DUBLIN--(BUSINESS WIRE)--The "Pharmacy Retail Market in India 2019" report has been added to ResearchAndMarkets.com's offering.
The pharmacy retail market in India has witnessed significant growth over the past few years, owing to favourable demographic factors and an epidemiological transition. In terms of revenue, the pharmacy retail market in India was valued at INR 996.68 Bn in 2016 and is projected to reach INR 2,330.20 Bn by 2024, expanding at a CAGR of 10.08% during the 2019-2024 period.
The market is majorly occupied by unorganized local players. However, the unorganized sector is anticipated to face intense competition from organized players and online retailers.
Based on the retail channel, the market is segmented into organized sector, unorganized sector, and online retail. The unorganized sector accounted for the largest market share (~93.00%) in 2018. The market share of the organized sector, which consists of licensed and registered players, is estimated to increase steadily over the forecast period. The online retail segment is projected to expand at a CAGR of ~33.95% during the 2019-2024 period, owing to strong digital infrastructure in the country.
The generic drugs segment dominated the retail pharmacy market in India, followed by the OTC drugs and patented drugs segments. The low price of generic drugs attributed to its leading share. The OTC drugs segment is predicted to be the second-leading segment of the pharmacy retail market with a share of ~22.40% in 2024.
The inclusion of various medicines under the OTC category, coupled with a preference towards self-medication is predicted to drive the growth of the OTC drugs segment. The market share of the patented drugs segment is estimated to increase by 5.4% from 2018 to 2024, owing to the launch of various patented drugs in the Indian market.
Increased affordability, improved accessibility and epidemiological transition are expected to fuel the pharmacy retail market in India during the forecast period. The rise in per capita income and penetration of health insurance coverage has bolstered Indian consumers' affordability. A significant increase in the number of Indians covered under health insurance has helped propel consumer spending on pharmaceuticals.
With the rise in public healthcare expenditure, pharmaceuticals have become more accessible, thereby fueling the pharmacy retail market, especially in rural areas and tier-II cities. Furthermore, the launch of various patented drugs by international pharmaceutical companies resulted in an incremental increase in pharmaceutical sales. The growing incidence of chronic diseases like hypertension, diabetes, cardiovascular diseases, and cancer, which requires prolonged medication, is expected to further drive the growth of the pharmacy retail market in India during the forecast period.
The e-pharmacy market in India has evolved from its nascent stage to a promising market with strong growth potential. The influx of investments and a rise in Internet subscribers have helped shape up the e-pharmacy market in the country. Online players like Netmeds, 1mg, PharmEasy and MedLife have recently emerged in the Indian pharmacy retail market. Along with core online players, various traditional offline companies have expanded their retail operations in the online platform to offer value-added services to customers.
Companies covered:
- Apollo Pharmacies Limited
- Emami Frank Ross Limited
- Global Healthline Private Limited
- Medlife
- MedPlus Health Services Private Limited
- Netmeds Marketplace Limited
- Noble Medichem Pvt Ltd. (Noble Plus)
- RWL Healthworld Limited (Fortis Health World)
- Wellness Forever Pharmacy
- 91Streets Media Technologies Private Limited (PharmEasy)
Key Topics Covered:
Chapter 1: Executive summary
Chapter 2: Socio-economic indicators
Chapter 3: Introduction
- Market definition and structure
Chapter 4: Market overview
- Pharmacy retail market in India - overview
- Market size and growth forecast
Chapter 5: Market segmentation
- Pharmacy retail market in India - segmentation
- India pharmacy retail market share based on retail channel (%) (2018-2024)
- India pharmacy retail market revenue for the organized sector (2016-2024)
- India pharmacy retail market revenue for the unorganized sector (2016-2024)
- India pharmacy retail market revenue for online retail (2016-2024)
- India pharmacy retail market share based on drug type (%) (2018-2024)
- India pharmacy retail market revenue for generic drugs (2016-2024)
- India pharmacy retail market revenue for OTC drugs (2016-2024)
- India pharmacy retail market revenue for patented drugs (2016-2024)
- India pharmacy retail market share based on therapeutic area (%) (2018-2024)
Chapter 6: Market influencers
- Market drivers
- Market challenges
Chapter 7: E-pharmacy landscape
- Recent investments in e-pharmacies
- Web presence of major e-pharmacies
Chapter 8: Competitive landscape
Chapter 9: Recent developments
- Recent developments
Chapter 10: Appendix
- Research methodology
- Disclaimer
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