Press release
Pharmaceutical E-commerce Market Estimations: US$ 273.6 Bn by 2032 | Data analysis by FMI
Pharmaceutical E-commerce
As per a recent market analysis by Future Market Insights (FMI), the pharmaceutical e-commerce market is expected to reach a valuation of US$ 72.1 Bn in 2022. Sales are projected to increase at a 14.3% CAGR, with the market size reaching US$ 273.6 Bn by 2032.
In response to the coronavirus pandemic, consumer buying patterns have shifted, internet penetration has increased, and healthcare infrastructure has been established across emerging economies. Further, looking at the wide acceptance towards the online platform, large hospital chains are offering home delivery of medicine along with medical consultation.
Online care and pharmaceutical retail are now an important component of the overall health care delivery system. The increasing expectation for lower prices, regulatory changes, and discounts and offers available at online retail channels will boost sales in the market over the forecast period.
"Wide availability of OTC drugs and medical devices at online channels, along with increasing penetration of digital devices in emerging economies will drive the growth in the market," says an FMI analyst.
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Key Takeaways:
· The global pharmaceutical E-commerce market is expected to gain traction at an impressive 14.3% CAGR, in comparison to the 15.6% CAGR registered between 2017 to 2021.
· Based on product type, sales of OTC drugs are expected to remain high.
· The U.S. will continue dominating the North America pharmaceutical e-commerce market over the forecast period due to high adoption of digital services in the healthcare sector.
· China will lead the East Asia pharmaceutical e-commerce market amid surging demand for at-home delivery of medial devices.
· India will emerge as an attractive market owing to rising government initiatives regarding digital services in the healthcare and pharmaceutical sectors.
Competition Landscape
Mergers and acquisitions, as well as product development and innovation, are among the key strategies used by manufacturers to improve sales. Further, companies are coming up with discount offers to gain new customers.
Key players operating in the global pharmaceutical e-commerce market are Netmeds Marketplace Ltd., EasyMedico, Medlife, Amazon.Inc, Apotek, The Kroger Co., Walgreen Co., Giant Eagle, Inc., Walmart, Express Scripts, CVS Health, Optum, Inc., L Rowland & Co (Retail) Ltd, Zur
Rose Group AG, McKesson Corporation, SHOP-APOTHEKE EUROPE N.V., UK Meds Direct Ltd., Walgreens Boots Alliance, Inc., DocMorris among others.
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Segments:
By Product Type:
Prescription Medicine
Over-The-Counter Product
By Region:
North America
Latin America
Europe
East Asia
South Asia
Oceania
The Middle East and Africa (MEA)
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global pharmaceutical e-commerce market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global pharmaceutical e-commerce market based on the product type (prescription medicines, over-the counter) across seven major regions.
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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