“India E Pharmacy Market Opportunity Outlook 2024” Report Highlights:
Overview of Internet Usage and E – Commerce in India
Vital Aspects of the Indian E – Pharmacy Industry
Telemedicine and E – Pharmacy
Opportunities in the Indian E – Pharmacy Market: US$ 3 Billion
Types of E – Pharmacy Business Models
E – Pharmacy Supply Chain Overview
Consumer Behavior Analysis and E – Pharmacy Market Potential
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E- Commerce has today become a thriving industry in India, with stiff competition among global and domestic industry giants like Amazon and Flipkart to gain major portion of the market share. Among the several segments of e-commerce, one that remains widely untapped with tremendous potential in the future is the online pharmacy market or E-Pharmacy.
E-pharmacies are recent entrants in the Indian e-commerce industry landscape, with it receiving increased attention from government and investors in the last three to five years. Today, the E-pharmacy market potential is worth over a Billion dollar with more than 30 startups assisting the growth of this segment in various regions of India.
India currently has over 850,000 independent pharmacy retail stores that are able to meet only 60% of the total domestic therapeutic demand. These traditional Brick and Mortal Retail pharmacies are currently responsible for 99% of the pharmaceutical sales annually with online pharmacy contributing to only 1% of the total therapeutic sales.
The online pharmacy market is slowly gaining momentum in the E-commerce industry space with it showing an impressive market penetration rate in both the rural and urban regions of India. Several entrepreneurs and investors are keen on taking the initiative to be a part of the rapidly rising E – pharmacy industry. Recent laws regarding the regulation of online pharmacy has led to impressive funding and investments in startups and ventures entering the Indian E – pharmacy segment. This presents an excellent opportunity for online pharmacies to exploit the lucrative segment for higher profitability.
The Indian E – pharmacy market growth is fuelled by the rise in the number of Indian population suffering from chronic clinical indications like diabetes, hypertension, Asthma and Obesity, leading to an increased demand for therapeutics. Further, government initiatives and programmes such as the digital India, Jan Aushadhi programmes for promotion of generic medicines, telemedicine and E – healthcare initiatives to provide quality healthcare and medications to rural parts of India (Where more than 60% of the Indian population Resides ) are key parameters that make the e- pharmacy segment, a burgeoning market of the future. Inspite of being a novel segment in the Indian E – commerce industry, it is anticipated to grow at a CAGR of over 20%, crossing the US$ 3 Billion mark by 2024.
KuicK Research Report on ‘India E-Pharmacy Market’ provides a detailed insight into the current scenario of the e-pharmacy in India. It provides an in-depth analysis of the market dynamics, trends, benefits and consumer behavior analysis of the segment with special emphasis on the key opportunity areas that yet remain untapped. The report also provides the latest and updated details regarding legal requirements and cost analysis of starting an online pharmacy in India. The report concludes with challenges that the Indian online pharmacy market currently faces and changes that could be made to ensure maximum profitability in this highly lucrative segment.