PUBLISHER: Grand View Research | PRODUCT CODE: 1375911
PUBLISHER: Grand View Research | PRODUCT CODE: 1375911
The global pharma E-commerce market size is expected to reach USD 277.87 billion by 2030, registering a CAGR of 17.2% from 2023 to 2030, according to a recent report from Grand View Research, Inc.. The market is expected to grow attributed to the pharma e-commerce platforms continuing to prioritize consumer convenience by including features such as telemedicine integration, prescription management, and simple ordering processes. The outbreak of the COVID-19 pandemic, which triggered concerns over in-person contacts and prompted consumers to obtain prescription drugs, Over-The-Counter (OTC) drugs, and healthcare supplies via online stores to avoid any coronavirus exposure, is expected to contribute to the growth of the market. The aggressive use of data analytics and Artificial Intelligence (AI)-driven algorithms by e-commerce platforms to deliver personalized recommendations for OTC items based on customers' medical profiles, purchase histories, and preferences also bode well for the growth of the market.
In the pharma industry, the integration of telemedicine with e-commerce creates a patient-centric healthcare ecosystem. The combination improves access to healthcare, increases drug adherence, and enhances convenience. It utilizes innovative technology to provide on-demand healthcare consultations, individualized medication management, and real-time monitoring, ultimately improving access to medical care, quality, and patient experiences in the digital age. The rapid expansion of digital technologies such as telemedicine platforms, mobile health applications, Internet of Things (IoT) devices, and AI-driven solutions have made it more accessible to provide continuous and user-friendly healthcare services online.
Online pharmacies determined to be unintentionally involved in the trafficking of counterfeit pharmaceuticals suffer major legal consequences. Moreover, such instances harm their reputation significantly. The resulting reputational damage can have far-reaching and long-term detrimental implications for the viability of a business. For instance, the annual international operation led by INTERPOL to reduce the internet selling of counterfeit medications is known as Operation Pangea. Several APAC countries are involved in this campaign to reduce illegal online pharmacies. Authorities in nations such as India, China, and Australia have already confiscated large quantities of counterfeit pharmaceuticals and arrested persons involved in their trafficking.
The pharmaceutical e-commerce sector has the potential for massive development and innovation in the future in terms of quick access to healthcare and increased medication compliance. It is expected to be shaped by health record integration, regulatory development, partnerships, patient empowerment, and global expansion over the forecasted period. The emphasis continues to be on improving patient-centered care by leveraging digital technologies to increase accessibility, personalization, and potency in healthcare delivery.