The Indian online pharmacy market is estimated to grow at a CAGR of 20.1% during the forecast period. The Indian pharmaceuticals market is the third largest in terms of volume and in the top 15 in terms of value, globally. The growth in pharmaceutical market will be majorly driven by the high burden of disease, good economic growth leading to higher disposable incomes, improvements in healthcare infrastructure, and improved healthcare financing, to name a few. India is expected to be among the top three pharmaceutical markets by incremental growth and the sixth largest market globally in absolute size by the end of 2020, in turn, providing a plethora of opportunities for the online pharmacy market.
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Online pharmacy is at its nascent stage in India, but like other categories, has the potential to be a very large industry segment in the near future. The online purchase of medicines is gaining momentum in India. The advent of online pharmacy retailers in the Indian market will further increase the penetration of the organized pharmacy segment. It is expected that the online pharmacy model could account for 15%-20% of the total pharma sales in India over next 10 years, largely by enhancing adherence and access to medicines for a majority of the under-served population. Further, with the advent of the COVID-19 pandemic, it has been observed that individuals substantially preferred online sales channel for getting pharmacies, in lieu of going out for the same.
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The Indian online pharmacy market is segmented based on medicine type. Based on medicine type, the online pharmacy market is segmented into OTC medicines and prescription medicines. OTC medicines is leading the medicine type segment by a large margin, whereas the prescription medicines is the fastest growing segment in India.
Currently, many online pharmacy players that include 1 MG, Amazon.com, Inc. (PillPack), Medlife International Pvt. Ltd., Netmeds Marketplace Ltd., PharmEasy, and Practo Technologies Pvt. Ltd. operate in this segment. Medlife is currently a leading player with about 25% market share of the total e-pharmacy market in India.
Market Segmentation
Indian Online Pharmacy Market by Medicine Type
- OTC Medicines
- Prescription Medicines
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