Report Ocean introduces a fresh report examining the ‘India E-Pharmacy Market’, encompassing its size, share, growth, industry trends, and forecast up to 2032. This comprehensive analysis delves into various industry components and growth patterns that offer valuable insights for anticipating the market’s future trajectory.
Obtain a comprehensive report on the India E-Pharmacy Market, which includes a full table of contents, over 100 tables and figures, and charts. The report provides precise information on the market before and after the COVID-19 outbreak, segmented by region.
In recent years, e-pharmacy has emerged as a transformative and convenient solution, addressing the challenges faced by consumers and surpassing traditional brick-and-mortar counterparts. The e-pharmacy market in India, valued at INR 50.71 billion in 2020, is projected to reach INR 458.14 billion by 2026, boasting a remarkable compound annual growth rate (CAGR) of approximately 44.99% during the 2021-2026 period.
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Segment Insights:
The market is divided into two distinct segments: chronic and acute therapy. In 2020, the chronic therapy segment claimed the lion’s share, contributing to 63.42% of the revenue. While it is expected to continue dominating, its market share is forecasted to decline to 53.92% by 2026. On the other hand, the acute therapy segment is poised for impressive growth during the forecast period. Its market share is anticipated to rise from 36.58% in 2020 to 46.08% in 2026, experiencing a robust CAGR of 50.56% between 2021 and 2026.
Consumers with chronic conditions require prolonged medication, making e-pharmacy platforms highly attractive due to their extensive range of medicines offered at discounted rates. Moreover, customers may increasingly turn to these platforms for managing acute ailments such as the common cold in the coming years.
Market Insights:
The e-pharmacy market has gained significant traction in recent years, driven by increased internet and smartphone penetration, the prevalence of lifestyle diseases, and government initiatives. However, challenges such as discounts impacting profitability, data breaches and cybercrime, pharmacovigilance, and supply network bottlenecks hinder its development.
The market has witnessed the entry of several startups, leading e-commerce companies, and traditional brick-and-mortar stores, all drawn by its immense growth potential. Notably, 2020 saw the entry of major players like Amazon, Reliance, and Tata.
In June 2021, Tata Digital made a strategic move by acquiring the prominent e-pharmacy player, 1mg. In the same month, PharmEasy secured a 66% stake in Thyrocare, further solidifying its presence in the market.
Impact of COVID-19:
The COVID-19 pandemic disrupted the national healthcare system and had a profound impact on the e-pharmacy sector. With the advent of the second wave, e-commerce platforms, including e-pharmacy, played a pivotal role in ensuring access to essential medications. The market witnessed a substantial surge in sales during this period, and a similar trend is expected during potential future waves. Collaborations with local pharmacy retailers enabled key players to address last-mile delivery challenges effectively. Additionally, measures like partnering with e-payment platforms ensured secure and convenient transactions, attracting customers from remote areas with cashbacks, discounts, and cash-on-delivery options, even in rural regions.
Companies Covered:
- 91Streets Media Technologies Private Limited (PharmEasy)
- 1mg
- MedPlus Health Services Private Limited
- Netmeds Marketplace Limited
- Medlife
- Apollo Pharmacies Pvt. Limited
- Healthkart
- mCHEMIST Global Private Limited
- Medsonway Solutions Pvt Ltd
- Truemeds
Reasons to Consider Purchasing the India E-Pharmacy Market Report:
Comprehensive Market Insights: Delve into the depths of the India E-Pharmacy Market Report to gain an all-encompassing and meticulous analysis of the market landscape. Uncover details such as market size, share, trends, and growth catalysts, which provide invaluable perspectives on both the present market scenario and its promising future prospects.
Reliable Projections: Rely on the report’s dependable forecasts and projections, which are underpinned by rigorous research methodologies, insights into industry expenditures, and assessments of market expansion rates. These foresights empower businesses to make well-informed decisions and chart out effective strategies for the times ahead.
In-depth Competition Analysis: Equip yourself with an extensive evaluation of key market players, their array of products, and the strategies they employ. This comprehensive understanding arms businesses with the knowledge needed to not only comprehend their rivals but also to craft strategies that position them ahead in the dynamic market arena.
Clear Market Scope and Segmentation: Gain clarity on the broad expanse of the market through the report’s clear delineation of market scope. With detailed insights into diverse market segments and their growth potential, businesses can discern and capitalize on opportunities that align with their objectives.
Insightful Regional Examination: Assess the market’s performance across different regions, enabling enterprises to pinpoint lucrative markets and tailor their approaches accordingly. With region-specific insights, businesses can adapt strategies that resonate with the unique dynamics of each area.
Evaluation of Industry Technology: Grasp the pulse of technological progress within the India E-Pharmacy market. The report dissects cutting-edge advancements and trends, providing businesses with a window into emerging technologies that have the potential to reshape the industry.
Dynamics of Supply and Demand: Acquire a profound comprehension of supply-demand dynamics. This understanding empowers businesses to optimize production, distribution, and inventory management processes, resulting in enhanced operational efficiency.
Informed Investment Decision Making: Leverage the report’s critical information and data-driven insights to facilitate informed investment choices within the India E-Pharmacy market. Equipped with this knowledge, businesses can confidently allocate resources to avenues with the greatest potential for returns.
Unveiling Long-Term Growth Avenues: Through the scrutiny of trends and growth stimulants, the report illuminates the enduring opportunities the India E-Pharmacy market holds. By identifying these sustainable growth prospects, businesses are poised to set a course for lasting success.
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