Pharmaceutical E-commerce Market is Expected to Grow at 14.3% CAGR Over 2022-2032
The global pharmaceutical E-commerce market is estimated to reach US$ 72.1 Bn in 2022. The market size is projected to surpass US$ 273.6 Bn by 2032, at a CAGR of 14.3% over the forecast period 2022 to 2032.
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.
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.
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- 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.
- 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.
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 among others.
By Product Type:
- Prescription Medicine
- Over-The-Counter Product
- North America
- Latin America
- East Asia
- South Asia
- The Middle East and Africa (MEA)
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