How Digital Transformation is Advancing the Future of the e-Commerce (Healthcare) Industry
The Indian healthcare industry has been growing briskly after the pandemic on the account of new business models, the advent of cutting-edge technologies, and digital transformation. The rising incidence of lifestyle diseases, the soaring demand for affordable healthcare delivery systems, and the emergence of telemedicine, rapid health insurance penetration, and government initiatives such as e-health are driving the Indian healthcare market. According to Market Research, the Indian healthcare market will reach INR 110.21 trillion by FY 2027, expanding at a compound annual growth rate (CAGR) of 30.70% between FY 2022 and FY 2027.
Rising spending on medical products, combined with increased internet penetration, has given rise to e-commerce in healthcare. With the initiation of digital transformation, the e-commerce industry is forming a tight grip on the healthcare markets as consumers demand products and services at their fingertips. Let us delve into how it is advancing the landscape of the healthcare e-commerce industry.
Digital transformation: the influence on healthcare providers
The healthcare industry has emerged to integrate with the e-commerce sector while transforming into a more accessible, affordable, highquality and hyper-ready health system. E-commerce vendors have also introduced new segments for healthcare providers as consumers turn to the internet for their healthcare needs. The healthcare e-commerce market is anticipated to grow at an 18.7% CAGR to $613.94 billion in 2026. This rapid growth will make healthcare visible in those parts of the nation where the provision of basic medical care was previously limited.
The way that digital transformation has influenced the health and wellness industry is that it has become a source of communication among hospitals, doctors, and, most importantly, healthcare providers and their various patients. In addition, it has also allowed healthcare providers to expedite the purchase of medical equipment via digital stores. Meanwhile, manufacturers of these devices are also moving their operations online to provide seamless delivery. Moreover, using live online chats to answer patient questions and application that allows doctors to order directly from the company have become the new norm. Now, let us discuss how this sector's digital transformation is changing consumers' lives.
Digital transformation has influenced the health and wellness industry and it has become a source of communication among hospitals, doctors, and, most importantly, healthcare providers and their various patients
Increased accessibility to healthcare products and services
Previously, people depended on brick-and-mortar stores to get any healthcare service or product. The advent of digital transformation changed how consumers shop for healthcare products and how those products end up in buyers' hands. Even if the patients complete their purchase at a physical store, they have the complete information available on the digital platforms and the provision to have the goods and services delivered to their doorsteps. However, due to the ease of accessibility, many customers prefer digital platforms to obtain the functions of an online pharmacy.
The healthcare e-commerce platforms are now focusing on improving the customer experience through services such as same-day delivery and direct-to-door supplies. In addition, they are providing chat services and real-time patient support to ensure a better value. This has been possible with the penetration of digital transformation in the healthcare sector.
Convenience for patients
E-commerce has enabled patients to connect with doctors while assisting with medical regimen compliance, disease management, and consulting. They can now get healthier and are increasingly engaged in managing their health issues better, thanks to digital transformation. The startups are providing their goods and services through online e-commerce stores and telemedicine practices, which are responsible for reducing the inconvenience related to consultation and shopping for medical products. With the help of e-commerce, people can buy items such as medicines, milk, diapers, and many more at their doorsteps.
Surprisingly, telemedicine with pharmaceutical e-commerce has emerged to provide a seamless patient experience. This technology allows patients to speak with a physician or doctor about their symptoms, undergo diagnosis, and receive medication.
Going digital became a necessity for businesses to sustain themselves, provide a tool for competing with their rivals, expand their operations, and stay resilient to market change. The innovations in digital technologies have reduced the distance between people and healthcare providers while easing the process of searching for and delivering products. As a result, the e-commerce and healthcare industries are experiencing a revival in the post-pandemic era.
More and more e-commerce platforms are uniting with healthcare providers and manufacturers to cater to the needs of patients by providing products and services through online marketplaces. Furthermore, the quality of the online presence of these e-commerce brands is becoming more crucial as customers get used to using the internet to obtain goods and medical care. The healthcare e-commerce industry has grown with the help of digital transformation to enhance patient satisfaction, decrease clinician fatigue, boost health outcomes, and reduce the cost of healthcare services.