The recent “India E-Pharmacy 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 E-Pharmacy 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 E-Pharmacy Market Analysis and Growth Forecast:
The e-pharmacy market was valued at INR 50.71 Billion in 2020. It is estimated to reach INR 458.14 Billion by 2026, expanding at a compound annual growth rate (CAGR) of ~44.99% during the 2021-2026 period.
In the recent years, e-pharmacy emerged as a better and more convenient approach that addressed the issues faced by the consumers and provided superior customer solutions over its physical counterparts.
The market is categorized into two segments chronic and acute therapy. In 2020, the chronic therapy segment dominated the market, accounting for 63.42% of the revenue. It is expected to dominate during the forecast period. However, its market share is likely to decline to 53.92% in 2026. The acute therapy segment is forecast to achieve promising growth during the forecast period. Its market share is anticipated to increase from 36.58% in 2020 to 46.08% in 2026, expanding at a CAGR of 50.56% during the 2021-2026 period.
Consumers with chronic conditions require long-term treatment, and thus, have repeated need for medication. People prefer e-pharmacy platforms, owing to the availability of a wide range of medicines at discounted prices. Customers may increasingly prefer these platforms for managing acute ailments such as common cold in the coming years.
The market has gained traction in recent years; increased penetration of the internet and smartphones, prevalence of lifestyle disease, and government initiatives have fuelled its growth. Discounts impacting profitability, data breaches and cybercrime, pharmacovigilance and bottleneck in supply network are a few of the factors that impedes its development.
Several start-ups, leading e-commerce companies, and traditional brick-and-mortar stores have entered the market attracted by its immense growth potential. In 2020, it witnessed the entry of major players such as Amazon, Reliance, and Tata.
In June 10, 2021, Tata Digital bought the key e-pharmacy player, 1mg. In the same month, PharmEasy acquired 66% stake in Thyrocare.
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Impact of COVID-19:
The COVID-19 pandemic has disrupted the nationwide healthcare system and severely impacted online pharmacy. With the onset of the second wave, e-commerce platforms such as e-pharmacy has developed more in this situation. The market witnessed huge spike in sales during the second wave. It is expected to rise again when the third wave hits. Creating alliance with local pharmacy retailers enabled key players to address the gaps in their last-mile deliveries. Also, measures such as collaborating with e-payment platforms were taken to ensure safe and convenient transactions thereby attracting cashbacks, discounts and COD options in remote areas as well which helped in getting attention of customers from rural areas as well.
91Streets Media Technologies Private Limited (PharmEasy)
MedPlus Health Services Private Limited
Netmeds Marketplace Limited
Apollo Pharmacies Pvt. Limited
mCHEMIST Global Private Limited
Medsonway Solutions Pvt Ltd
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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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