By 2022, the pharmaceutical E-commerce market is expected to grow to a value of US$72.1 billion. The market is expected to grow at a 14.3% CAGR from 2022 to 2032, surpassing US$ 273.6 billion in value. It is anticipated that the pharmaceutical industry would account for 6% to 15% of the worldwide e-commerce market.
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.
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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.
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.
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· 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
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)
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 over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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