PUBLISHER: The Business Research Company | PRODUCT CODE: 1429451
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429451
Healthcare e-commerce involves the online sale and purchase of healthcare goods and services, facilitating healthcare institutions such as hospitals, clinics, and other facilities to acquire medical equipment and supplies through internet-based platforms. This includes the buying and selling of medical devices and drugs, offering benefits such as convenience, competitive pricing, a diverse range of products, flexible replacement and refund policies, access to reviews and feedback, and adherence to quality certifications.
The primary categories within healthcare e-commerce are drugs and medical devices. Drugs are substances used to prevent, diagnose, treat, or alleviate the symptoms of diseases or abnormal conditions. Various applications, such as telemedicine, caregiving services, and medical consultation, are utilized in hospitals, clinics, and other end-user environments.
The healthcare e-commerce market research report is one of a series of new reports from The Business Research Company that provides healthcare e-commerce global market statistics, including healthcare e-commerce industry global market size, regional shares, competitors with a healthcare e-commerce market share, detailed healthcare e-commerce market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare e-commerce industry. This healthcare e-commerce market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The healthcare e-commerce market size has grown rapidly in recent years. It will grow from $366.94 billion in 2023 to $434.88 billion in 2024 at a compound annual growth rate (CAGR) of 18.5%. The expansion observed in the historical period can be ascribed to the growth of emerging markets, the uptake of advanced technology prompted by the COVID-19 pandemic, swift growth in the aging population, an increase in digital payments, and the rising penetration of the internet.
The healthcare e-commerce market size is expected to see rapid growth in the next few years. It will grow to $874.76 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%. The anticipated growth in the forecast period can be attributed to the increasing prevalence of chronic diseases and a growing awareness of a healthy lifestyle. Key trends expected in the forecast period include the adoption of wearable devices to expand the reach of healthcare e-commerce providers, the utilization of AR technologies to enhance personalized patient experiences, the implementation of AI-powered tools for personalized customer buying experiences and increased revenues, a strategic focus on product launches to enrich product portfolios with enhanced technologies, investments in acquisitions to expand market share and product offerings, and the necessity for healthcare e-commerce providers to have a clear strategy for current and future offerings. Additionally, offering a greater diversity of delivery models is crucial to maintaining competitiveness in the healthcare e-commerce sector.
The anticipated surge in consumer spending on medical products, coupled with the increasing penetration of the internet, is expected to drive higher demand for the healthcare e-commerce market in the coming years. The growing demand for healthcare products, coupled with widespread internet access, is leading people to shift towards online healthcare products, thereby generating increased demand for these products. For example, in September 2021, the Centers for Medicare & Medicaid Services reported a 7.8% rise in expenditure on prescription drugs, reaching a total of $378.0 billion. This growth rate surpassed the 3.7% increase recorded in 2020. Additionally, in 2021, spending on Medicare increased by 8.4%, reaching $900.8 billion, constituting 21% of the total National Health Expenditures (NHE). Medicaid spending also saw a 9.2% increase, reaching $734.0 billion, contributing 17% to the total NHE. This trend is expected to drive revenue growth in the healthcare e-commerce market throughout the forecast period.
The expansion of telehealth and telemedicine is poised to drive the growth of the healthcare e-commerce market in the future. Telehealth involves using telecommunications technology to provide various healthcare services and information remotely, while telemedicine specifically encompasses remote clinical consultations and healthcare delivery. The growth of telehealth and telemedicine contributes to the healthcare e-commerce market by increasing the demand for online healthcare products, services, and prescription medications. Patients are seeking convenient access to medical consultations and a seamless way to meet their healthcare needs through digital platforms. For instance, in October 2022, the Centers for Disease Control and Prevention reported that in 2021, 37.0% of adults had utilized telemedicine in the preceding 12 months. Consequently, the expansion of telehealth and telemedicine is expected to drive the growth of the healthcare e-commerce market.
The emergence of new healthcare applications facilitating direct connections between doctors and patients stands out as a prominent trend propelling the healthcare e-commerce market. In November 2021, SMV Healthcare, a pharmaceutical company based in Chennai, introduced MyMedicalShop.com-an online platform enabling the purchase of medicines and healthcare products, offering e-consultations, and facilitating diagnostic tests at home. Therefore, the introduction of novel healthcare applications is poised to significantly influence the growth trajectory of the healthcare e-commerce market in the near future.
Major companies in the healthcare e-commerce market are integrating AI into their products to establish a competitive advantage. An AI Personal Health Assistant is a digital application or service utilizing artificial intelligence (AI) technologies to deliver personalized health-related information, guidance, and support to individuals. For example, in June 2023, MediKarma, a U.S.-based healthcare company, unveiled JILL.ai-an AI-powered personalized health assistant. This platform utilizes generative AI to offer users comprehensive, personalized health guidance, empowering individuals with control over their well-being. JILL.ai assists with various health services, including insights from health records and smart devices, answering health-related queries, providing personalized recommendations, triaging symptoms, and simplifying healthcare routines using natural language voice commands. It compiles data from diverse sources to generate a MediScore, presenting users with a clear snapshot of their body's performance. Moreover, JILL.ai introduces Meditwin, enabling users to visualize their health and potential risks for proactive healthcare discussions. Prioritizing data security and privacy, JILL.ai ensures the secure storage of user information.
In April 2022, Lifesupply Health Supplies Inc., a Canadian medical supplies company, completed the acquisition of Smart Move Medical for an undisclosed amount. This strategic move is expected to expand the company's distribution network and provide broader access to an international network of suppliers. Smart Move Medical is a medical equipment supplier based in Canada.
Major companies operating in the healthcare e-commerce market report are Amazon.com, Inc., Alibaba Health Information Technology Limited, Walgreens Boots Alliance Inc., LloydsPharmacy Limited (McKesson Europe), JD Health International Inc. (JD.com, Inc.), CVS Health Corporation, Shop Apotheke Europe, Teladoc Health, Inc., DocMorris N.V., eBay Inc., 1mg.com , Healthkart.com , Netmeds.com, PharmEasy.com , Medlife.com, SastaSundar.com , Ali Health, Jianke.com, 111, Inc , Shimadzu Corporation, Menicon, Konica Minolta , Omron , Fukuda , Nihon Kohden , Sysmex, Nipro, Olympus, Echo , Babylon Health , BenevolentAI , Lantum , DoctorLink , Unmind , Thriva , Pando Health , Owkin, Dental Monitoring , eCential Robotics , Enterome, Hype, BioSerenity , Oxford Nanopore Technologies , Doctolib , Telehealth app KRY , Albertsons Companies Inc ., Optum Rx Inc ., Rowlands Pharmacy , Giant eagle Inc ., Walmart Stores Inc ., CIGNA (Express Scripts) , Rite Aid , Zur Rose Group AG , PlanetRX.com Inc ., Familymeds Inc , Medisave, The Kroger Co. , MercadoLibre, Al-Noor Medical Company , VPS Healthcare , Tumbay group , Al-Zahra Group, Belhoul Lifecare , Emirates Healthcare , Mediclinic Middle East , Aster DM Healthcare , Gulf Healthcare International , Gulf Medical Projects Company , Zulekha Hospital, Saudi German Hospital Group, Aster DM Healthcare, Vezeeta , Yodawy Smart Medical Services , Bypa-ss , Rology, Shezlong, Estshara, DentaCarts , Vitls, Healthforce, 3X4 Genetics , RecoMed , SyncroPhi , Ingress Healthcare , VitruvianMD, Link Health Technology
North America was the largest region in the healthcare e-commerce market in 2023. Asia-Pacific was the second largest region in the global healthcare e-commerce market share. The regions covered in the healthcare e-commerce market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the healthcare e-commerce market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
The healthcare e-commerce market includes revenues earned by entities by telemedicine websites, medical supply and equipment stores, online pharmacies and healthcare marketplace websites. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Healthcare E-Commerce Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on healthcare e-commerce market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for healthcare e-commerce? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The healthcare e-commerce market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.