveries, which is fostering the industry outlook.
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Rising Penetration of Smartphone Adoption in North America to Spur Healthcare E-commerce Market Progress
Regionally, in 2022, North America led the global healthcare e-commerce market due to widespread access to highly developed healthcare solutions and the presence of a strong digital foundation in the region. The region's healthcare e-commerce industry is expanding significantly due to factors such as the growing number of internet users, the high rate of smartphone adoption, and the growing inclination toward online shopping.
Furthermore, the regional market growth is backed by the rising demand for online medical consultations, online appointment scheduling, and e-prescriptions. Additionally, the region is home to several leading e-commerce companies that make investments in the healthcare e-commerce space to address the mounting demand for online healthcare products and services. The United States, with substantial investments in digital healthcare infrastructure and a significant e-commerce industry presence, leads as the largest market for healthcare e-commerce in North America.
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Key Points from TOC:
1 Introduction of the Global Healthcare E-Commerce Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
2 Executive Summary
3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
4 Global Healthcare E-Commerce Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
5 Impact Of Russia-Ukraine War
6 Global Healthcare E-Commerce Market, By Product Type
7 Global Healthcare E-Commerce Market, By End-User
8 Global Healthcare E-Commerce Market, By Geography
9 North America
10 Europe
11 Asia-Pacific
12 Middle East & Africa
13 Latin America
14 Global Healthcare E-Commerce Market Competitive Landscape
14.1 Overview
14.2 Key Developments
14.3 Key Strategic Developments
14.4 Company Market Ranking
14.5 Regional Footprint
14.6 Industry Footprint
15 Company Profiles
15.1 Amazon Pharmacy
15.1.1 Key Facts
15.1.2 Financial Overview
15.1.3 Product Benchmarking
15.1.4 Recent Developments
15.1.5 Winning Imperatives
15.1.6 Current Focus & Strategies
15.1.7 Threat from competition
15.1.8 SWOT Analysis
15.2 Alibaba Health Information Technology Limited
15.2.1 Key Facts
15.2.2 Financial Overview
15.2.3 Product Benchmarking
15.2.4 Recent Developments
15.2.5 Winning Imperatives
15.2.6 Current Focus & Strategies
15.2.7 Threat from competition
15.2.8 SWOT Analysis
15.3 Walgreens Boots Alliance
15.3.1 Key Facts
15.3.2 Financial Overview
15.3.3 Product Benchmarking
15.3.4 Recent Developments
15.3.5 Winning Imperatives
15.3.6 Current Focus & Strategies
15.3.7 Threat from competition
15.3.8 SWOT Analysis
15.4 Tata 1mg Technologies
15.4.1 Key Facts
15.4.2 Financial Overview
15.4.3 Product Benchmarking
15.4.4 Recent Developments
15.4.5 Winning Imperatives
15.4.6 Current Focus & Strategies
15.4.7 Threat from competition
15.4.8 SWOT Analysis
15.5 Reliance Retail
15.5.1 Key Facts
15.5.2 Financial Overview
15.5.3 Product Benchmarking
15.5.4 Recent Developments
15.5.5 Winning Imperatives
15.5.6 Current Focus & Strategies
15.5.7 Threat from competition
15.5.8 SWOT Analysis
Continued…………
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