Are you currently looking into venturing or investing into the epharmacy market of India? Are you looking for concrete details on the current status of e-pharmacy market? In this article, Hospaccx Healthcare Consultancy brings to you the latest bits of Information on E-pharmacy market in current Healthcare Systems.
INTRODUCTION
E-pharmacy, an innovative concept driven by technology, is reshaping the way pharmaceutical services are delivered. With the increasing penetration of smartphones and internet connectivity, e-pharmacy platforms have gained significant popularity in India. These platforms provide patients with convenient access to a wide range of medications, healthcare products, and professional guidance, all from the comfort of their homes. The growth of e-pharmacy is in line with the country’s increasing adoption of telemedicine, as reported, where India ranks 2nd among developing nations. This surge in technology-enabled healthcare solutions is revolutionizing the way patients access medications, fostering greater convenience, efficiency and accessibility in the healthcare ecosystem. Currently, there are nearly 50 crore users of m-health application in India and is estimated to reach 70 crore by 2030.
E-PHARMACY MARKET SIZE IN INDIA FY 2022-23
MAJOR PLAYERS IN INDIA
- Tata -1MG
Tata 1mg, launched in 2015, is a Gurugram-based online healthcare platform with 26+ crore downloads. It has tie-ups with 22+ specialists. The platform offers delivery within 90 minutes/4-5 hours/24-48 hours.
- Practo
Practo, launched in 2014 and based in Bengaluru, is a healthcare platform with 30 crore+ downloads. It has tie-ups with 70,000 clinics & hospitals, 1 lakh doctors & 22+ specialists. The platform offers delivery within 24-48 hours in metro cities and 3-5 days in non-metro cities.
- Pharmeasy
PharmEasy, based in Mumbai and launched in 2015, the platform have over 7.5 crore+ downloads. It has tie-ups with 50+ hospitals specializing in surgery care and over 100 doctors in the same field. The platform offers delivery within 4-5 hours/24-48 hours/1-7 days.
- Apollo 24/7
Apollo 24/7, based in Hyderabad and launched in 2020, is a healthcare platform with over 2 crore+ downloads. It has tie-ups with 70 hospitals, 4000+ doctors, and 100+ specialists. The platform offers delivery within 2 hours to 8 days.
- Netmeds
Netmeds, launched in 2015 and based in Chennai. The application have over 4 crore+ downloads. It has tie-ups with 36+ specialists, offering customers a diverse range of healthcare services. The platform ensures timely delivery with an estimated time of 24-48 hours in metro cities and 72 hours in non-metro cities.
- Flipkart Sasatasundar
Flipkart Sastasundar, based in Bengaluru and launched in 2013, with over 1 crore+ downloads. The platform ensures timely delivery, with an estimated time of 24-48 hours in metro cities and 72 hours to maximum 7 days in non-metro cities.
- Medibuddy
Launched in 2014, this application has garnered over 70 lakh downloads.The estimated delivery time ranges from a minimum of 48-72 hours to a maximum of 7 days.
MARKET GROWTH FACTORS
ANTICIPATED SURGE IN USER GROWTH BY 2030
CONCLUSION
E-pharmacies provide a cost-effective and convenient solution for purchasing medicines. Some epharmacies have expanded their reach to serve nearly 90% of pin codes in India, with distribution times in remote areas varying between 7-10 days. As India’s e-pharmacy market is projected to reach 10%-12% of overall pharmaceutical sales in the next five years, stakeholders in the value chain can benefit from the strong regulations, increased funding, and digital infrastructure.
Above is the superficial and macro level study for in-depth market and financial feasibility studies or any other healthcare-related research needs, please feel free to reach out to us at +91-8655170700 or email us at hospaccx.india@gmail.com . Our team is equipped to provide comprehensive and detailed insights tailored to your specific requirements.