Although, the online pharmacy retail market is still in the mature stage in the region and its popularity is growing as it has augmented the ease of accessibility to drugs for the consumers. Such organizations mainly operate in Tier 1 and 2 cities. They function on either marketplace model or inventory based model. According to the report analysis, ‘india online and offline pharmacy retail market outlook to 2025 - by organized and unorganized; by standalone and hospital based pharmacy; by product category (prescribed drugs, otc drugs and non-pharmaceutical goods) and therapeutic class’states that there are several key players which are presently functioning in this sector more actively for leading the fastest market growth and dominating the handsome value of market share while advancement in the medical infrastructure, providing several offers on the bulk purchase and improving the online platform services includes Apollo Pharmacy, Medplus, Emami Frank Ross, Fortis, Wellness Forever, Thulasi Pharmacy, Guardian Pharmacy, Sanjivani, Noble Plus Pharmacy, Dhanvantri Medicare, Viva Chemist, Himalaya Drug Company, Trust Chemists, Medlife, Netmeds, Pharmeasy, 1MG, Sasta Sunder, Myra and Easy Medico. Whereas, MedLife,NetMeds, 1Mg,PharmEasy, Myra, and SastaSunder.com are the major players in India E-Pharmacy retail market.
However, the India Pharmacy retail industry has grown more positively with the significant development in the technology of producing the product and effective increase in the disposable income. Whereas, the retail market of Indian pharmacy is at a developed stage. Many of the potential players in this market are developing and establishing an online platform for increasing the popularity of their product and increasing the value of revenue. The industry of India Pharmacy retail revenue has grown more significantly as a positive CAGR during the reviewed period of 2013 to 2019. The growth of this market is assisted by the effective increase in the number of chronic diseases, lower prices of generic drugs, increase in the number of hospital based pharmacies, significant urbanization and growth of middle class populace and growth in the OTC sector.
Additionally, the India pharmacy retail market is exceedingly fragmented. Apollo pharmacy is the market front-runner and has the maximum market share in the pharmacy retail market in India on the basis of revenue in FY'2018. This was followed by Medplus, Emami Frank Ross, Fortis, Wellness Forever, Thulasi Pharmacy, Guardian Pharmacy and others.
Nonetheless, based on the region, the market is spread across India meanwhile, the Southern part of the economy has the maximum market share followed by West and North region. Moreover, the Eastern region has the bottommost share in the market. Low per capita income in the eastern states is the major factor for such low requirement in these states. It is predicted that the revenue created in Indian pharmacy retail market will rise at a positive CAGR during the period FY'2018 – FY'2025. In India, it is anticipated that with the growth of organized sector, the overall market will also increase. Therefore, in the near future, it is anticipated that the market of India online and offline pharmacy will increase more positively with the more investment to the advanced development of products over the decades.
For more information on the research report, refer to below link:
Ankur Gupta, Head Marketing & Communications