Increasing internet penetration is expected to drive the growth of the India E pharmacy market during the forecast period.
According to the TechSci Research report, “India E-Pharma Market by Drug Type (Prescription Drugs vs Over-the-Counter (OTC) Drugs), By Product Type (Chronic Diseases, Skin Care, Nutritional Supplements, Medical Devices, Others), By Operating Platform (Pages of the Internet v/s Apps ), By Business Model (Inventory/Warehouse Based Model v/s Marketplace Based Model), By Region, Competitive Forecast and Opportunities, FY2027F”India’s E-pharmacy market stood at USD 344.78 million in FY2021 and is expected to witness a robust growth of around 21.28% during the forecast period due to increasing 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 mainly cater to the medical requirements of chronic patients, thus driving the growth of the market. Moreover, the increase in smartphone users along with 4G internet penetration is expected to further support the market growth during FY2027F.
Moreover, the sudden outbreak and spread of the COVID-19 pandemic across the country and the imposition of strict lockdown has significantly pushed consumers to adopt the E Pharmacy platform to order medicines online from the comfort of their homes, instead of visiting pharmacies and offline diagnostic centers. This in turn is expected to drive market growth over the coming years. However, risks related to data security and patient privacy may limit the market growth during FY2027F. Also, lack of awareness especially in the rural areas of the country may further limit the market growth in the coming years.
Browse 31 figures spread across 70 pages and an in-depth TOC at “India’s E-Pharmacy Market”.
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The India E pharma market is segmented into drug type, product type, operating platform, business model, region and company. In terms of drug type, the market can be divided into prescription drugs and over-the-counter (OTC) drugs. The over-the-counter (OTC) drugs segment is expected to witness significant growth in the coming years due to the increasing trend of people towards self-medication.
Additionally, the industry trend of shifting from prescription to OTC across the pharmaceutical sector is expected to drive segmental growth over the coming years. Based on product type, the market can be segmented into chronic disease, skin care, nutritional supplements, medical devices, and others. The chronic diseases segment dominated the market in FY2021 with a share of around 24.62%. This can be attributed to the increasing burden of chronic diseases across the country.
Various companies operating in the India 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 pursuing strategies such as mergers and acquisitions, improving their services, among other things to stay competitive in the market and have an edge over competitors. For example, in August 2020, Reliance Retail announced the acquisition of 60.0% equity stake in Netmeds for USD 83.0 million. The acquisition is intended to enhance the company’s ability to provide affordable, high-quality healthcare products and services to its customers.
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“The launch of government initiatives like national health portal, online registration system, e-hospital, SUGAM, among others to promote usage and awareness about online platforms is a major driver for the growth of e-pharmacy market in India . The presence of online platforms helps in ensuring price transparency, increasing awareness and setting alarms and reminders to take the medicine on time, which is also expected to drive the growth of the E-pharmacy market till 2027,” said Mr. Karan Chechi, Director of Research at TechSci Research. , a global research-based management consulting firm.
“India E-Pharma Market by Drug Type (Prescription Drugs vs Over-the-Counter (OTC) Drugs), By Product Type (Chronic Diseases, Skin Care, Nutritional Supplements, Medical Devices, Others), By Operating Platform (Pages of the Internet v/s Apps ), By Business Model (Inventory/Warehouse Based Model v/s Marketplace Based Model), By Region, Competitive Forecast and Opportunities, FY2027F” has assessed the future growth potential of the India E pharmacy market and provided statistics and information on market size, shares, structure and future market growth. The report aims to provide cutting-edge market intelligence and help decision makers make sound investment decisions. Furthermore, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities in the India E-pharmacy market.
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