Market Trends of Healthcare E-Commerce Industry
The Telemedicine Segment is Expected to Witness Significant Growth Over the Forecast Period
The telemedicine application segment of the healthcare e-commerce market includes the use of digital platforms and technology to deliver remote medical services, consultations, and healthcare solutions to patients. The segment is projected to register significant growth owing to increased demand for telemedicine services and the several benefits they offer.
In addition, the increasing burden of chronic diseases, the growing integration of telemedicine and e-pharmacies, and several strategic initiatives undertaken by industry participants are further expected to foster segment expansion over the forecast period.
The demand for telemedicine, owing to its several benefits, is one of the significant factors projected to drive segmental growth. For instance, according to 2024 updated data from Johns Hopkins Medicine, telemedicine is crucial in effective patient management amid its benefits like remote monitoring, virtual consultations, and prescription delivery. Such benefits associated with telemedicine are expected to spur segmental expansion, which is, in turn, projected to boost market growth over the forecast period.
The growth of the segment is also expected to be fueled by the increasing integration of telemedicine and e-pharmacies for the effective management of diseases. For instance, according to an article published by Elsevier in January 2022, telemedicine, when integrated with e-pharmacy, resulted in better symptom management of patients with neurological disorders. Telepharmacy is a convenient method for pharmacists to offer medication management to enhance care. Thus, such integration of e-pharmacy practices in telemedicine is projected to augment segment expansion over the forecast period.
Several organic and inorganic developments undertaken by industry participants are further expected to accelerate segmental growth over the forecast period. For instance, in January 2023, Helius Medical Technologies launched a telehealth e-commerce site for easy access to a Portable Neuromodulation Stimulator (PoNS) for Americans with multiple sclerosis.
In addition, in September 2023, Doctor Anywhere (DA) and Allianz Partners collaborated to provide comprehensive telemedicine services in Southeast Asian countries. This telemedicine collaboration also included a complimentary delivery of medications to patient's doorsteps. Thus, such initiatives are anticipated to foster segmental growth over the forecast period.
Thus, the above-mentioned factors are expected to accelerate segmental growth during the forecast period.
North America is Expected to Hold a Significant Share of the Market During the Forecast Period
North America witnessed a significant increase in consumer demand for convenient and accessible healthcare products and services. Consumers are seeking more convenient ways to purchase healthcare products, ranging from over-the-counter medications and wellness products to medical devices and personal care items. Healthcare e-commerce platforms provide a convenient solution that allows consumers to browse, compare, and purchase products online, thereby meeting their evolving needs and preferences.
The growing consumer demand for convenient and accessible healthcare products and services is projected to accelerate regional market growth during the forecast period. For instance, according to October 2023 data from the JAMA Forum, the higher cost of healthcare and wellness products is one of the major concerns in the United States. This higher cost of healthcare products is expected to foster the inclination of customers toward e-healthcare due to several offers, discounts, and other value-added services offered by them. Thus, such benefits offered by e-healthcare are projected to accelerate regional market growth over the forecast period.
Various developments undertaken by market players to foster their ability to generate revenue are further expected to fuel regional market growth. For instance, in November 2022, Amazon launched a virtual healthcare clinic in the United States to manage common skin ailments. In addition, in January 2024, Eli Lilly and Company launched LillyDirect for people living with obesity, migraine, and diabetes in the United States. This platform provides disease management resources and direct home delivery of select Lilly medicines for people in the United States. Thus, such initiatives undertaken by market participants are projected to accelerate regional market growth over the forecast period.
Thus, the growing demand for affordable healthcare products, inclination toward e-healthcare practices, and several strategic initiatives undertaken by market players are projected to drive regional market growth during the forecast period.
