DUBLIN, Nov. 23, 2021 /PRNewswire/ — The “India E Pharmacy Market, By Drug Type (Prescription Drugs v/s Over the Counter (OTC) Drugs), By Product Type (Chronic Diseases, Skincare, Others), By Operating Platform, By Business Model, By Region, Competition Forecast & Opportunities, FY2027F” report has been added to ResearchAndMarkets.com’s offering.
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.
This can be attributed to the growing internet penetration across the country. As of January 2021, the number of internet users in India rose by around 47 million and reached 624 million. The internet penetration rate stood at around 45% in January 2021. Additionally, the digital India campaign by the government of India is further expected to fuel the market growth through FY2027F.
Increasing digitization has in turn led to an increasing e-commerce adoption. Also, changing consumer preferences towards online shopping has led to a widespread penetration of various e-commerce channels and pharmacies selling medicines online. This in turn is expected to support the market growth through FY2027F.
Furthermore, growing awareness among the population with respect to counterfeit drugs is driving people towards organized and digital channels offering medicines, thereby supporting the market growth over the next few years.
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 prescription drugs segment dominated the market in FY2021 with an overall market share of 66.41%.
This can be ascribed to the fact all the e pharmacies which are operating in India are not offering drugs without prescription to the patients. If the patient is not having prescription and is not uploading on the e pharmacies portal then the pharmacies have their own doctor consultants who the patient has to consult to and then the doctor consultant of the pharmacies generate a prescription for the patient, which then the patient uploads on the e pharmacy website or app and then place an order for the required medicines.
Companies operating in the market are trying to improve their e pharmacy platforms, adding more products to their existing service portfolio, providing other services such as diagnostic test options, among others in order to stay competitive in the market and having an edge over the other market players.
Additionally, companies are also looking for investors who can invest in their e pharmacies channels. Companies are also entering into collaborations; agreements and several mergers & acquisitions are happening in the market.
The major players operating in the India E pharmacy market are
- 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.
Years considered for this report:
- Historical Years: FY2017-FY2020
- Base Year: FY2021
- Estimated Year: FY2022E
- Forecast Period: FY2023F-FY2027F
India E Pharmacy Market, By Drug Type:
- Prescription Drugs
- Over the Counter (OTC) Drugs
India E Pharmacy Market, By Product Type:
- Chronic Diseases
- Nutritional Supplements
- Medical Equipment
India E Pharmacy Market, By Operating Platform:
India E Pharmacy Market, By Business Model:
- Inventory/Warehouse Based Model
- Market Place Based Model
India E Pharmacy Market, By Region:
For more information about this report visit https://www.researchandmarkets.com/r/dkfq1v
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SOURCE Research and Markets