Market Trends of Global Pharmaceutical E-Commerce Industry
The Cancer Segment is Expected to Exhibit a Significant Growth Rate During the Forecast Period
- The cancer segment is expected to exhibit lucrative growth opportunities owing to factors such as an alarming increase in the prevalence of cancer, the growing demand for cost-effective cancer medicines, and several strategic initiatives undertaken by industry participants.
- The increasing prevalence of cancer is one of the significant factors projected to fuel the demand for cost-effective and affordable cancer medicines. For instance, according to the February 2024 updated data of Cancer Australia, the number of kidney cancer cases diagnosed increased from 4,552 in 2022 to 4.600 people in 2023. Kidney cancer is the seventh most commonly diagnosed cancer in Australia, and it is estimated that one in 65 people will be diagnosed with the condition.
- In addition, according to the overview of cancer in France published in 2023, 433,136 cases of cancer were diagnosed in France in 2023, of which 57% were men and 43% were women. Thus, the exaggerated increase in number of cancer patients is anticipated to foster the demand for pharmaceutical e-commerce for affordable medicines.
- The segment’s growth is also expected to be driven by the higher cost of anticancer drugs and the growing demand for cost-effective anticancer medicines. For instance, according to an article published by the Journal of Global Health in November 2023, the cost of cancer medicine is very high, and there is a strong demand for affordable and safe medicines. Thus, the higher demand for affordable cancer medicines is projected to fuel the demand for online pharmacies as they offer discounts and offers on prescription/generic cancer medicines.
- Moreover, the strong preference of patients for online pharmacies to buy cancer medicines and several developments undertaken by the industry participants are expected to fuel segment growth during the study period. For instance, according to an article published by MJH Life Sciences in August 2022, leukemia patients prefer online pharmacies amid higher medicine costs and several offers offered by online pharmacies. Thus, such increasing preference for online pharmacies by patients is expected to facilitate segment expansion during the study period.
- Furthermore, in recent times, market players have also emphasized increasing the online accessibility of cancer drugs to support patients’ health. For instance, in November 2023, MrMed planned to make cancer medicines accessible and affordable for patients. Thus, such developments undertaken by the companies are further expected to foster segment expansion.
- Thus, an alarming increase in the prevalence of cancer, the growing demand for cost-effective cancer medicines, and several strategic initiatives undertaken by industry participants are projected to boost segment growth during the study period.
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North America is Expected to Hold a Strong Market Share During the Forecast Period
- North America is expected to witness significant growth opportunities during the study period amid the increase in internet usage and the growing adoption of online services. For example, Medicure Inc., in February 2022, launched a national direct-to-consumer (DTC) pharmacy platform in the United States with the help of its subsidiary, Marley Drug Pharmacy. This newly launched e-commerce website allowed Americans to purchase FDA-approved medications at affordable prices, with home delivery available in all 50 states.
- In addition, the increasing prevalence of chronic diseases and minor illnesses such as influenza (flu), fever (backache), cough, and cold increases the demand for over-the-counter (OTC) medications, thus increasing the reliance on online pharmacies to purchase these drugs.
- The convenience of obtaining medicines from the comfort of one’s home is likely to drive the pharmaceutical e-commerce market growth in North America, particularly the United States.
- The presence of a large number of players in the market and the use of cutting-edge technology by major players to make online medicine shopping easier for their customers are also likely to contribute to the growth of the market in North America. For instance, in January 2022, Mark Cuban Cost Plus Drug Company (MCCPDC) launched an e-pharmacy to provide cost-effective and safe medicines to the people of the United States. In addition, in August 2023, Amazon Pharmacy increased the affordability and cost-efficiency of prescription insulin for patients with the help of coupons and discounts. Such initiatives undertaken by the industry participants are expected to accelerate market expansion during the study period.
- Thus, factors such as the increased uptake of pharmaceutical e-commerce in North America, the increased burden of chronic diseases, and the growing demand for cost-effective medicines are expected to accelerate regional market growth during the study period.
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