The Healthcare E-Commerce by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Healthcare E-Commerce, 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 growth in the historic period can be attributed to emerging markets growth, adoption of advanced technology in the wake of covid-19, rapid growth in aging population, a rise in digital payments, and increased internet penetration.
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 growth in the forecast period can be attributed to rising prevalence of chronic diseases and increasing awareness of a healthy lifestyle. Major trends in the forecast period include adopting wearable devices as this will ensure that healthcare e-commerce providers could enhance the reach of their businesses, utilize ar technologies to enhance their patient’s personalized experiences, implement ai-powered tools to personalize the buying experience of their customers and increase revenues, focus on strategies such as product launches to enhance their product portfolio with improved technologies, invest in acquisitions to increase market share and expand their product portfolio offerings and providers should have a clear strategy for current and future offerings and offer a greater diversity of delivery models to stay competitive in the healthcare e-commerce sector.
Increasing consumer spending on medical products, coupled with rising internet penetration, is expected to contribute to higher demand for the healthcare e-commerce market in the upcoming years. Growing demand for healthcare products and high internet penetration are enabling people to switch to online products, which in turn is creating higher demand for online healthcare products. For instance, in September 2021, according to the Centers for Medicare & Medicaid Services, a US-based federal agency within the U.S. Department of Health and Human Services, 2021, the expenditure on prescription drugs rose by 7.8% to reach a total of $378.0 billion, which is a faster growth rate than the 3.7% increase recorded in 2020. Also in 2021, spending on Medicare surged by 8.4% and reached $900.8 billion, making up 21% of the total National Health Expenditures (NHE). Additionally, Medicaid spending increased by 9.2% and reached $734.0 billion, accounting for 17% of the total NHE. This scenario is anticipated to propel the revenues of the growth of the healthcare e-commerce market over the forecast period.
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The healthcare e-commerce market covered in this report is segmented –
1) By Type: Drug, Medical Devices
2) By Application: Telemedicine, Caregiving Services, Medical Consultation
3) By End User: Hospitals, Clinics, Others
The launch of new healthcare applications for connecting doctors and patients directly is a leading trend driving the healthcare e-commerce market. In November 2021, SMV Healthcare, a Chennai-based pharmaceuticals company, launched MyMedicalShop.com, an online platform for purchasing medicine and healthcare products, e-consultations, and diagnostic tests at home. Therefore, the launch of new healthcare applications is likely to shape the growth of the healthcare e-commerce market in the near future.
The healthcare e-commerce market report table of contents includes:
1. Executive Summary
2.Healthcare E-Commerce Market Characteristics
3.Healthcare E-Commerce Market Trends And Strategies
4.Healthcare E-Commerce market analysis
5.Healthcare E-Commerce Market Size And Growth
6.Healthcare E-Commerce Segmentation
7.Healthcare E-Commerce Regional And Country Analysis
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27.Healthcare E-Commerce Competitive Landscape And Company Profiles
28.Healthcare E-Commerce Key Mergers And Acquisitions
29.Healthcare E-Commerce Future Outlook and Potential Analysis
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