India E Pharmacy market to grow at Significant Rate through FY2027 – TechSci Research
Demand for online shopping and increasing prevalence of chronic diseases is expected to drive the demand for India E pharmacy market for the forecast period.
According to TechSci Research report, “India E Pharmacy Market By Drug Type (Prescription Drugs and Over the Counter (OTC) Drugs) By Product Type (Skin Care, Dental, Cold and Flu, Vitamins, Weight Loss and Others) By Operating Platform (App v/s Website) By Business Model (Inventory/Warehouse Based Model v/s Market Place Based Model) By Company, By Region, Forecast & Opportunities, FY2027”, India E Pharmacy market is expected to witness steady growth for the next five years. E pharmacy are defined as online platforms from where consumers can buy medicines without visiting the stores physically. Presence of these platforms have significantly increased the convenience of the consumers to a great extent. India has a huge population base which is attracting foreign investments for increasing the E pharmacy in India. Presence of key players in region is accelerating the E pharmacy market demand. High penetration of cloud-based technology is paving the way for market growth. Increasing awareness for availing medicines online among the potential consumers by adopting various strategies is driving the India E pharmacy market demand. Growth in demand for e commerce industry to capture a wide consumer base is influencing the market demand. Plethora of e-pharmacy players have started tie-ups with health insurers by providing financial assistance and cheaper medicines to consumers meanwhile also maintaining the claim ratio. Shift in disease patterns of consumers to lifestyle diseases due to long working hours and less available time for physical activities is creating the need to consume medicines for longer duration. E pharmacy provides medicines at lower costs along with timely reminders to re-stock the medicines. Rapid urbanization and increased consumer spending on medicines is contributing to the market growth in India. Rise in literacy levels is aiding for advanced treatment facilities demand. Use of blockchain based system in e-pharma industries to improve the supply chain and efficiently manage the inventory. Artificial intelligence assisted can be used for collection of symptoms and medical records which may aid to increase the accuracy of treatments. Government initiative such as Jan Aushadi program which gives the facility to avail stores online through an application is expected to drive the awareness among the consumers. E pharmacy eliminates the use of middleman for supply and reduce the possibility for selling sub-standard or counterfeit drugs.
Due to the ongoing pandemic COVID-19, lockdown was imposed all over the country. Complete shutdown was observed, and people started practicing social distancing and avoided going out to avail healthcare facilities. Healthcare behavioral change among consumers to follow the precautionary guidelines and technological innovations to increase the convenience of consumers have greatly impacted the demand of E pharmacy in India.
However, rising concerns regarding privacy and security of confidential data by consumers may hamper market growth for the forecast period.
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India E pharmacy market is segmented into drug type, product type, operating platform, business model, region, and company. Based on drug type, market is further divided into prescription drugs and over the counter (OTC) drugs. Over the counter (OTC) drugs is accounted to hold major market share during the forecast period, FY2023-FY2027. OTC drugs are reliable in providing effective treatment to patients. Also, OTC drug contain the same active pharmaceuticals ingredients as drugs and can be taken without the consult of physician. Convenience of purchasing drugs online with additional offers and discounts by players is influencing the E pharmacy market in India.
Medlife International Private Limited, 1mg Technologies Private Limited, Apollo Pharmacy Pvt. Ltd, Buy Drug Pvt. Ltd., Care On Go, Bright Lifecare Pvt. Ltd. (Healthkart), Medidart Healthcare Services Pvt. Ltd., MedsonWay Solutions Pvt. Ltd., Metapharmacy.in, MyraMed, NetMeds Market Place Private Limited, mChemist are the leading players operating in India E pharmacy market. Service providers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several E pharmacy service providers are coming up with their technologically advanced offerings.
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“Launch of initiatives by government 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. Also, availing healthcare facilities online is cost-effective in nature and helps in increasing the reach even in remote areas of India. Presence of online platforms aids in ensuring price transparency, raise awareness and set alerts and reminders to take medicine on time is propeling 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 and Over the Counter (OTC) Drugs) By Product Type (Skin Care, Dental, Cold and Flu, Vitamins, Weight Loss and Others) By Operating Platform (App v/s Website) By Business Model (Inventory/Warehouse Based Model v/s Market Place Based Model) By Company, By Region, Forecast & Opportunities, FY2027” 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 the of India E pharmacy market.
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