April 23, 2019: Adroit Research launched their recent study titled, “Global Healthcare E-Commerce Market Size 2018, By Type (Medical Devices, Drugs), By Application (Telemedicine, Caregiving Services, Medical Consultation), By End User (Hospitals, Clinics, Others), By Region and Forecast 2019 to 2025”. The study covers the global healthcare e-commerce market value for a period ranging between 2015 and 2025, where the period from 2015 to 2017 implies the historical value, 2018 being the base year, with forecast between 2019 and 2025. The global healthcare e-commerce market report also includes qualitative insights of the market such as pipeline analysis, porters five forces analysis, drivers and restraints.
By 2025, the global healthcare e-commerce market revenue is estimated to reach USD 435.8 billion. The growth of market is owed to ageing population, growing internet penetration in the healthcare sector and government initiatives to provide better healthcare solutions.
The U.S. healthcare system is a USD 3.2 trillion market that breaks down into many distinct sections including hospitals and health services, insurance companies, physician organizations, suppliers of drug and medical equipment, and pharmacies. Healthcare goods, services and prescription expenditure today open up all kinds of fresh possibilities for big pharmacy retail chains such as Walgreens, CVS and even Amazon.com.
The healthcare sector is digitizing quickly, and the customers are getting comfortable with going online for their healthcare needs by doing research on symptoms or specific doctors, buying products, paying bills, and generally getting more educated about their options. There is a chance for niche internet merchants in healthcare to succeed. For instance, since co-founder and pharmacist T.J. Parker introduced its PillPack business in 2013, raising more than USD 90 million in financing to construct its digital pharmacy base. PillPack handles numerous prescription medications for its customers by sorting, packaging & delivering their doses, all while providing pharmacy staff accessible online or over the phone 24/7. Customers are mailed their customized roll of pre-sorted drugs every two weeks in addition to a recyclable container.
Other pharmaceutical companies, such as CapsuleCares.com, use carriers on the same day to promise free delivery of 2 hours to those residing in the region. Furthermore, medical device companies & retailers are launching e-commerce websites where customers or doctors, together with their support employees, can directly order medical supplies & equipment, saying that internet competition forces them to function differently.
While clients are more than ready to buy internet medical devices and choose to send them their prescriptions, delivery is not that easy. There are specific rules and compliancy hurdles such as medical information security, HIPPA compliance among others that the healthcare industry must consider.
By type, the healthcare e-commerce market is segmented into medical devices and drugs. The drugs segment is projected to dominate the market with a share of ~66% in 2018. By application, medical consultation is projected to dominate the global healthcare e-commerce industry; however, caregiving services is projected to witness fastest growth rate with CAGR of ~16% over the forecast period.
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.
Key segments of the global healthcare e-commerce market
Type Overview, 2015-2025 (USD Million)
- Medical Devices
Application Overview, 2015-2025 (USD Million)
- Caregiving Services
- Medical Consultation
End User Overview, 2015-2025 (USD Million)
Regional Overview, 2015-2025 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of MEA