Global healthcare e-commerce market to reach USD 732.3 billion by 2027

The “Healthcare e-commerce global market report 2023” report has been added to ResearchAndMarkets.com’s offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the market.

The global healthcare e-commerce market will grow from $309.62 billion in 2022 to $366.94 billion in 2023 at a compound annual growth rate (CAGR) of 18.5%. The healthcare e-commerce market is expected to grow to $732.3 billion in 2027 at a CAGR of 18.9%.

Major players in the healthcare e-commerce market are Amazon, Exactcare Pharmacy, Flipkart Pvt. Ltd, Alibaba Group Holding Ltd, eBay Inc, Remdi SeniorCare, Lloyds Pharmacy Ltd, McCabes Pharmacy, Walgreens Boots Alliance Inc, and CVS Health.

Healthcare e-commerce refers to the sales and purchase of healthcare goods and services using the internet. It enables healthcare institutions, such as hospitals, clinics, and other healthcare facilities, to purchase medical equipment and supplies through online channels.

Healthcare e-commerce includes buying and selling medical devices and drugs and offers advantages such as convenience, lower prices and discounts, a wide range of products, replacement and refund policies, reviews and feedback, and quality certifications.

North America was the largest region in the healthcare e-commerce market in 2022. Asia Pacific was the second largest region in the healthcare e-commerce market. The regions covered in the healthcare e-commerce market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main types of healthcare e-commerce are drugs and medical devices. A drug refers to a substance that is used to prevent, diagnose, treat, or relieve symptoms of a disease or abnormal condition. The various applications involved are telemedicine, caregiving services, and medical consultation that are used in hospitals, clinics, and other end users.

Increasing consumer spending on medical products, coupled with rising internet penetration, is expected to contribute to higher demand for the healthcare e-commerce market in the upcoming years. Growing demand for healthcare products and high internet penetration are enabling people to switch to online products, which in turn is creating higher demand for online healthcare products.

According to Centres for Medicare & Medicaid services data 2021, U.S. health care spending has been increased to 9.7 percent in 2020, reaching $4.1 trillion or $12,530 per person. As a share of the nation’s Gross Domestic Product, health spending accounted for 19.7 percent.

Moreover, according to WeAreSocial’s Stats published in January 2020, the total internet users across the globe increased to 4.54 billion in 2020, with a growth of 298 million or 7% in comparison with January 2019. This scenario is anticipated to propel the revenues of the healthcare e-commerce market over the forecast period.

Stringent regulations and cybersecurity laws are expected to limit the growth of the healthcare e-commerce market during the period. According to e-retailing laws and regulations in India, e-retailing companies are hit hard by the policies for e-commerce in India, including the healthcare e-commerce industry.

Moreover, healthcare-related e-commerce platforms are mandated to make their cybersecurity infrastructure resilient and robust. Online pharmacies and telemedicine must follow technological legal regulations, as well as make their websites cyber secure. Therefore, stringent regulations imposed by various countries’ governments are likely to restrain the growth of the healthcare e-commerce industry market over the approaching years.

The launch of new healthcare applications for connecting doctors and patients directly is a leading trend driving the healthcare e-commerce market. In November 2021, SMV Healthcare, a Chennai-based pharmaceuticals company, launched MyMedicalShop.com, an online platform for purchasing medicine and healthcare products, e-consultations and diagnostic tests at home. Therefore, the launch of new healthcare applications is likely to shape the growth of the healthcare e-commerce market in the near future.

In April 2022, Lifesupply Health Supplies Inc, a Canada-based medical supplies company, acquired Smart Move Medical for an undisclosed amount. The acquisition would expand the distribution network of the company and provide it with broader access to a network of suppliers internationally. Smart Move Medical is a Canada-based medical equipment supplier.

The countries covered in the healthcare e-commerce market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. Research and Markets