Both the provision of care online and the sale of pharmaceuticals in retail settings are now significant components of the health care delivery system as a whole. Over the course of the forecast period, an increase in the expectation of lower prices and regulatory changes, as well as discounts and offers made available through online retail channels, will drive an increase in sales in the market.
In the midst of numerous travel restrictions and lockdowns around the world as a direct result of the Covid-19 pandemic, the rapid expansion of e-commerce has been directly sparked. Recent research from Adobe (via Forbes) suggests that the shift to online shopping is irreversible, and it is anticipated that the total value of the online shopping industry will reach an astounding one trillion dollars in 2022.
North America will dominate the Pharmaceutical E-Commerce Market
Because of the high rate of adoption of digital technologies and the presence of leading market players who offer their services in international markets, it is anticipated that North America, specifically the United States, will hold a dominant share over the course of the forecast period. Over the course of the evaluation period, it is anticipated that China will develop into an attractive pocket in the East Asian pharmaceutical e-commerce market. Because of the high rate of adoption of digital technologies and the presence of leading market players who offer their services in international markets, it is anticipated that North America, specifically the United States, will hold a dominant share over the course of the forecast period. Over the course of the evaluation period, it is anticipated that China will develop into an attractive pocket in the East Asian pharmaceutical e-commerce market.
The APAC region will see a stable growth rate in the period of interest
Over the course of the evaluation period, China is anticipated to develop into an interesting submarket within the East Asian pharmaceutical e-commerce market. The pricing of medications has become more transparent, and the prices at drug terminals have been lowered to make them more affordable for everyone.
The B2C segment will dominate the Pharmaceutical E-Commerce Market
In a business-to-consumer setting, e-commerce in the pharmaceutical industry can make it simpler, more effective, and more open to consumers to purchase prescription drugs, which will inevitably result in an increase in overall demand for such products and services. It is absolutely necessary for suppliers and manufacturers of pharmaceutical products to start making preparations right away in order to be able to successfully compete in this rapidly expanding market.
In the year 2022, it is anticipated that the value of the pharmaceutical e-commerce market will amount to $72.13 billion. By 2029, it is anticipated that sales will have increased at a CAGR of 14.3%, resulting in the market size reaching US$ 183.22 Bn.
E-commerce in the pharmaceutical industry can be conducted either business-to-business (B2B) or business-to-consumer (B2C), and it can make the purchasing of prescription drugs simple, effective, and transparent. It is absolutely necessary for suppliers and manufacturers of pharmaceutical products to start making preparations right away in order to be able to successfully compete in this rapidly expanding market.
E-commerce juggernauts such as Amazon and Alibaba have both made significant investments in their respective online pharmacy operations over the course of the past year. Patients are able to place orders for prescription drugs through Amazon Pharmacy, an online retailer's platform. There is no doubt that these businesses will not be the last to enter the market for online pharmacies; consequently, it is essential to keep track of who is currently operating in this sector and who has plans to enter it, in addition to the types of goods and services that are being provided by each of these entities.
With the integration of e-commerce, pharmaceutical vendors are able to provide patients and providers with a straightforward and time-saving method to search for and purchase the medications they require. When applied to the business-to-consumer sector, this signifies that patients will be able to order and receive their prescription medications without having to leave the convenience of their own homes.
In addition, if purchasing capabilities are made more transparent, pharmaceutical companies may be compelled to lower their prices to remain competitive. Buying medications through the internet should make it easier for hospitals and other healthcare systems to acquire the medications they require at the most advantageous prices available at any given time.
The leading global companies in the pharmaceutical e-commerce market include Optum, Express Scripts, Apotek, Netmeds, Giant Eagle, Walgreen, CVS Health, Walmart, The Kroger, Amazon, Medlife, Easy Medico, and PharmEasy.
- The emergence of online pharmacies has ushered in a new marketplace, which calls for the development of novel approaches to the verification and validation of prescription orders and the medicines that are being delivered.
- The Food and Drug Administration (FDA) was forced to issue a warning in the month of June due to the proliferation of illegal pharmacies that are dispensing counterfeit and potentially harmful medications to customers.
- These rogue players can potentially give the industry a negative connotation, even though it should be more straightforward for the more prominent players to ensure that the drugs they are providing meet all of the FDA's requirements.
Pharmaceutical e-Commerce Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2029||US$ 183.22 Bn.|
|Growth Rate||CAGR of 14.3% during 2021-2029|
|Segment Covered||By Type, By End- User, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Optum, Express Scripts, Apotek, Netmeds, Giant Eagle, Walgreen, CVS Health, Walmart, The Kroger, Amazon, Medlife, Easy Medico|
Key segments in ‘Global Pharmaceutical E-Commerce Market’
By Type, 2019-2029 (USD Billion)
- Windows OS
- Linux OS
- Unix OS
By End-User, 2019-2029 (USD Billion)
- B2B Users
- B2C Users
By Application, 2019-2029 (USD Billion)
- Personal Users
- Offline Pharmacies
By region, 2019-2029 (USD Billion)
- North America
- The United States of America
- The United Kingdom
- South Korea
- South America