COVID-19 Outrage Lends Safe Launchpad for Healthcare E-commerce Market Expansion
The global healthcare e-commerce market revenue is estimated to reach USD 435.8 billion by 2025. The growth of market is owed to ageing population, growing internet penetration in the healthcare sector and government initiatives to provide better healthcare solutions. Latest research initiatives undertaken by Adroit Market Research to unravel swift market alterations affecting overall growth outlook of e-commerce in healthcare industry reveals that in the near future, a sharp paradigm shift of healthcare offerings from conventional platforms to online is underway.
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E−commerce is increasingly becoming a common method of shopping by customers across the globe, however the market for pharmaceutical drugs and medical devices has been slow to embrace digital approaches due to the heavy level of legislative scrutiny and government regulations under which products are marketed. The safety, efficiency, claims and packaging of each healthcare products are regulated by lawmakers and respective regional governments.
Therefore, marketers of pharmaceutical and healthcare products have been hesitant to jump aggressively into digital marketing since the company is no longer fully in control of the brand’s message in the digital environment, such as with bloggers and on social media. However, as healthcare e-commerce continues to evolve from being just a sales channel to also a critical awareness driver, leveraging e−commerce will become critical to the growth of all pharmaceutical and medical device manufacturers. Digitization in any business is expected to have influenced majority of all sales and is similar trend is anticipated to further boost the growth of healthcare e-commerce over the forecast period.
This sharp trend is supported by a transitioning end-user expectations, new customer experiences, novel business models and the like. Additionally, the shift is also marked by the sudden outrage of COVID-19 pandemic that has ushered in a new beginning in the healthcare industry with telehealth and telemedicine on the rise.
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Besides the veterans in the field such as Amazon and Alibaba, several small and mid scale market participants are expected to soon find safe inroads in the competitive landscape backed by uninterrupted online networks and refurbished portfolios to align with customer preferences. Factors as such are rife growth triggers in global healthcare e-commerce market.
The revenue potential of healthcare e-commerce industry is expected to soar exorbitantly as new consumer preferences for online sales channels expand. Further, novel market participants entering the market also marks industry maturity.
FMCG Major, Godrej Expands Healthcare and Hygiene Portfolio, Sells Products Online
With consumer buying tendencies now shifting towards more mindful purchase, health related products are likely to boom, more specifically as an immunity booster to combat COVID-19. Therefore, FMCG veterans such as Godrej has announced new range of products in health and hygiene category such as its UV Sanitizer Box.
Additionally, aligning with the alterations in omnichannel distribution, online sales are taking a sharp leap. Countries such as India which is marking milestones in improving e-commerce sector is likely to be a favorable growth bed for healthcare in e-commerce space. Godrej has also made official statements to expand its online sales in order to tap new consumer belts, keeping up with demand upsurge.
On the basis of region, the healthcare e-commerce market is segmented into North America, Europe, Asia Pacific, South America and Middle East & Africa. North America contributed more than 40% market share in 2018 and Asia Pacific is anticipated to grow with the highest CAGR over the forecast period owing to growing internet penetration and base of large patient pool.
Some of the key players in the global healthcare e-commerce market are Amazon, Flipkart Pvt. Ltd., Exactcare Pharmacy, eBay Inc., Alibaba Group Holding Ltd., Lloyds Pharmacy Ltd., Remdi Senior Care, Remdi Senior Care, McCabes Pharmacy, CVS Health, MedLife, FSA Store, Netmeds and Kroger Co among other prominent players.
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Key segments of the global healthcare e-commerce market
Type Overview, 2015-2025 (USD Million)
- Drugs
- Medical Devices
Application Overview, 2015-2025 (USD Million)
- Telemedicine
- Caregiving Services
- Medical Consultation
End User Overview, 2015-2025 (USD Million)
- Hospitals
- Clinics
- Others
Regional Overview, 2015-2025 (USD Million)
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of MEA
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
- What can be the best investment choices for venturing into new product and service lines?
- Which regions might see the demand maturing in certain segments in near future?
- What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
- Which government regulations might challenge the status of key regional markets?
- How will the emerging political and economic scenario affect opportunities in key growth areas?
- What are some of the value-grab opportunities in various segments?
- What will be the barrier to entry for new players in the market?
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