Report Ocean has recently published the “India Pharmacy Retail Market” Research Report 2023-2030, offering a comprehensive analysis of the market. This report delves deep into the market dynamics, including key trends, upcoming technologies, drivers, challenges, and regulatory policies. It also features company profiles and strategies of prominent players in the industry. With over 100+ market data tables, pie charts, graphs, and figures, this global market study provides a thorough understanding of the market landscape. It presents a complete assessment, encompassing future trends, current growth factors, informed opinions, factual insights, and industry-validated market data, enabling accurate forecasts until 2030.
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In 2020, the pharmacy retail market was valued at INR 1,783.83 Billion and is expected to reach INR 3,078.46 Billion by 2026, expanding at a CAGR of 12.02%.
Pharmacy retail refers to the selling of pharmaceutical products, and the market has seen significant growth in recent years. The increasing population and patient pool, as well as the affordability of medicines, have contributed to this growth. Advanced medical infrastructure and the launch of patented drugs have also improved consumers’ access to medicines. However, low-profit margins, price control measures, and poor inventory management have hindered the market’s growth.
The organized retail pharmacy sector stood at INR 134.21 Bn in the same year and is anticipated to reach INR 370.39 Bn by 2026. The unorganized sector was valued at INR 1548.55 Bn in 2020 and is likely to reach INR 2390.20 Bn by 2026. The revenue of the online retail sector stood at INR 38.15 Bn in 2020 and is likely to reach INR 317.87 Bn in 2026. The online retail channel is the fastest-growing segment, with a CAGR of 44.44% from 2022 to 2026, owing to the rise in the number of internet users and technological advancements.
The pharmacy retail market is segmented into organized, unorganized, and online retail channels. The unorganized segment comprises local medical shop owners and holds an 88.70% market share in 2021. The organized sector consists of large players licensed to sell drugs and registered for sales and income tax, with an 8.50% market share in 2021. The online pharmacy retail segment is an emerging segment with a 2.80% market share. The pharmacy retail market is also segmented into generic, OTC, and patented drugs based on drug types. Generic drugs have identical chemical composition, dosage effects, side effects, and administration routes to that of patented original drugs and held a market share of 71% in 2020. OTC drugs can be sold to customers without a prescription through a medical practitioner and held an 18.18% market share in 2021. Patented drugs were introduced by global drug manufacturers, used in various therapeutic areas such as oncology, anti-infective and cardiac treatment, and held a 10.82% market share in 2020.
The COVID-19 pandemic caused disruptions in the global supply chains, leading to a severe shortage of active pharmaceutical ingredients (API) and key starting materials (KSM) in India. However, several indigenous pharmaceutical manufacturers started producing APIs and KSMs to meet the elevated demand in the market. The online pharmacy business also saw increased adoption of digital platforms due to the pandemic. In 2020, the government launched the production linked incentive scheme (PLI) to provide financial support for the production of COVID-19 vaccines in the country. The government also introduced a scheme to establish bulk drug parks to produce APIs, KSMs, and drug intermediates.
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The report addresses the following key questions regarding the India Pharmacy Retail market:
- What is the expected growth rate of the market in the upcoming years and what factors are driving this growth?
- How do consumers perceive and adopt different types of India Pharmacy Retail in the market?
- How are regulatory policies and government initiatives impacting the growth of the India Pharmacy Retail market?
- What is the market share of the top 5 players in the India Pharmacy Retail market and how is it likely to change in the future?
- What are the latest technologies and innovations in the India Pharmacy Retail market and how are they shaping the industry landscape?
- How do macroeconomic factors such as inflation, GDP, and exchange rates affect the India Pharmacy Retail market?
- What are the challenges related to the supply chain and logistics that India Pharmacy Retail market players face and how are they addressing them?
- How is the changing consumer behavior and preferences influencing the dynamics of the India Pharmacy Retail market?
- What are the potential risks and uncertainties associated with investing in the India Pharmacy Retail market, and how can they be mitigated?
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of India Pharmacy Retail market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the India Pharmacy Retail market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the India Pharmacy Retail market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate India Pharmacy Retail business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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