Showing posts with label Alibaba Healthcare Online Shop Market Share. Show all posts
Showing posts with label Alibaba Healthcare Online Shop Market Share. Show all posts

Friday, December 23, 2022

North America Healthcare E-Commerce Market is expected to record a positive CAGR of ~15%: Ken Research

 According to Ken Research Analysis, the 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.

North America Healthcare E-Commerce Market

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  • 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.

Key Trends by Market Segment:

By Type:  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.

  • According to the Centers for Disease Control and Prevention (CDC), 51.8% of U.S. adults were suffering from chronic diseases and 27.2% of U.S. adults had multiple chronic diseases in 2018. In 2022, 6 in 10 U.S. adults have a chronic disease and 4 in 10 U.S. adults have two or more chronic diseases.

By Application: 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.

  • In March 2022, Walgreens Boots Alliance, Inc. partnered with Adobe to accelerate customer personalized experience The partnership aims to use Adobe Workfront to make the shopping and healthcare experience more personalized and engaging for consumers and to deliver new digital experiences and content to the expanding online audience.

North America Healthcare E-Commerce Market

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By End-Users: 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.

  • In June 2021, Amazon.com, Inc. offered a new service on Amazon Pharmacy for their Prime members to save money by providing six months of prescribed medication for US$ 6. The new option is available for Amazon Prime customers who wish to purchase medication without insurance and helps them save money.

North America Healthcare E-Commerce Market

By Geography: 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.

  • In February 2022, Deutsche Post AG planned to invest US$ 400 million into its operational site including Memphis, Tennessee. The aim is to grow its pharmaceutical and medical device network in the U.S.
  • Walgreens Boots Alliance, Inc. announced a multi-year strategic partnership with Verizon, where Verizon Network as a Service (NaaS) will be deployed to deliver an enhanced customer experience to U.S. consumers. The partnership aimed to enhance its digital platform to make a personalized shopping experience for healthcare products for the customers.

North America Healthcare E-Commerce Market

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Competitive Landscape

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.

North America Healthcare E-Commerce Market

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.
  • In July 2020, The Kroger Co. received emergency use authorization from FDA for its COVID-19 Test Home Collection Kit. The testing solution offers the safety and convenience of at-home sample collection with the help of expert guidance of a telehealth consultation. In addition, the company also partnered with Gravity Diagnostics to expand the availability of collection kits with the goal of processing up to 60,000 tests per week.

Conclusion

The North America Healthcare E-Commerce Market Size, Segments, Outlook and Revenue Forecast 2022-2027 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.

Market Taxonomy

By Product Type     

  • Drugs
  • Medical Devices

By Application        

  • Telemedicine
  • Caregiving Services
  • Medical Consultation
  • Non-Prescribed Drugs

By End-Users         

  • Hospitals
  • Clinics
  • Pharmacies
  • Medical Supply & Equipment Stores
  • Individual Buyers

By Geography        

  • USA
  • Canada
  • Mexico
  • Rest of North America