金吾财讯 | 中信证券表示，该机构看好中国药品销售渠道从院内向院外、从线下到线上迁移的重大机遇。通过对比海外市场以及其他电商品类，该机构预计远期（2034年）中国药品线上零售市场规模将达到3311亿元，线上化率从13%提升至30%。保健品方面，受益保健品在银发、Z世代两大人群渗透率提升，该机构预计远期中国保健品线上零售市场规模将达到5084亿元，加总医疗器械后，两大非药市场远期线上销售规模有望达到7353亿元。据该机构测算，截至2024年京东健康、阿里健康在B2C电商医药领域合计市占率近80%。大厂切入医药电商领域有三大优势：其一，头部电商平台生态完善；其二，医药电商可复用集团主站仓配履约资源；其三，大厂已形成规模与品牌效应正向循环。该机构表示，在医保控费、原研药渠道迁移、AI搜推普及浪潮下，医疗健康产品的销售线上化率有望迎来长足提升；头部医药电商凭借主站禀赋兼具流量、履约成本优势，凭借AI研发与产品化能力有望抢占AI健康管理新风口。
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