India Online and Offline Pharmacy Retail Market Outlook to 2025: Ken Research
The report titled“India Online and Offline Pharmacy Retail Market Outlook to 2025 – By Organized and Unorganized; By Standalone and Hospital based Pharmacy; By Product Category (Prescribed Drugs, OTC Drugs and Non-Pharmaceutical Goods) and Therapeutic Class” provides a comprehensive analysis on the Pharmacy retail market of India. The report covers various aspects including introduction, market segmentations, trends and developments, issues and challenges, SWOT analysis, competitive landscape and government regulations, snapshot on India online pharmacy retail market. The report concludes with market projection and analyst recommendations highlighting the major opportunities and cautions.
Market Overview
India pharmacy retail market is at a mature stage. India pharmacy retail industry revenue has grown at a positive CAGR during the period FY’2013-FY’2019. This growth was supported by rise in number of chronic diseases, low prices of generic drugs, rise in number of hospital based pharmacies, growth in OTC segment, urbanization and growth of middle class population. The customers in the market are highly price sensitive and rising operating cost, lack of stringent regulations, low per capita healthcare expenditure, and lack of infrastructure has resulted in low penetration of pharmacy retail in India.
The online pharmacy retail market is still in the nascent stage in the country and its popularity is increasing as it has increased the ease of accessibility to drugs for the customers. These companies majorly operate in Tier 1 and 2 cities. They operate on either marketplace model or inventory based model. The issues and challenges faced by the companies depend on the type of business model the company follows.
India Pharmacy Retail Market Segmentation
By Market Structure (Organized and Unorganized): Organized market consists of companies which own more than one retail store and the unorganized players consist of companies with not more than one retail store. Organized mainly include retail pharmacy chain such as Apollo pharmacy. The market is largely dominated by the unorganized players both in terms of revenue as well as number of stores.
By Type of Retail Format (Standalone and Hospital based Pharmacy): Hospital based pharmacies are those retail stores which are present in hospitals while standalone pharmacies can be present anywhere. In terms of number of stores, the market is highly dominated by the standalone pharmacies while in terms of revenue the market is segregated equally into standalone and hospital based pharmacies.
By Type of Product Categories (Prescribed Drugs, OTC Drugs and Non Pharmaceutical Goods): Prescribed drugs include those drugs which are sold only when they are prescribed by the doctors while OTC drugs can be sold even without prescriptions. Non pharmaceutical goods includes products like personal care products, skin care, body care, health food, nutritional supplements, and hygiene products such as hand wash, diapers and other FMCG goods. This segment is dominated by the prescribed drug followed by OTC dugs and Non-Pharmaceutical goods.
By Therapeutic Class (Anti-Infective, Cardiovascular, Gastro Intestinal, Anti Diabetic and Others): Anti infective have the highest market share in the market. It is swiftly followed by cardiovascular, Gastro Intestinal and Anti Diabetic segment.
Other major medicine categories include Vitamins, Minerals and Nutrients, Respiratory, Pain and Analgesics, Dermatology, Neuro, Gynecological and Others.
By Drug Category (Generic drug and Patented drug): The generic drugs have the lion’s share in the market. Generic drugs are further segmented into Generic-Generic and Branded Generic drugs.
By Region (South, West, North and East): Southern part of the country has the highest market share followed by West and North region. Eastern region has the lowest share in the market. Low per capita income in the eastern states is the key factor for such low demand in these states.
Competitive Landscape
India pharmacy retail market is highly fragmented. Apollo pharmacy is the market leader and has the highest market share in the pharmacy retail market in India on the basis of revenue in FY’2018. This was followed by Medplus, Emami Frank Ross, Fortis, Wellness Forever, Thulasi Pharmacy, Guardian Pharmacy and others. These players compete in the pharmacy retail market on the basis of retail space, reach to the customers, number of stores, shelf space and others.
Future Outlook
It is anticipated that revenue generated in Indian pharmacy retail market will increase at a positive CAGR during the period FY’2018 – FY’2025. In India, it is expected that with the growth of organized segment, the overall market will also grow. Standalone pharmacy will grow at the faster rate as compared to hospital based pharmacies. Among the product categories, OTC segment will grow at the fastest pace. The demand for patented drugs is expected to grow at much faster pace as compared to generic drugs in the future. Southern region is expected to retain its majority share, although north region is expected to grow at the fastest rate in the next seven years.
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