LONDON, Feb. 03, 2023 (GLOBE NEWSWIRE) — The global healthcare e-commerce market size declined from $352.23 billion in 2020 to $346.87 billion in 2023 at a compound annual growth rate (CAGR) of -1.5%. The change in growth trend is mainly due to companies’ stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The healthcare ecommerce market growth is expected to recover and grow to $643.07 billion in 2025 at a large CAGR of 17%.
The increasing awareness of a healthy lifestyle, such as nutritional products, medicines, etc., is expected to be a major driver of the healthcare e-commerce market. The rise in chronic diseases like diabetes and hypertension has led to the adoption of preventive measures by consumers such as yoga, nutritional supplements, health devices, etc. According to McKinsey, the global wellness market is valued at more than $1.5 trillion, with annual growth of 5 to 10%. Due to the pandemic, health practitioners advised maintaining immunity with the use of nutritional supplements and medicines, which led to a surge in demand for such products and which is expected to continue in the future as well. To benefit from the best products, people are moving to online platforms that educate them about new products and their advantages, which they find valuable. Therefore, the increase in awareness of a healthy lifestyle is expected to contribute to the growth of the market.
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According to The Business Research Company’s research report on the healthcare e-commerce market, healthcare e-commerce companies are now focused on building personalized experiences for buyers with artificial intelligence-enabled tools. The use of AI-driven analytics can help healthcare providers with early treatment and find the right approach for their patients. AI in the healthcare field is specifically used to minimize human errors while improving efficiency. The major application areas of AI include healthcare product recommendation, patient care, telemedicine, and assisted diagnosis. The emergence of COVID-19 has also driven the demand for AI as well as machine learning (ML) integrated solutions and services across the market. Data processing and analysis is the key success factor for AL adoption in the healthcare e-commerce industry. For instance, in November 2023, Flipkart, a leading e-commerce company, launched “Flipkart Health+” by acquiring Sastasundar.com, an Indian-based online pharmacy platform, to be in a competitive phase with its major rivals, Amazon and Tata Digital, in the healthcare e-commerce market.
The healthcare e-commerce market is fragmented, with a large number of players dominating the market. The top ten competitors in the market made up 22.7% of the total market in 2020. The companies are extensively investing in R&D activities for the development of technologically innovative systems to gain a competitive edge over other players in the market. Major players in the market 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., and other players.
The global healthcare e-commerce market is segmented by type into drug, medical devices; by application into telemedicine, caregiving services, medical consultation; by end user into hospitals, clinics, others.
As per the healthcare e-commerce industry analysis, North America was the largest region, accounting for 53.2% of the total market in 2023. It was followed by the Asia-Pacific, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the healthcare e-commerce market will be Asia-Pacific and South America, where growth will be at CAGRs of 31.1% and 27.7%, respectively, during 2023–2026. These will be followed by Western Europe and Eastern Europe.
Healthcare E-Commerce Market Global Report 2020-30: COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide healthcare e-commerce market overviews, healthcare e-commerce market analyze and forecast market size and growth for the whole market, healthcare e-commerce market segments and geographies, healthcare e-commerce market trends, healthcare e-commerce market drivers, healthcare e-commerce market restraints, healthcare e-commerce market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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