Global Healthcare eCommerce Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Type (Drugs and Vaccines), Application (Telemedicine, Caregiving Services and Medical Consultation), End-User & Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa)- Industry Forecast From 2024 to 2029

Updated On: January, 2024
ID: 11844
Pages: 190

Global Healthcare eCommerce Market Size (2023 to 2028)

The size of the global healthcare eCommerce market is estimated to be worth USD 1007 billion by 2028 from USD 448 billion in 2023, 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.

Impact of COVID-19 on the global healthcare eCommerce market:

COVID-19 increased the demand for online healthcare facilities. Consumers in virtually every sector went online when the Covid-19 issue hit. From food and beverage to home renovation and maintenance, e-commerce activity exploded across all industries and platforms. As a result of the COVID-19 debacle, there has been an upsurge in demand for online healthcare services. Fears about the new coronavirus, social distancing efforts to avoid spreading the virus, restricted access to diagnostic centers, weak socio-economic infrastructure, and insufficient medical supplies at local pharmacies all contributed to a surge in demand for online medical solutions and services. The COVID-19 issue has spurred commerce to new businesses, customers, and product kinds. It has given clients access to a wide range of items from the comfort and safety of their own homes. It has allowed businesses to continue operating despite contact limitations and other constraints.

The development of innovative healthcare delivery, including drugs and telehealth alternatives such as visits, consultations, and diagnostics, has been fuelled by global issues. For example, during the COVID-19 pandemic, telehealth significantly brought physicians and patients together electronically while reducing the danger of infection. As a result, the number of telehealth visits grew by 50% in the first quarter of 2020 compared to the same time in 2019, with 154 % in visits recorded in surveillance week 13 of 2020 compared to the same period in 2019. People may also have online consultations with medical specialists and purchase medical items and other resources from the comfort of their own homes, owing to healthcare e-commerce platforms. The government's efforts to limit the spread of the coronavirus were aided in part by the engagement of healthcare e-commerce start-ups.

Additionally, owing to the worldwide coronavirus epidemic, which has compelled millions of individuals to stay at home to prevent the virus from spreading, global traffic to digital health platforms increased by 10% between January and April 2020. In May 2020, health and medical websites had 581.37 million global visitors, up from 459 million in January 2019. As a result, big drugstore chains like Walgreens and CVS have expanded their online audience. In contrast, telemedicine companies have benefited from the surge in online prescription and over-the-counter drug orders. It has given clients access to a wide range of items from the comfort and safety of their own homes. It has allowed businesses to continue operating despite contact limitations and other constraints.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 to 2028

Base Year

2022

Forecast Period

2023 to 2028

Segments Covered

By Type, Application, End-User & Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

 

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.
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Frequently Asked Questions

How is the healthcare eCommerce market growing?

The healthcare eCommerce market is growing rapidly, driven by factors such as the increasing use of technology, rising demand for convenience, and a growing aging population.

What are the factors contributing to the growth of the healthcare eCommerce market?

The growing adoption of mobile devices, increasing awareness about online healthcare services, and the availability of a wide range of products and services are propelling the healthcare eCommerce market.

How much is the healthcare eCommerce market worth?

The healthcare eCommerce market size is expected to be worth USD 1007 billion by 2028.

Who are the major players in the healthcare eCommerce market?

Concerns over privacy and security, regulatory hurdles, and the need for robust supply chains are majorly challenging the growth of the healthcare eCommerce market.

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