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India Pharmacy Retail Market Industry Experts Forecast Unprecedented Revenue Surge in Industry Outlook 2024-2032

India Pharmacy Retail Market Industry Experts Forecast Unprecedented Revenue Surge in Industry Outlook 2024-2032

The recent “India Pharmacy Retail Market” report by Report Ocean gathers insights and assessments through genuine consultations with key stakeholders, including CEOs, Managers, Department Heads of Suppliers, Manufacturers, and Distributors. This comprehensive study aims to thoroughly examine the global industry, target market, competition, and various influencing factors. Ask for Free Sample Report

The report on the “India Pharmacy Retail Market” conducts a data-driven quantitative analysis of the relevant industry. It utilizes research based on public records to identify significant patterns. Additionally, it provides predictions for the market sector’s growth between 2024 and 2032. The research primarily focuses on major global market manufacturers, analyzing sales volume, rates, competitive aspects, market share, and development strategies up to 2032.

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India Pharmacy Retail Market Analysis and Growth Forecast:

In 2020, the pharmacy retail market was valued at INR 1,783.83 Billion and is expected to reach INR 3,078.46 Billion by 2026, expanding at a CAGR of 12.02%.

Pharmacy retail consists of selling pharmaceutical products. The pharmacy retail market has increased rapidly in the past few years, owing to the growing population and patient pool, and affordability of medicines. Consumers have improved access to medicines because of advanced medical infrastructure, launch of patented drugs. But factors such as low-profit margins, price control measures, and poor inventory management hinder market growth.

Market insights:

The organized retail pharmacy sector stood at INR 134.21 Bn in the same year and is anticipated to reach INR 370.39 Bn by 2026. The unorganized sector was valued at INR 1548.55 Bn in 2020 and is likely to reach INR 2390.20 Bn by 2026. The revenue of online retail sector stood at INR 38.15 Bn in 2020 and is likely to reach 317.87 Bn in 2026. The online retail channels sector is the fastest growing, owing to the rise in the number of internet users and increase in technological advancements. It was valued at 38.15 Bn in 2020 and is projected to reach 317.87 Bn in 2026, expanding at a CAGR of 44.44%.

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Segment insights:

The pharmacy retail market is segmented into organized, unorganized, and online retail based on channels. The unorganized segment comprises local medical shop owners and it held an 88.70% market share in 2021. The organized sector consists of large players licensed to sell drugs and registered for sales and income tax. It had a share of 8.50% in 2021. Online pharmacy retail is an emerging segment with a 2.80% market share. Owing to increase in internet users and technological advancements the online pharmacy retail channels are expected to expand at a CAGR of 44.34% during the 2022-2026 period. The pharmacy retail market is also segmented into generic, OTC, and patented drugs based on drug types. Generic drugs have identical chemical composition, dosage effects, side effects, and administration routes such as that of patented original ones. Last year, generic drugs held a market share of 71%. OTC drugs can be sold to customers without a prescription through a medical practitioner. The segment had an 18.18% market share in 2021. The patented drugs were introduced by global drug manufacturers, used in various therapeutic areas such as oncology, anti-infective and cardiac treatment. Last year, patented drugs held a share of 10.82%.

COVID-19 impact analysis:

The onslaught of COVID-19 has caused disruptions in the global supply chains. Pharmaceutical manufacturers in India are highly dependent on China for active pharmaceutical ingredients (API) and key starting materials (KSM). In 2020, the lockdown in China caused a severe shortage of these APIs and KSMs in India. As a result, several indigenous pharmaceutical manufacturers started producing APIs and KSMs to meet the elevated demand in the market. On the other hand, the online pharmacy business got traction, owing to increased adoption of digital platforms. In 2020, the union government launched the production linked incentive scheme (PLI) to provide financial support for the production of COVID-19 vaccines in the country. In the same year, the government also introduced a scheme to establish bulk drug parks to produce APIs, KSMs, and drug intermediates.

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Report Components

Market Synopsis: This section encapsulates the present market scenario and outlines the industry’s scope. It includes a comprehensive analysis of key segments such as product types, applications, and regions, with revenue and sales forecasts provided as part of this overview.

Competitive Landscape: Illuminating the market’s competitive terrain, this section presents an in-depth analysis of manufacturers, offering insights into individual players’ revenue and sales figures. Additionally, it encompasses noteworthy details on mergers, acquisitions, and industry investments.

Regional Analysis: Providing an overview of market revenue, sales, and shares across major regions and sub-regions, this segment also explores the pricing structure, sales growth rate, and other crucial estimations.

Company Profiles: This section provides strategic business insights about key firms operating within the market landscape. It covers product specifications, revenue shares, and portfolios of these major companies.

The Analysis Objectives of the Report are:

To determine the size of the Market by identifying its sub-segments.

To research the key players and analyze their growth strategies.

To assess the size and value of the Market based on key regions.

To analyze the Market in terms of growth trends, potential, and participation in the overall sector.

To investigate the Market size (volume and value) from the company, key regions/countries, goods and applications, and background data.

Primary Market manufacturers to specify, clarify, and analyze the product sales volume, value, market share, market rivalry landscape, SWOT analysis, and future development plans.

To investigate market competitive developments such as market expansions, agreements, new product launches, and acquisitions.

What is new in 2024?

– Major developments that can change the business landscape as well as market forecasts.

– Addition/refinement in segmentation–Increase in depth or width of segmentation of the market.

– Coverage of new market players and change in the market share of existing players of the market.

– Updated financial information and product portfolios of players operating in the market.

– Updated market developments of the profiled players.

– Any new data points/analysis (frameworks) which was not present in the previous version of the report

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