New Delhi: As per a recent market analysis by Future Market Insights (FMI), the pharmaceutical e-commerce market is expected to reach a valuation of US$ 72.1 Bn in 2022. Sales are projected to increase at a 14.3% CAGR, with the market size reaching US$ 273.6 Bn by 2032.
In response to the coronavirus pandemic, consumer buying patterns have shifted, internet penetration has increased, and healthcare infrastructure has been established across emerging economies. Further, looking at the wide acceptance towards the online platform, large hospital chains are offering home delivery of medicine along with medical consultation.
Online care and pharmaceutical retail are now an important component of the overall health care delivery system. The increasing expectation for lower prices, regulatory changes, and discounts and offers available at online retail channels will boost sales in the market over the forecast period.
“Wide availability of OTC drugs and medical devices at online channels, along with increasing penetration of digital devices in emerging economies will drive the growth in the market,” says an FMI analyst.
The global pharmaceutical E-commerce market is expected to gain traction at an impressive 14.3% CAGR, in comparison to the 15.6% CAGR registered between 2017 to 2021.
Based on product type, sales of OTC drugs are expected to remain high.
The U.S. will continue dominating the North America pharmaceutical e-commerce market over the forecast period due to high adoption of digital services in the healthcare sector.
China will lead the East Asia pharmaceutical e-commerce market amid surging demand for at-home delivery of medical devices.
India will emerge as an attractive market owing to rising government initiatives regarding digital services in the healthcare and pharmaceutical sectors.