The digital age has changed how we operate as a society in numerous ways. This is especially true within commerce, as online stores and shopping are more prevalent than ever. Not only is it easier and more convenient for consumers, but it offers these boons within
The medical ecommerce space is fledgling when compared to many other ecommerce industries, but it is on the rise. The global medical ecommerce market reached $181 billion in 2019, and it is expected to rise to over $425 billion by 2025.
Continue reading below to see how the medical ecommerce market will shift over the coming years.
What is Medical Ecommerce?
Both consumers and businesses have largely been turning toward medical ecommerce for their needs. Some may assume that medical ecommerce consists only of products bought and sold online, but this is not the case.
While medical supplies are a portion, medical ecommerce encompasses several
- Medical supply and equipment:
Non-prescription devices and consumables - Online pharmacies: Medications
- Healthcare marketplaces: Review and purchase health insurance plans
- Telemedicine websites: Online
doctor-to-patient portals and services
Businesses and consumers leaning toward ecommerce medical supplies
For many years, the medical supply market has consisted of
This has led to many consumers and companies searching online to purchase their supplies. The global COVID pandemic was a driving factor in exponentially booming B2C and B2B ecommerce for medical supplies. However, this shift had begun years before the pandemic. According to Adroit Marketing Research, hospitals were a significant portion of medical ecommerce buyers in 2018, with 53% of the addressable market share.
Convenience of Telemedicine Websites
Telemedicine has been a massive boon for both patients and providers. It allows patients to be seen faster, which improves patient satisfaction.
Additionally, it allows many issues and questions to be addressed without office visits, which saves both sides time and money in many cases. This also allows for more efficient routine care, such as prescription refills.
Online Pharmacies are Offering Further Efficiency and Patient Satisfaction
Numerous consumers are beginning to turn toward online pharmacies for their prescription needs. This saves them significant time and money, and they offer automated deliveries to help customers not forget refills.
Currently, the primary players in the online pharmacy industry are
The Benefits of a Shift Toward Medical Ecommerce
Realistically, a shift toward a medical ecommerce model would be beneficial in many ways.
Firstly, on the consumer end, patients will be able to receive services, supplies, medications, and more much faster and conveniently. For too long, patients have had very little control over their options within the medical space, including costs, supplies, medications, and more. Medical ecommerce offers them more control and speed of their care, which will improve overall patient satisfaction.
On the other end for businesses, they will be able to order the supplies needed more readily, manage the supply chain and inventory more efficiently, review options, and cut administrative overhead involved with distribution and sales. Ideally, these savings will translate down for consumer services as well.
Additionally, telemedicine and online options will give patients alternatives to scheduling an appointment with their doctor. This will free up administrative and
It will take some time for medicine to transition more into ecommerce, but it will continue to improve the industry and service as it does. As further businesses and providers make the shift, it will drive others to do the same.
Looking for a Platform to Launch a Medical Ecommerce Website?
If you want to join the medical ecommerce space, Ecwid is here to help. Our platform makes it quick and easy to launch a medical ecommerce site. We are here to help you build your new online business the whole way, and it can even be started today for free.
If you have any questions, please reach us through our contact page or click here to get started. We look forward to helping you navigate and join the ecommerce space.
