India E Pharmacy market to grow at Significant Rate through FY2027
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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