Growing internet penetration is expected to drive the growth of India E pharmacy market during the forecast period.
According to TechSci Research report, “India E Pharmacy Market By Drug Type (Prescription Drugs v/s Over the Counter (OTC) Drugs), By Product Type (Chronic Diseases, Skincare, Nutritional Supplements, Medical Equipment, Others), By Operating Platform (Website v/s Apps), By Business Model (Inventory/Warehouse Based Model v/s Market Place Based Model), By Region, Competition Forecast & Opportunities, FY2027F”, India E Pharmacy market stood at USD344.78 million in FY2021 and is expected to witness a robust growth of around 21.28% during the forecast period on account of growing prevalence of various chronic diseases such as cardiovascular diseases, cancer, diabetes, gastrointestinal disorders, among others.
This in turn has increased the patient pool. E Pharmacies primarily cater to the medical requirements of chronic patients, thereby fueling the market growth. Additionally, growing smartphone users coupled with 4G internet penetration is further expected to support the market growth through FY2027F.
Additionally, the sudden outbreak and spread of COVID-19 pandemic across the country and imposition of strict lockdown has significantly pushed consumers to adopt the E Pharmacy platform to order medicines online from the comfort of their homes, rather than visiting offline pharmacies and diagnostic centers. This in turn is expected to drive the market growth over the next few years. However, risks associated with data security and patient privacy can restrict the market growth through FY2027F. Also, lack of awareness especially in the rural parts of the country can further restrict the market growth in the next few years.
Browse 31 Figures spread through 70 Pages and an in-depth TOC on “India E Pharmacy Market”.
India E pharmacy market is segmented into drug type, product type, operating platform, business model, region, and company. In terms of drug type, the market can be split into prescription drugs and over the counter (OTC) drugs. The over the counter (OTC) drugs segment is expected to witness significant growth in the next few years on account of the growing tendency of people towards self-medication.
Additionally, industry trend of shifting from prescription to OTC across the pharmaceutical sector is further expected to fuel the segmental growth over the next few years. Based on product type, the market can be fragmented into chronic diseases, skincare, nutritional supplements, medical equipment, and others. The chronic diseases segment dominated the market in FY2021 with a share of around 24.62%. This can be ascribed to the increasing chronic disease burden across the country.
Various companies operating in the India E Pharmacy market include API Holdings Private Limited (PharmEasy), Tata Digital Limited (1mg Technologies Pvt. ltd), Apollo Pharmacy Pvt. Ltd., Netmeds Marketplace Ltd (Reliance Retail), Practo Technologies Private Limited, Lybrate, Inc., Docprime Technologies Private Limited, Care On Go, mChemist Global Pvt. Ltd, Medsonway Solutions Pvt Ltd. and others.
Major companies operating in the market are following strategies like mergers & acquisitions, improving their services, among others in order to stay competitive in the market and having an edge over the competitors. For instance, in August 2020, Reliance Retail announced the acquisition of a 60.0% equity stake in Netmeds for USD83.0 million. The acquisition is aimed at enhancing the company’s ability to offer affordable & high-quality health care products & services to its customers.
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“Launch of government initiatives such as national health portal, online registration system, e-hospital, SUGAM, among others to promote the usage and awareness regarding online platforms is a major driver for E pharmacy market rise in India. Presence of online platforms aids in ensuring price transparency, raise awareness and set alerts and reminders to take medicine on time, which is also expected to propel the E pharmacy market growth until FY2027.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India E Pharmacy Market By Drug Type (Prescription Drugs v/s Over the Counter (OTC) Drugs), By Product Type (Chronic Diseases, Skincare, Nutritional Supplements, Medical Equipment, Others), By Operating Platform (Website v/s Apps), By Business Model (Inventory/Warehouse Based Model v/s Market Place Based Model), By Region, Competition Forecast & Opportunities, FY2027F” has evaluated the future growth potential of India E pharmacy market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India E pharmacy market.