Online pharmacy retail refers to the sale of pharmaceutical products and medications through digital platforms, enabling customers to order and receive medications online. Offline pharmacy retail, on the other hand, involves physical brick-and-mortar stores where customers can visit in person to purchase prescription and over-the-counter drugs.
According to SPER market research, ‘India Online and Offline Pharmacy Retail Market Size- By Type of Retail Format, By Market Structure, By Product Category, By Therapeutic Class, By Generic Drugs- Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ state that the India Online and Offline Pharmacy Retail Market is predicted to reach USD XX billion by 2032 with a CAGR of XX%.
One of the primary reasons Indians prefer their local pharmacies is convenience. It goes beyond proximity; it's about familiarity with the store layout, product range, and, most importantly, the pharmacist. Skilled pharmacists play a crucial role in aiding patients with prescriptions, dosage understanding, and providing general pharmaceutical advice. They often act as a source of support for customers dealing with illness or medical emergencies. The second factor driving customers to opt for neighbour-hood retail pharmacies is the wide range of products and services available. Also, one of the primary drivers is the increasing adoption of e-commerce and digital technology in the country. With the proliferation of smartphones and internet connectivity, more consumers are turning to online platforms to purchase medications, healthcare products, and supplements. This trend has not only improved accessibility for consumers in remote areas but has also enhanced convenience for urban dwellers who prefer the ease of ordering medications from the comfort of their homes.
Despite the promising growth trends in the Indian pharmacy retail market, there are significant challenges to address. The online segment, in particular, faces a major hurdle in establishing stringent quality control and authentication processes. Verifying the legitimacy of medicines and healthcare products sold online is vital for consumer trust and safety, necessitating the development of robust verification mechanisms. Additionally, the increased use of online platforms has raised concerns about data privacy and security. Protecting sensitive medical and personal data is essential to maintain consumer trust and comply with data protection regulations.
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The global medical emergency caused by COVID-19 led to significant changes in healthcare delivery. The World Health Organization initially classified it as a swine flu, highlighting the importance of frontline universal healthcare. COVID-19 prompted the use of respirators for safety. Pharmacy services, both online and offline, became crucial, with changes like modified laws and reduced clinical training impacting prescription access. Online healthcare services, prescription delivery, and patient assistance programs adapted to reduce patient contact. This essay explores the impact of COVID-19 on the demand and supply of quality healthcare pharmaceutical services in India.
Geographically, while the southern region is predicted to maintain its dominant market share, the northern region is anticipated to experience the most rapid growth over the next seven years. Additionally, some of the market key players are Apollo Pharmacy, Easy Medico, Fortis, Guardian Pharmacy, Himalaya Drug Company, Trust Chemists, Viva Chemist, Wellness Forever, Others.
India Online and Offline Pharmacy Retail Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Type of Retail Format: Based on the Type of Retail Format, India Online and Offline Pharmacy Retail Market is segmented as; Hospital Based Pharmacy, Standalone Pharmacy.
By Market Structure: Based on the Market Structure, India Online and Offline Pharmacy Retail Market is segmented as; Organized Market, Unorganized Market.
By Product Category: Based on the Product Category, India Online and Offline Pharmacy Retail Market is segmented as; Prescribed Drugs, OTC Drugs, Non Pharmaceutical Drugs.
By Therapeutic Class: Based on the Therapeutic Class, India Online and Offline Pharmacy Retail Market is segmented as; Anti Diabetic, Anti-Infectives, Cardiovascular, Dermatology, Gastro Intestinal, Gynecological, Neuro, Pain and Analgesics, Respiratory, Vitamins, Minerals and Nutrients, Others.
By Generic Drugs: Based on the Generic Drugs, India Online and Offline Pharmacy Retail Market is segmented as; Branded Generic, Generic-Generic.
By Region: This report also provides the data for key regional segments of East India, North India, South India, West and Central India.
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India Pharmacy Retail Market Outlook
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JULY 07, 2020: India Pharmacy Retail marketPharmacy retail refers to the sale of pharmaceutical products, which include over-the-counter (OTC) drugs and prescription drugs.
Pharmacy retail stores also sell various FMCG products along with pharmaceutical products and its related services.Advent of online pharmacy and the emergence of Ayurvedic product retailers in the Indian market is helping the market expand rapidly.
Looking at the potential of this segment, several offline retailers too have started online stores in order to increase revenue.To Request A Sample Copy Of This Report @: https://www.radiantinsights.com/research/pharmacy-retail-market-in-india-2018-2023/request-sampleGrowing health awareness among consumers and knowledge of the additional services offered by organized players shall result in a gradual shift from unorganized pharmacies towards modern pharmacy retail outlets.Key growth factorsEnhancement in medical infrastructure, growth in the number of middle class households and increased penetration of health insurance highly impact the growth of the domestic pharmaceuticals sector.Stress, sedentary lifestyles and unhealthy food habits are the most common reasons for the increase in number of patients who suffer from lifestyle-based ailments.
This will regulate medication on an ongoing basis, which in turn will make prescription-based medicines mandatory that will help in the expansion of the pharmacy retail market in India.Threats and key players Pharmacy retailing is a capital intensive business proposition and its set-up involves strategic location of outlets and the margin is fixed based on the government's stipulated prices.Apollo Pharmacy Private Limited, Emami Frank Ross Limited, MedPlus Health Services Private Limited, Netmeds Marketplace Limited, RWL Healthworld Limited and The Himalaya Drug Company Private Limited are some of the major players operating in the Indian pharmacy retail market.What is covered in the report?Overview of the Indian pharmacy retail marketHistorical, current and forecasted market size data for the Indian pharmacy retail market (2017 to 2023)Qualitative analysis of the Indian pharmacy retail marketQualitative analysis of the major drivers and challenges affecting the marketAnalysis of the competitive landscape and profiles of major players operating in the marketKey recent developments associated with the pharmacy retail market in IndiaWhy buy?Get a broad understanding of the pharmacy retail market in India, the dynamics of the market and current state of the sectorStrategize marketing, market-entry, market expansion and other business plans by understanding the factors driving growth in the marketBe informed regarding the key developments in the pharmacy retail market in IndiaUnderstand major competitors' business strategies and market dynamics and respond accordingly to benefit from the marketTo Browse Full Research Report @: https://www.radiantinsights.com/research/pharmacy-retail-market-in-india-2018-2023Table of ContentsChapter 1: Executive summaryChapter 2: Socio-economic indicatorsChapter 3: Introduction3.1.
Pharmacy retail market definition and structure3.2.
Pharmacy retail market size and growth forecast - value-wise4.2.
