India E Pharmacy Market to Witness Over 30% CAGR
Published | 14 July 2022
India E Pharmacy Market is flourishing owing to the expanding internet penetration across the country and rising digitization, as well as consumer preferences for doorstep delivery of medical supplies…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India E Pharmacy Market was worth USD 328.42 million in the year 2021. The market is projected to grow at a CAGR of 34.2%, earning revenues of around USD 2,281.6 million by the end of 2028. The India E Pharmacy Market is booming because of the rising internet penetration. Also, the key drivers driving the market growth include an increase in tech-savvy consumers and better digitalization of healthcare services. Moreover, convenience-focused consumers who prefer to make purchases online are also contributing to the surge. Overall growth is predicted to be fueled by the growing use of digital technology and e-commerce in the healthcare industry. Furthermore, India E Pharmacy Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, confronting several obstacles, including cyber risks and data security, a lack of a robust legal and regulatory framework, in turn, may act as a huge restraining factor for the market growth.
Consumer Preferences for Doorstep Delivery are Growing
Due to the fact that some medications are not available at local retail pharmacies, a substantial patient population nationwide chooses to have their medical supplies delivered to their homes. ePharmacies reduce the dependence on third parties needed by senior persons and people with chronic illnesses to obtain their drugs and medical supplies. Additionally, more people using and comprehending the internet is predicted to boost ePharmacy market sales. It has been possible for ePharmacy to build a sizeable customer base in both established and emerging nations because the expanding country reached e-commerce. This generation of millennials also places a significant emphasis on online purchasing for products like cosmetics and over-the-counter medications.
Rising Government Initiatives
In India, spending on medicines is also anticipated to increase between 9 and 12 percent during the following five years, it stated. Growing government backing, including the fact that e-pharmacies were classed as vital services during the pandemic, as well as programs like Arogya Setu App, Digital India, and NDHM that promote e-pharmacies and improve ease of doing business, all serve as growth drivers for the segment. According to the study, there is also a sizable untapped potential in tier II and tier III cities that can be satisfied by investments in bettering logistical channels. This results in offering lucrative opportunities for the India E Pharmacy Market during the forecast period (2022-2028).
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Challenge- Lack of a Strong Legal and Regulatory Framework
The growth of the sector is, however, constrained by the existence of some fraudulent online pharmacies. The likelihood of acquiring fake and contaminated drugs from these unlicensed pharmacies with erroneous active ingredients rises since they sell drugs that have not been approved by the FDA. Moreover, cyber threats and data security, a lack of a strong legal and regulatory framework, and the need for continuous technological advancement are some of the challenges confronting the e-pharmacy industry. Furthermore, data breaches are a potential risk because online platforms rely heavily on valuable insights derived from customers' data. Additionally, there is also a need to create a legal framework for e-pharmacies that is distinct from the legal framework for offline sales. To provide the best services, e-pharmacies must also constantly focus on utilizing cutting-edge technologies such as artificial intelligence, machine learning, and augmented reality, among others.
Segmental Coverage
Based on online pharmacy type, the India E Pharmacy Market is segmented into Analgesics, Cough and Cold Remedies, Digestive and Intestinal Remedies, Vitamins and Minerals, Skin Treatment Products, and Others. Skin treatment products dominate the ePharmacy market with the largest market shares. Demand for online skincare products is developing as a result of growing concern for appearance-aware consumers. Vitamins and minerals as well as skin care items are more profitable market areas than others. Vitamins and minerals, including body gain and loss powder, have recently had an impact on the e-pharmacies market. Additionally, because of the numerous promotions, discounts, and product availability offered by online pharmacies, women have a huge demand for skincare products.
Impact of COVID-19 on India E Pharmacy Market
COVID-19 shifted the focus of healthcare systems around the world. Regional blockades and travel restrictions prompted the development of ePharmacy mobile applications that offer online medicine delivery services. Government initiatives promoting digital technology to improve pharmaceutical access have had a positive impact on the growth of the ePharmacy market. As a result, during the pandemic, key players in the ePharmacy market saw an increase in application subscribers. Even though medical stores were classified as essential services, online pharmacies emerged as one of the most significant beneficiaries of the pandemic-induced lockdown, as people chose to buy medicines online rather than risk disease spread.
Competitive Landscape
The leading market players in the India E Pharmacy Market are Tata 1mg, HealthKart.com, Netmeds Marketplace Ltd., PharmEasy, EasyMedico, Flipkart Health, Apollo Pharmacy, and other prominent players. The India E Pharmacy Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India E Pharmacy Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India E Pharmacy Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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