Market Survey on Pharmaceutical E-commerce Market Covering Sales Outlook, Up-to-date Key Trends, Market Size and Forecast, Per Capita Consumption, Pricing Analysis, Brand Share, Market Share, and Consumer Survey.
NEWARK, Del, Aug. 13, 2024 (GLOBE NEWSWIRE) — The pharmaceutical eCommerce market is estimated to be valued at US$ 75,527.4 million in 2024. The market is projected to expand at a CAGR of 14.4% over the forecast period. The market report further predicts the net worth of the pharmaceutical eCommerce industry to be around US$ 290,824.8 million by 2034.
The digital revolution in healthcare has spilled over into the pharmaceutical industry, creating a more comfortable and easily accessible avenue for drug purchases. Also, during the pandemic, there was a greater need for contactless services, resulting in a greater reliance on online pharmacy platforms for the purchase of medications.
Integration of telehealth services with online retail channels for drugs and medications is changing the general perception of pharmaceutical eCommerce platforms. Greater support from the mainstream healthcare sector is poised to promote the pharmaceutical industry further.
Pharmaceutical E-commerce business model enables preparation and sales of drugs which are either prescribed or non-prescribed by doctors. Changing individual requirements and interests due to the pandemic have pushed pharmacy e-commerce to be an integral part of the medical care sector.
During the time of the pandemic and the following winter, individuals were expecting all retail merchants, including pharmacies, to provide a large selection of purchasable products on many different platforms for relaxed delivery.
Before the pandemic, pharmacies were encountering challenges. Although prescription sales were rapidly increasing, reimbursements were changing as well. Below-cost prescription rates and rising direct and indirect remuneration (DIR) payments made it difficult for independent pharmacies to stay afloat.
This has resulted in the adoption of e-commerce channels among independent pharmacies and pharmacy chains to streamline sales and delivery. As per FMI, the trend is expected to continue over the forecast period, with demand growing at an impressive pace in the forthcoming years
Key Takeaways from the Pharmaceutical Ecommerce Market Study Report
- The market is forecasted to witness an absolute growth opportunity of US$ 215 billion over the next ten years.
- The United States market is projected to grow at a CAGR of 7% over the forecast period.
- Demand for pharmaceutical eCommerce products is projected to surge at a CAGR of 8% through 2034.
- China is the leading market in Asia, and it is expected to expand at a rate of 16% from 2024 to 2034.
- India is figured out to thrive at a most lucrative CAGR of 20.7% during the projected years.
“Growing interest and requirement of specialized medications is expected to fortify the supply networks for pharmaceuticals over eCommerce websites. So, both established and new market participants are poised to benefit immensely from the growing sales of specialty drugs for the treatment of novel diseases,” says Sudip Saha Managing Director and Co-Founder at Future Market Insights.
What is Driving the U.S. Pharmaceutical E-commerce Market?
“Rising Adoption of Digital Technology in the Pharmaceutical Sector Will Adoption of E-pharmacies”
In North America, the U.S is expected to hold a dominant share over the forecast period owing to high adoption of digital technologies, as well as the presence of leading market players who provide services in the international market.
Additionally, increasing burden of common ailments such as the common cold, the flu, back pain, and cough is spurring demand for OTC merchandise. With growing access to devices retail at online channels, individuals are preferring to purchase medical products online. E-pharmacy is becoming more crowded as a result of a growing number of startups and intense competition among market players who provide discounts and offers.
What is the China Pharmaceutical E-commerce Market Outlook?
“Increasing Adoption of Pharma B2B E-commerce in China Will Augment Growth”
China is expected to emerge as an attractive pocket in the East Asia pharmaceutical e-commerce market over the assessment period. Medicine prices have become more transparent and drug terminal prices has been reduced to make them affordable for all. In addition to this, mobile medication management have made buying and taking medicine and disease prevention timelier and more effective, which is expected to drive the China pharmaceutical e-commerce market over the forecast period.
Full Report Now: https://www.futuremarketinsights.com/reports/pharmaceutical-e-commerce-market
Competitive Landscape
The market is getting competitive gradually with the proliferation of online retail channels. Changing laws to favor online pharmacies is expected to encourage the entry of many new market players in the near future, thereby intensifying the prevailing competition.
Recent Developments by the Pharmaceutical Ecommerce Industry Players
- In October 2023, Svaas Wellness announced the opening of Celevida Wellness, an online store for people with diabetes. Svaas Wellness is the healthtech division of pharmaceutical giant Dr. Reddy’s, and its main nutrition brand for dietary treatment of diabetes, Celevida, was introduced in 2019. Along with food items like cereals, drinks, multivitamins, and Celevida powder, the new portal also offers additional brands from other companies. The e-commerce venture is expected to bolster Dr. Reddy’s position in the nutraceutical market and enable it to take advantage of the nation’s expanding digital consumer base.
- In May 2023, Cardinal Health unveiled contemporary payment solutions powered by Square in order to support independent pharmacies in improving their operational efficiency. The platform also aids in keeping up with client payment preferences and gaining access to integrated software tools for their company. Cardinal Health’s partnership with Square enables it to provide its independent pharmacy clients with cutting-edge solutions that can effectively handle company operations, incorporate adaptable payment choices for in-person, online, and delivery transactions, and lower the cost of payment processing.
Key Segments Covered by Pharmaceutical Ecommerce Industry Survey Report
By Product Type:
- Prescription Medicine
- Over-the-Counter Product
By End User:
- Consumer or Individuals
- Healthcare Professionals
- Hospitals or Clinics
- Other End Users
By Region:
- North America Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia and Pacific Market
- Middle East and Africa (MEA) Market
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About the Consumer Product Division at Future Market Insights
The consumer product team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analysing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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