Report Overview

India E-Pharmacy Market is flourishing owing to the expanding internet penetration across the country and rising digitization along with the increasing preferences of consumers for doorstep delivery of medical supplies...

India E Pharmacy Market - Industry Trends & Forecast Report 2028

India E Pharmacy Market was worth USD 328.42 million in 2021 and is further projected to reach USD 2281.6 million by the year 2028, exhibiting a CAGR of 34.2% during the forecast period (2022-2028). The rapid expansion of the market is predominantly due to the expanding internet penetration across the country. Also, e-commerce use has increased as a result of rising digitization. Additionally, the shift in customer preferences toward online purchasing has resulted in a widespread penetration of several e-commerce platforms and online pharmacies. During the forecast period, this is thus anticipated to support market expansion. Additionally, as people become more aware of the dangers of fake medications, more individuals are turning to organized and online pharmacies, which will help the market expand over the next years.

India E Pharmacy - Overview

One of the cutting-edge practices of selling pharmaceuticals online was born in India as the e-commerce industry grew there. In India, the internet pharmacy industry is still in its infancy. E-pharmacy refers to the sale of medications online, which is distinct from typical brick and mortar retail stores, which require clients to physically be present. Consumers like e-pharmacy to be more convenient, but because it directly affects their health, it is also important to look into the regulatory requirements for online medicine sales. Numerous online pharmacies, including PharmEasy, Merapharmacy, Medicare, 3G Chemist, Netmeds, and many others, are in the business of delivering medications to customers' doorsteps.

India E Pharmacy Market Forecast and Trends

Growth Drivers

Growing Consumer Preferences for Doorstep Delivery

A sizable patient pool countrywide chose doorstep delivery of medical supplies because some prescriptions are unavailable at retail pharmacy locations. ePharmacies lessen the need for senior citizens and people with chronic illnesses to rely on other parties to get their medications and medical supplies. Additionally, it is anticipated that increased internet usage and understanding will increase ePharmacy market sales. The growing country reach of e-commerce has made it possible for ePharmacy to amass a sizable customer base in both developed and developing regions. Additionally, millennials of this generation heavily rely on online shopping for goods like cosmetics and over-the-counter medicines.

Increasing Smartphone Penetration is Driving E Pharmacy Market

Smartphone adoption is expanding, which is helping the market grow. Smartphone penetration reached 54 percent in 2020 and is projected to reach 96 percent by 2040, according to research. The booming healthcare industry and high operating costs have made it necessary to use ePharmacy solutions to reduce operational costs. Demand for numerous healthcare products, especially medications, is rising as chronic illnesses become more common. This represents the growing global adoption of internet drug purchasing methods.

Surging Demand for Telemedicine

The rising demand for and use of telemedicine is one of the key trends propelling the market. Telemedicine, allows a patient and their doctor to have a phone or video consultations. The people who use telemedicine are those who are drawn to IT. This contributes to more openness, awareness, and access to a range of healthcare professionals. This is one factor fostering the e-pharmacy market's expansion in India. Additionally, numerous financing organizations, governments, and businesses are fostering market expansion by expanding their funding, making more investments, and launching more strategic projects. All these factors boost the growth of the India E Pharmacy Market during the forecast period (2022-2028).

Restraints

Rising Concern about Fraud Activities

The demand for e-pharmacies is, however, being moderately restrained by the surge in fraud activities. People's worries about security and privacy have persisted as a barrier to the India e-pharmacy market. It is anticipated that the Countries E Pharmacy Market will experience decreasing revenue due to factors such as the unregulated sale of prescription pharmaceuticals, which could result in online drug prohibitions. Other key obstacles that could impede the expansion of the e-pharmacy market include possible secrecy, poor packaging, and a failure to confirm drug interactions.

Impact of COVID-19 on India E Pharmacy Market

The focus of healthcare systems across the country has changed as a result of COVID-19. Regional blockades and travel restrictions led to the development of ePharmacy smartphone applications, which distribute medicines online. The growth of the ePharmacy market has been positively impacted by government initiatives supporting digital technology to increase pharmaceutical access. Because of the pandemic, major participants in the ePharmacy sector noticed an increase in application subscribers. Online pharmacy emerged as one of the major beneficiaries of the pandemic-induced lockdown, even though medical stores were considered critical services since consumers chose to purchase their medications online to reduce the danger of disease transmission.

India E Pharmacy Market - By Online Pharmacy Type

Based on the 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. Among these, Skin Treatment Products accounts for the largest share in the India E Pharmacy Market. The growing concern for beauty is driving up demand for online skincare products. Skincare products, as well as vitamins and minerals, are more profitable than others. In recent years, vitamins and minerals such as body gain and loss powder have had an impact on the e-pharmacies market. Furthermore, because of various offers, discounts, and product availability, females have an enormous demand for skincare products through e-pharmacies. All these factors propel the growth of the India E Pharmacy Market during a forecast period (2022-2028).

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.

Recent Development

• In March 2019, in India, the National Association of Boards of Pharmacy (NABP) certified Img with LegitScript. It is the first company in India to get this certificate.

Scope of the Report

By Online Pharmacy Type

• Analgesics
• Cough and Cold Remedies
• Digestive and Intestinal Remedies
• Vitamins and Minerals
• Skin Treatment Products
• Others