Latest data shows that the global healthcare e-commerce market will be valued about $732 billion by the year 2027. It is expected that during this period, the healthcare industry will grow significantly. Below, we look at some of the trends that will shape this market’s future.
Greater focus on automation, data and technology
Businesses involved in the healthcare industry have until the end of this year to start observing requirements under the Drug Supply Chain Security Act, which entail managing data on transaction details throughout the supply chain. This data will, in addition to ensuring compliance, assist suppliers to predict inventory needs and prepare for future changes in flow of products.
Healthcare buyers want more online capabilities
A growing number of consumers are seeking more information such as product details, pricing information, stock availability insights and quotes online; they are also buying more products on online platforms. One recent study found that roughly 90% of buyers of healthcare equipment choose their suppliers online.
To help meet consumer needs, many business-to-business medical supply clients are adopting/plan to adopt e-commerce, which will decrease administrative overheads, increase efficiency of the buying process and improve consumer satisfaction, among other benefits.
Suppliers of healthcare are merging the supply chain, embracing direct-to-consumer sales
At the moment, the business models of healthcare suppliers rely on sales representatives and distributors. This is backed by a survey which found that 73% of all hospitals and health systems still buy most of their medical supplies through distributors. While the added costs incurred on these models are manageable for bigger businesses, they’re unsustainable for smaller organizations. To minimize these costs, some businesses are adopting direct-to-consumer online sales.
Amazon’s market share will increase
For almost a decade, Amazon has been conducting experimental projects in the digital healthcare space, with a focus on leveraging artificial intelligence (“AI”). Some of its underground projects include Amazon X, the Amazon Grand Challenge and 1492. In addition, the company has ventured into e-healthcare, beginning with the launch of online medical supply sales and leveraging machine learning to cure and prevent cancer.
It is expected that as Amazon partners with industry leaders and takes part in various projects, the company will gain even more ground in healthcare e-commerce.
The use of personalization, AI will grow
Suppliers personalizing their ads to provide better product suggestions and target consumers more efficiently may soon become the norm. Personalization will also help build consumer trust, which is a good building block for a successful online sales channel.
As more companies such as NextPlat Corp. (NASDAQ: NXPL) (NASDAQ: NXPLW) enter the healthcare ecommerce space and introduce a range of innovative products, a time may come when most transactions within the healthcare system are conducted via online platforms.
NOTE TO INVESTORS: The latest news and updates relating to NextPlat Corp. (NASDAQ: NXPL) are available in the company’s newsroom at https://ibn.fm/NXPL
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