E-Pharmacy market in India 2024-2028

E-Pharmacy market in India 2024-2028

Market Insights:

The e-pharmacy market is experiencing rapid growth, fuelled by the widespread availability of low-cost smartphones and 4G internet access. Major companies in the market comprise Pharmeasy, Medlife, 1mg, NetMeds, Tata Digital, and PharmEasy have strengthened their positions significantly. The collective growth of e-pharmacies contributes to the advancement of the healthcare ecosystem, aligning with government objectives of efficient and affordable health coverage.

Market Segment Insights:

In 2023, the chronic therapy segment dominated the market, accounting for 58.67% of the overall revenue. This segment is expected to dominate the market during the forecast period. As acute therapy medications are experiencing increased demand due to their necessity in treating immediate conditions like infections or injuries, prompting higher turnover and usage compared to medications for chronic conditions. These platforms also offer value-added services like treatment plans. In the future, customers are likely to turn to e-pharmacies for managing acute ailments such as the common cold.

Market Influencers:

Market drivers:

E-pharmacy companies utilize customer buying patterns to optimize their inventories, leveraging analytics on regional sales data for real-time insights. Equipped with this information, e-pharmacy stores can refine their inventory supply chain processes. Many companies plan to collaborate with wholesalers/distributors to further enhance their supply chain efficiency. The accessibility of e-pharmacies in tier II and tier III cities has surged due to heightened internet and smartphone penetration, alongside increased awareness. Urban areas benefit from a strengthened logistics network, enhancing delivery efficiency. Collaborations with local stores have significantly contributed to improving supply chains in these regions. India is grappling with a growing burden of chronic non-communicable diseases (NCDs), contributing to 60% of total deaths. Factors such as rapid urbanization, mechanization, and sedentary lifestyles, particularly among middle-aged groups, expose the population to early-onset NCDs.

Market Challenges:

Data security and patient confidentiality pose significant challenges for key players in the healthcare industry. Online transactions often lack adequate protection, with many websites failing to secure customer data. Additionally, post-purchase emails frequently contain unencrypted connections to customer data, highlighting the need for enhanced security measures to safeguard sensitive information. Offering appealing discounts is a primary tactic employed by online pharmacies to attract customers in the fiercely competitive market. Challenges include delays in delivery, pricing discrepancies, order manipulation, replacement issues, and delays or denials in refund processing. Inadequate responsiveness of customer service centres adversely affects the brand reputation.