Pharmacy retail market
New 61-page independent research titled ‘India Pharmacy Retail Market 2019’ ensures that you will stay better informed than your competition. The study covers the geographic analysis which includes regions and important players / suppliers such as Apollo Pharmacies Limited, Emami Frank Ross Limited, Global Healthline Private Limited, Medlife, MedPlus Health Services Private Limited, Netmeds Marketplace Limited, Noble Medichem Pvt Ltd . (Noble Plus), RWL Healthworld Limited (Fortis Health World), Wellness Forever Pharmacy, 91Streets Media Technologies Private Limited (PharmEasy). The research gives you a visual and unique breakdown of the key products, submarkets, and revenue forecasts of the market leaders of the market along with analysis up to 2022.
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The retail pharmacy market in India has experienced significant growth in recent years, due to favorable demographics and epidemiological transition. In terms of revenue, the retail pharmacy market in India was valued at INR 996.68 billion in 2016 and is expected to reach INR 2,330.20 billion by 2024, with a CAGR of 10.08% in the period 2019 -2024. The market is mainly occupied by unorganized local players. However, the unorganized sector is expected to face intense competition from organized players and online retailers.
Market segmentation based on retail channel:
On the basis of the retail channel, the market is segmented into organized sector, unorganized sector and online retail. The unorganized sector accounted for the largest market share (~ 93.00%) in 2018. The market share of the organized sector, which consists of licensed and registered players, is expected to increase steadily during the forecast period. The online retail segment is expected to grow at a CAGR of ~ 33.95% in the period 2019-2024, due to the country’s strong digital infrastructure.
Companies mentioned in the report
Apollo Pharmacies Limited, Emami Frank Ross Limited, Global Healthline Private Limited, Medlife, MedPlus Health Services Private Limited, Netmeds Marketplace Limited, Noble Medichem Pvt Ltd. (Noble Plus), RWL Healthworld Limited (Fortis Health World), Wellness Forever Pharmacy, 91Streets Media Technologies Private Limited (PharmEasy)
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Market segmentation according to the type of drug:
The generic drug segment dominated the retail pharmacy market in India, followed by the over-the-counter and patented drug segments. The low price of generic drugs attributed to its leading share. The over-the-counter drug segment is expected to be the second largest segment of the pharmacy retail market with a share of approximately 22.40% in 2024. The inclusion of various drugs in the over-the-counter drug category, associated a preference for self-medication is expected to drive the growth of the OTC segment. The market share of the patented drugs segment is expected to increase by 5.4% from 2018 to 2024, owing to the launch of various patented drugs in the Indian market.
Market segmentation according to the therapeutic area:
In terms of revenue, anti-infective was the largest therapeutic segment of the retail pharmacy market in India in 2018, followed by cardiac, gastrointestinal and anti-diabetic segments. The cardiac therapeutic segment is estimated to overtake the anti-infective segment during the forecast period. The cardiac segment is expected to account for a share of around 14.11% in 2024. The changing disease profile in the country and the increase in cases of chronic non-communicable diseases are expected to contribute to the growth of heart disease, antidiabetics, dermatological and neurological therapeutic segments.
Increased accessibility, affordability and epidemiological transition are expected to fuel the pharmacy retail market in India during the forecast period. The increase in per capita income and the penetration of health insurance coverage have enhanced the affordability of Indian consumers. A significant increase in the number of Indians covered by health insurance has helped propel consumer spending on pharmaceuticals.
With increasing public spending on health, pharmaceuticals have become more accessible, thus fueling the pharmacy retail market, especially in rural areas and Tier II cities. In addition, the launch of various patented drugs by international pharmaceutical companies has led to a gradual increase in sales of pharmaceuticals. Rising incidence of chronic diseases like hypertension, diabetes, cardiovascular disease and cancer, which require prolonged medication, is expected to further drive the growth of pharmacy retail market in India during the period of forecast.
The country’s weak economic growth, due to factors such as the agrarian crisis, retail inflation and the lack of fiscal incentives, has negatively impacted the profitability of the retail pharmacy market. The growth rate of the industrial production index (IIP) of the pharmaceutical industry has trended downward; the growth rate increased from 30.4% in 2017 to 1.6% in 2019. In addition, uncertainty over drug prices has posed a significant challenge in the retail pharmacy market by affecting the sentiments of investors. The implementation of the GST further burdened pharmacy retailers with limited inventory and consequently reduced profitability.
Emergence of online retailers
The e-pharmacy market in India has evolved from its nascent stage to a promising market with high potential for growth. The influx of investment and the rise in the number of Internet subscribers have helped shape the electronic pharmacy market in the country. Online players like Netmeds, 1mg, PharmEasy and MedLife have recently emerged in the pharmacy retail market in India. In addition to the major online players, various traditional offline businesses have expanded their retail business on the online platform to provide value-added services to customers.
• Apollo Pharmacies Limited
• Emami Frank Ross Limited
• Global Healthline Private Limited
• MedPlus Health Services Private Limited
• Netmeds Marketplace Limited
• Noble Medichem Pvt Ltd. (Noble Plus)
• RWL Healthworld Limited (Fortis Health World)
• the Wellness Forever pharmacy
• 91Streets Media Technologies Private Limited (PharmEasy)
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Chapter 1: Executive summary
Chapter 2: Socio-economic indicators
Chapter 3: Introduction
3.1. Market definition and structure
Chapter 4: Market Overview
4.1. India Pharmacy Retail Market – Overview
4.1.1. Market size and growth forecast
Chapter 5: Market segmentation
5.1. Retail pharmacy market in India
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