Future of Online Healthcare Sector - India in 2050
The future of the health industry seems to be bright and will be one of the drivers for growth of the Indian economy. E-commerce/Retail healthcare is bound to explode, in the near future.
The healthcare and Pharma Industry in India is on a growing stage and is poised to grow up to $280 billion by 2020 so one could imagine the tentative potential by 2050. (Source: ‘Indian Hospital Services Market Outlook’ by consultancy RNCOS). Several factors that drives this growth are demographics, increase in awareness levels and availability of medical and healthcare facilities in India. Along with this the population size of persons over 60 years of age is expected to grow beyond 194 million. This change in the population will fuel the demand for healthcare facilities in India.
These demographic and economic factors combined is expected to bring about increased healthcare coverage in India which is expected to drive the growth of the healthcare and the pharmaceutical sector. Analyzing these trends, online health retailing will meet the dynamic demands of the rapidly changing technological and dimensional needs of the Indian consumers in the coming years. Along with this 3D Technology might also play an important role in the healthcare sector in the filed of organ replacement. The healthcare industry holds immense potential and with e-commerce booming currently, it will empower the market players to reach out to millions of Indians living in urban as well as rural areas. The future of the health industry seems to be bright and will be one of the drivers for growth of the Indian economy. E-commerce/Retail healthcare is bound to explode, in the near future.
At present the existence of very few players in online healthcare space has offered a great platform to grow especially when the demand is huge for quality product and services. Hence, there is no limitation to growth in the healthcare e-tail space. The rapid adoption of digital technology and evolving shopping behavior are transforming the e-commerce space into an essential element of omni-channel success. With the growing average expectancy, where 26% of Indian specialist physicians cater to a large 78% of the rural population, the vast geographical expanse certainly lacks an effective delivery mechanism. Therefore, online retailing in healthcare has become the fastest growing segment to cater to this demand not only in tier I but tier II, III cities and rural areas, which has allowed the rural India exactly the same choices as that of urban India instantaneously along with the flexibility of choosing the attributes that suits his need which could be price, value for money and quality, durability and warranty all backed by genuine users feedbacks and review/ratings.
The internet penetration in India has been growing slowly and steadily due to the advent of smartphones. Hence, the Indian online retail market is confined majorly to top metropolitan, Tier 1 and Tier 2 cities. The same trend has been apparent in the online healthcare product market in India.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house
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