The India E-Pharmacy market is projected to grow at a CAGR of 44.39% to reach US$5,467.390 million in 2024 from US$603.291 million in 2018. Today, e-commerce has become a thriving industry in India. Among the several segments of e-commerce, with tremendous potential in the future is the online pharmacy market or e-pharmacy. E-pharmacy is a pharmacy that operated over the internet and sends orders to customers through mail or shipping companies. The e-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. The India e-pharmacy market growth is fuelled by the rise in the number of Indian population using the internet. Further increased access to online services is expected to drive the e-pharma market. Further, government initiatives such as digital India, Jan Aushadhi programs for the promotion of generic medicines, telemedicine, and e-healthcare initiatives to provide healthcare and medications to rural parts of India are key factors driving the India e-pharmacy Market.
DRIVERS
Increasing number of internet consumers.
Rising implementation of e-prescription in hospitals
Increasing access to online services.
RESTRAINTS
Strict government regulations.
INDUSTRY UPDATE
In March 2019, NetMeds acquired health tech startup KiviHealth for 10 million.
Major industry players profiled as part of the report are Netmed Marketplace Limited, MedLidfe International Private Limited, Appollo Pharmacy, 1 Mg, Healthkart, PharmEasy, MedsOnWay Solutions Pvt Ltd, CareOnGo,
Segmentation
The India e-pharmacy market has been analyzed through the following segments: