Global Healthcare E-Commerce Market: Overview
The demand within the global healthcare e-commerce market is growing on back of continuous advancements in the e-commerce industry and online sales of medication. As consumers turn toward the internet for their healthcare needs, e-commerce vendors have introduced a new segment for healthcare. The healthcare e-commerce market is tending towards maturity, and several healthcare products are being dispelled via e-commerce channels. Henceforth, the total volume of revenues in the global healthcare e-commerce market is expected to grow in the years to follow.
Investments in the e-commerce industry have trickled down to the online sales of healthcare products. The lucrative opportunities floating in the global healthcare e-commerce market have prompted renowned venture capitalists to put large bets on the market. This trend has given a strong push to the growth graph of the vendors operating in the global healthcare e-commerce market. The next decade is expected to unravel new opportunities for online sellers in the healthcare market. This projection is based on the development of a robust system of checks for online healthcare products.
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The healthcare industry has become a multifaceted domain wherein sales and procurement are done via multiple channels. Online sales channels have become the most popular option amongst consumers, and this trend has aided the growth of the global healthcare e-commerce market.
A report added by Transparency Market Research (TMR) on the global healthcare e-commerce market offers an in-depth scrutiny of key growth dynamics, emerging avenues, and imminent investment pockets. The market can be segmented on the basis of the following parameters: type, application, and region. Based on the type of product, the demand for pharmaceutical drugs has been on a rise across online sales channels.
Global Healthcare E-Commerce Market: Notable Developments
The global healthcare e-commerce market has undergone multiple developments over the recent past. Some of these developments and strategic moves have been listed below:
- Amazon has disrupted the healthcare e-commerce market by introducing several new products and platforms within healthcare. The company launched Amazon Comprehend Medical, a platform that helps in aggregating patients’ records using machine learning. This strategy has helped Amazon in establishing near monopoly in the global healthcare e-commerce market.
- In 2018, Amazon acquired PillPack, an established online pharmacy that specialized in delivering prescribed medications to customers. This strategy is suggestive of Amazon’s intent to consolidating its positions by garnering competitive gains.
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Other notable vendors in the global healthcare e-commerce market are Exactcare Pharmacy, eBay Inc., CVS Health, McCabes Pharmacy, and Alibaba Group.
Global Healthcare E-Commerce Market: Growth Drivers
- Trust Garnered by Online Pharmacies
The demand within the global healthcare e-commerce market is rising on account of the advancements in the domain of online marketing. Consumers easily trust online articles and blogs about various healthcare topics, and this has given an easy inlet for marketing healthcare products online. The next few years are expected to witness an overhauling of m-commerce operations for healthcare products.
- Approval of E-Commerce Platforms by Medical Professionals
Several healthcare e-commerce platforms have garnered the trust of doctors and medical professionals. This strategy has played an integral role in the growth of the global healthcare e-commerce market.
Global Healthcare E-commerce Market: Regional Outlook
On the basis of geography, the global healthcare e-commerce market can be segmented in North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The healthcare e-commerce market in North America is expanding alongside advancements in online pharmacies in the U.S.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.