DUBLIN, Jan. 21, 2023 /PRNewswire/ — The “North America Healthcare E-Commerce Market Size, Segments, Outlook and Revenue Forecast 2022-2027 by Product Type, Application, End-Users, and Major Countries” report has been added to ResearchAndMarkets.com’s offering.
North America Healthcare E-Commerce Market is expected to record a positive CAGR of ~15% during the forecast period (2022-2027), due to an increase in technological advancement in healthcare e-commerce coupled with an increase in internet penetration in the healthcare sector.
The ongoing Covid-19 pandemic has benefited the healthcare e-commerce industry, notably in 2020, as due to an impromptu lockdown the traditional supply chain of the healthcare industry got disrupted and led to the transformation of the supply chain by implementing digitalization.
The shortage in medical staff has given rise to automation in the healthcare industry to provide improved patient care, which is expected to propel the market’s growth. In 2021, according to Bloomberg, 16% of the hospitals had critical staffing shortages in the U.S.
The demand for e-commerce is rising in the healthcare industry to boost efficiency and lower the cost of healthcare expenses by using the latest technologies. For instance, in 2020, according to Entrepreneur Media, Inc., the adoption of telehealth services in the U.S. grew by 33%.
In addition, as per the study of a cardiovascular patient, telehealth options helped in reducing the monthly healthcare cost by US$ 576, and in Houston, the telehealth program reduced the emergency visits by 6.7% resulting in saving US$ 2,468 for the healthcare system for each unnecessary visit.
Emergence of advanced technologies including artificial intelligence, blockchain technology, machine learning, sensor-based technology, and others is likely to create immense opportunities for the growth of the e-commerce healthcare market in the forthcoming years. For instance, In July 2020, Deutsche Post AG announced to invest more than US$ 70 million to build additional specialized warehousing infrastructure and adopt new technologies to support its pharmaceutical and medical device customers in North America.
The stringent regulations laid by the governmental body on data security and compliance complications with regulatory bodies are the most significant barrier to the healthcare e-commerce industry.
The Healthcare E-Commerce market is highly competitive with ~250 players which include globally diversified players, regional players as well as a large number of country-niche players having their own niche in healthcare e-commerce.
Large global players represent about 10% of the market, while country-niche players represent the largest number of competitors. Some of the major players in the market include CVS Health, The Kroger Co., Walgreens Boots Alliance, Inc., General Electric, eBay Inc., Walmart Inc., Amazon.com, Inc., Alibaba Group Holding Limited, Siemens Healthineers AG, ExactCare and Remedi SeniorCare among others.
The leading global healthcare e-commerce companies such as Amazon.com, Inc., Walgreens Boots Alliance, Inc., and General Electric are highly focused on providing a significant number of healthcare products including medical devices and drugs on their online platform/pharmacies.
Recent Developments Related to Major Players
In February 2022, CVS Health planned to spend up to US$ 3 Billion on digital features to enhance and improve the consumer experience on their pharmacy site. The company aims to connect consumers in more places and in more ways with its digital-first technology forward approach and planned to offer an enhanced omnichannel health experience.
Key Trends by Market Segment:
Drugs hold the largest share of the North America healthcare e-commerce market owing to the rising prevalence of chronic diseases such as arthritis, cancer, heart diseases, and others which has led to the increasing demand for drugs in the market.
In addition, COVID-19 has drastically changed the purchasing pattern of the end-users and increased the dependence on online services for drugs and this trend is likely to continue even in the forecasted period owing to its convenience.
Medical consultation segment accounts for the majority share of the North America Healthcare E-commerce market due to the rising demand for electronic health services, medical devices, and drug requirements among consumers as well as health practitioners.
Digitalization in the healthcare sector has provided easy access to patients for purchasing medical devices and drugs after online virtual consultations with healthcare providers.
The others segment holds the largest market share in the North America healthcare e-commerce market due to the adoption of e-commerce platforms for healthcare products as it offers the home delivery option, same-day delivery, ease of drug or medical device availability, and lower prices.
In addition, manufacturers are offering a wide range of products on their e-commerce platform for consumer convenience which will aid in the growth of the segment in the market.
USA accounts for the largest share of the total North America healthcare e-commerce market due to the presence of a large number of key players in the region coupled with an increase in the number of strategic developments by the players to expand its market in North America.
The North America healthcare e-commerce market is forecasted to continue an exponential growth that is witnessed since 2020, during the forecast period also, primarily driven by rising demand for healthcare products and services at the convenience of the home and an increase in investment in the healthcare e-commerce industry for enhancing the digital experience of the end-users is escalating the growth of the market.
Though the market is highly competitive with over 250 participants, few global players control the dominant share and regional players also hold a significant share.
Key Topics Covered in the Report
Snapshot of North America Healthcare E-Commerce Market
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of North America Healthcare E-Commerce Market
Historic Growth of Overall North America Healthcare E-Commerce Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter’s 5 Forces Analysis of North America Healthcare E-Commerce Industry
Overview, Product Offerings, and Strategic Developments of Key Competitors
COVID-19 Impact on the Overall North America Healthcare E-Commerce Market
Future Market Forecast and Growth Rates of the Total North America Healthcare E-Commerce Market and by Segments
Market Size of Application/End-Users Segments with Historical CAGR and Future Forecasts
Analysis of Healthcare E-Commerce Market in Major North America Countries
Major Production/Consumption Hubs in the Major North America Countries
Major Production/Supply and Consumption/Demand Hubs in Each Major Country
Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging Competitor Companies within Each Major Country
Major Companies Profiled in the Report
The Kroger Co
Walgreens Boots Alliance, Inc
Alibaba Group Holding Limited
Siemens Healthineers AG
Notable Emerging Companies Mentioned in the Report
Option Care Health, Inc
Scope of the Report
Time Period Captured in the Report
By Product Type
Rest of North America
For more information about this report visit https://www.researchandmarkets.com/r/yf72dk
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