Healthcare E-Commerce Market Size & Share to Surpass $994.2 Billion by 2030 | Vantage Market Research

WASHINGTON, Nov. 01, 2023 (GLOBE NEWSWIRE) -- As per Vantage Market Research, the Global Healthcare E-Commerce Market has been steadily growing due to the increasing adoption of e-commerce platforms and their convenience to healthcare providers and consumers.   

According to Vantage Market Research, the Global Healthcare E-Commerce Market is estimated to be valued at USD 994.2 Billion by 2030 and is expected to exhibit a CAGR of 16.2% from 2023 to 2030. The global Healthcare E-Commerce market grew to USD 302.3 Billion in 2022.

Healthcare E-Commerce refers to the buying and selling of healthcare products and services through electronic platforms, such as websites, mobile apps, and online marketplaces. It involves the online purchase of medical equipment, pharmaceuticals, health and wellness products, and digital health services. Healthcare E-Commerce has gained popularity due to its convenience and accessibility. The types of healthcare products purchased through e-commerce platforms range from over-the-counter medications, vitamins, and supplements, to medical devices, home healthcare equipment, and even prescription drugs. Many online platforms also offer personalized health and wellness services, such as telemedicine consultations, mental health counseling, and fitness coaching.

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Key Highlights

• By Type, the high demand for the drugs segment will increase the Healthcare E-Commerce Market from 2023 to 2030.
• By Application, the telemedicine segment dominated the largest market share globally from 2023 to 2030.
• In 2022, North America dominated the market with the highest revenue share of 30%.
• The Asia Pacific will grow at a high CAGR from 2023-2030.

The Healthcare E-Commerce market offers several benefits for consumers, including convenience, lower costs, and increased access to healthcare products and services. Technology advancements, such as AI and machine learning, are also being integrated into e-commerce platforms to improve personalized recommendations and customer experience. The Healthcare E-Commerce market is expected to grow as more consumers embrace online shopping for healthcare products and services.

Factors Affecting the Growth of the Healthcare E-Commerce Industry

Several factors can affect the growth of the Healthcare E-Commerce industry. Some of these factors include:

• Technological advancements: Improved internet connectivity, the widespread use of smartphones and tablets, and the development of secure online payment systems have made it easier for consumers to access healthcare products and services online.
• Changing consumer behavior: Consumers are now more willing to navigate the complexities of purchasing healthcare products and services online. This change in behavior is driven by factors such as convenience, cost savings, access to a wider range of products, and the ability to compare prices and reviews before making a purchase.
• Increased awareness and education: As consumers become more aware of the benefits and advantages of purchasing healthcare products and services online, they are more likely to embrace e-commerce in the healthcare sector.
• Industry partnerships and collaborations: Collaborations between e-commerce platforms and healthcare providers, insurers, and pharmaceutical companies have facilitated the growth of the Healthcare E-Commerce industry.

Top Companies in The Global Healthcare E-Commerce Market

• Amazon. com Inc. (U.S.)
• Walmart Inc. (U.S.)
• Alibaba Group Holding Ltd. (China)
• Caremark LLC (U.S.)
• Medline Industries Inc. (U.S.)
• Cardinal Health Inc. (U.S.)
• McKesson Corp. (U.S.)
• Acelity L.P. Inc. (U.S.)
• Owens & Minor Inc. (U.S.)
• EBOS Group Ltd. (New Zealand)

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Top Trends in Global Healthcare E-Commerce Market

With the increasing need for convenient and accessible healthcare solutions, consumers are turning to online platforms to order prescription medications and other healthcare products. This trend is further amplified by the COVID-19 pandemic, which has led to lockdowns and social distancing measures, making it difficult for people to visit physical pharmacies. Online pharmacy services offer various benefits such as doorstep delivery, discounts, and easy access to healthcare professionals, leading to their increased adoption by consumers worldwide. This trend is expected to continue growing in the coming years, driving the expansion of the global Healthcare E-Commerce market.

Market Drivers

The Healthcare E-Commerce market is experiencing significant growth due to several key drivers. One of the key drivers of the Healthcare E-Commerce market is the increasing demand for prescription drugs. Many online pharmacies offer discounted prices and convenient delivery options, making it a popular choice for consumers. Online pharmacies also offer a wider range of medications, including those unavailable in local pharmacies.

The convenience and ease of use offered by e-commerce platforms drive consumer adoption. Patients can now easily order medicines, medical equipment, and wellness products from the comfort of their homes, saving them time and effort. Another driver is the expansion of the global healthcare market. As the healthcare industry continues to grow, there is an increasing need for efficient and scalable solutions to meet the demands of a larger customer base. E-commerce platforms can provide the necessary infrastructure to handle the increased volume of transactions.

Market Restraints

The lack of digital infrastructure in certain regions and countries may restrain the market expansion in the forecast period. Additionally, the complex regulatory environment surrounding healthcare services and products often challenges e-commerce platforms to meet compliance requirements. Furthermore, data privacy and security concerns deter some patients from engaging in Healthcare E-Commerce.

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Market Opportunities

Increasing technology adoption is a significant factor for the market's expansion during the forecast period. This is expected to benefit the Healthcare E-Commerce market expansion. Moreover, digitizing healthcare processes will speed up the market's expansion. During the projected period, increased availability of healthcare products and services and increased patient engagement and empowerment will also present several opportunities for Healthcare E-Commerce market expansion.

Recent Development of the Global Healthcare E-Commerce Market

• In August 2022, in addition to expanding its prescription delivery service to 48 U.S. states, Amazon Pharmacy also unveiled a new tool that lets users interact with pharmacists whenever they want.
• In May 2022, by introducing an AI-powered personal health assistant and opening its platform to other medical service providers, Chinese e-commerce giant Alibaba Health increased its digital health services.

Report Segmentation of the Global Healthcare E-Commerce Market

Type Analysis
Drugs dominated the market with the largest share because of the rising prevalence of chronic diseases such as arthritis, cancer, and heart diseases. The global Healthcare E-Commerce market is based on types segmented into drugs and medical devices. The need for prescription medications has increased as the number of patients with chronic conditions has grown. This demand is anticipated to be satisfied by the expanding online pharmacy market. One of the key elements fueling the rise of this category is the ease of obtaining prescription medications online and having them delivered right to your home.

Application Analysis
The Telemedicine segment dominated the largest market share and will dominate in the forecast period because the delivery of oral mode increased treatment and achieved patient parental care. Because people want to avoid making in-person visits to medical facilities, the COVID-19 pandemic has increased the demand for telemedicine services. Access to healthcare services from distant areas, cost-effectiveness, and convenience are just a few advantages of telemedicine. The global Healthcare E-Commerce market is based on the application segmented into telemedicine, caregiving services, and medical consultation. The growth of the telemedicine category is being fueled by the accessibility of cutting-edge technologies including telehealth software, remote monitoring tools, and videoconferencing equipment.

Global Healthcare E-Commerce Market Segmentation

By Type

• Drug
• Medical Device

By Application

• Telemedicine
• Caregiving Service
• Medical Consultation
  

By Region

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

Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Healthcare E-Commerce Market Forecast Report (2023-2030).                 

Regional Analysis

Due to increasing adoption of e-commerce technologies and the presence of key players in the market, North America held the dominance of the global market share for Healthcare E-Commerce, with a market share of 30% in 2022. The region's dominance can be attributed to advanced healthcare infrastructure, high internet penetration, and a technologically advanced population. The rising demand for convenience and accessibility to healthcare products and services online has further fueled the growth of the e-commerce market in North America. Additionally, favorable government initiatives and policies promoting e-commerce in the healthcare sector have also contributed to the North American market's dominance. Moreover, the COVID-19 pandemic has accelerated the adoption of e-commerce in healthcare, making North America a prominent market for online healthcare transactions.

The Asia Pacific market is the most lucrative due to several possible areas for future enlargement. With a rapidly expanding population and increasing internet penetration, the region has a growing demand for online healthcare services and products. The convenience and accessibility offered by Healthcare E-Commerce platforms have attracted many consumers.

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