India E Pharmacy Market to Grow at a Robust Rate of 21.28% through FY2027F
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”.
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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.
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