Healthcare eCommerce Market

Global Healthcare eCommerce Market Size (2024 to 2029)

The size of the global healthcare eCommerce market is estimated to be worth USD 1185.01 billion by 2029 from USD 526.84 billion in 2024, growing at a CAGR of 17.60% during the forecast period.

Healthcare E-commerce refers to the online selling and purchasing of healthcare items and services. E-Commerce has transformed everyone's lifestyle in the last several years. In the healthcare business, e-commerce has also played a significant influence in changing the face of the industry. It involves buying medical equipment, supplies, medical gadgets, and medications through the Internet. Convenience reduced costs & discounts, a broad selection of items, replacement & refund policies, reviews & feedback, and quality certifications are all advantages of healthcare e-commerce. Many clients are using the internet to complete the tasks of a traditional pharmacy rather than visiting a physical store. Furthermore, e-commerce offers clinics, hospitals, and physicians' offices the ability to simplify their medical equipment and supplies purchases. In addition, medical device manufacturers are progressively shifting their operations online to enable direct ordering and delivery of their products.

MARKET DRIVERS

The growing use of smart devices and internet connectivity is propelling the global healthcare eCommerce market growth.

The demand for healthcare products from online resources has risen substantially in the digital age. Healthcare E-commerce is growing more important as smart devices such as smartphones, computers, and tablets become more widely available. Patients may submit prescriptions or search for medications and order them from anywhere, anytime, using a website or an app. Asia had a 62 % internet penetration rate in March 2021, compared to 88 % in Europe and 90 % in North America. According to Statista, there will be about 4.28 billion active mobile internet users in 2020, accounting for more than 90% of the global internet population. By 2020, the world's tablet users will number 1.26 billion. The use of healthcare E-commerce has risen substantially due to this increased utilization. Statista estimates that e-commerce sales of medicines and beauty aids totaled 50.4 billion dollars in 2019, up from 32.6 billion dollars in 2016. Similarly, according to a Times of India article, 61 percent of people prefer to buy drugs online. Furthermore, because customers increasingly use the Internet to acquire products and medical treatment, healthcare providers are becoming more worried about the quality of their online presence.

The rising adoption of telemedicine is further fuelling the growth rate of the global healthcare eCommerce market.

Telemedicine, interestingly, may be used with pharmaceutical e-commerce to provide a surprisingly seamless patient experience. Within a few hours, patients may speak with a doctor about their symptoms, obtain a diagnosis, and have medication delivered to their homes. Prescriptions may be bought swiftly and online through platforms like Walgreens and NowRX. Telemedicine is a type of healthcare e-commerce pioneered by apps like Practo and FirstOpinion and websites like Doctor2U and YourDoctors. Online. “Direct-to-consumer (DTC) telemedicine is increasing at an ever-expanding rate due to new phone, computer, and app technologies and patient demand,” according to a February 2018 article on the Managed Healthcare Executive website. The use of healthcare E-commerce has risen substantially due to this increased utilization. Statista estimates that e-commerce sales of medicines and beauty aids totaled 50.4 billion dollars in 2019, up from 32.6 billion dollars in 2016.

Similarly, according to a Times of India article, 61 % of people prefer to buy drugs online. Patients may now use their mobile devices to swiftly assess healthcare professionals for phone or video appointments, as well as obtain online prescriptions. As a result, according to Amwell's 2020 Physician and Consumer Survey, the number of physicians adopting telehealth to treat patients increased from 22% in 2019 to 80% in 2020.

MARKET RESTRAINTS

Stringent regulations imposed by various governments may hamper the growth of the global healthcare eCommerce market. The healthcare business must address several particular laws and compliance barriers. According to the HIPAA Security Rule, healthcare e-commerce firms must adhere to a set of security requirements to ensure that protected health information (PHI) is properly safeguarded on a technological, administrative, and physical level. That means businesses must ensure that their patient's medical data is kept private, safe, and encrypted at all times, even during delivery. Additionally, for certain firms in the healthcare field, automating the intricate documentation of hazardous and radioactive items and shipping them is a burden. Similarly, many healthcare firms must have unique business rules for their products to be transported correctly.

REPORT COVERAGE

This research report on the global healthcare eCommerce market has been segmented and sub-segmented based on products & services, application, end-user & regions.

Healthcare eCommerce Market – By Type:

• Drugs
• Medical Devices

Healthcare eCommerce Market – By Application:

• Telemedicine
• Caregiving Services
• Medical Consultation

Healthcare eCommerce Market – By End-User:

• Hospitals
• Clinics
• Others

Healthcare eCommerce Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

KEY MARKET PARTICIPANTS

A few of the prominent companies operating in the global healthcare eCommerce market covered in this report are Amazon, Flipkart Pvt. Ltd., eBay Inc., Lloyds Pharmacy Ltd., Walgreens Boots Alliance Inc., Exactcare Pharmacy, Alibaba Group Holding Ltd., Remdi SeniorCare, McCabes Pharmacy, Tata Digital Ltd., CVS Health, MedLife, Doc Morris, and others.

These players are involved in strategic activities, such as collaborations, new product launches, technological advancements, mergers, and acquisitions.

RECENT MARKET DEVELOPMENTS

• On 24 May 2021, Health E-Commerce, the parent company of online brands FSAstore.com, HSAstore.com, and WellDeservedHealth.com, announced that it had redesigned its family of retail websites to make it even easier for consumers to find, buy, and learn about products and services that are eligible for purchase with flexible spending account (FSA), health savings account (HSA), and wellness rewards dollars.
• On 10 June 2021, as part of its effort to create an e-commerce business in India, Tata Digital Ltd., a subsidiary of Tata Sons Ltd., has purchased a controlling share in digital health platform 1MG Technologies. The investment in 1MG is in keeping with the Tata Group's goal of building a digital ecosystem that meets customer demands across categories in a cohesive way.