ePharmacy market to grow up to 10-15% by 2025
• India is searching for online medicine apps more than any other country, out of Google Trends, which is Google's analytical platform and a dominant internet search engine. After India, UAE, Nepal, and Pakistan are the countries in the rank list who are looking for the medicines and healthcare service platforms online. • As per Google Trends' data, India is among the top five countries searching online medical apps. Some commonly search terms are 'buy online medicine', 'medical app', 'buy medicines' among others.
• “With the increasing concern about lifestyle diseases and some particular infection, access to essential medical services is turning into a challenge because of inadequate infrastructure and assets, mainly because of the lack of smart logistics management and data management. But on the other hand, the population is getting more educated and demanding helpful ways to get healthcare services, ”said at India-based pharmacy store development service provider. "The insights at Google Trend help motivate all stakeholders in the Indian healthcare ecosystem to put in an aggregate effort to accomplish more extensive appropriation of pharmacy app in India," he added.
• The estimated size of the ePharmacy market in India is Rs 1,000 crore which is just 1 percent of the traditional Indian pharma market. It is estimated that by 2025 it may grow to 1015 percent of the total size. According to Frost & Sullivan in a recent white paper on e-pharmacies in India - the market in India is estimated to be around $ 512 million (~ 3,500 crores) in 2018 and is estimated to grow at a CAGR of 63% to reach the US $ 3,657 million (~ Rs.25,000 crore) by 2022. The report further reveals that although the e-pharmacy segment is at its nascent stage in India, it has the potential to grow to a very large industry segment in the near future.
• Further, on analyzing Indian states for the same search term, it is observed West Bengal, Haryana, Delhi, Jharkhand, and Odisha have been the top five states where people have googled for online medicines and medical apps. “The statistics show that more and more Indians are accessing the internet and that too on their smartphones. This notable and gradual change in behavior is an important factor for mHealth adoption. Free of cost accessibility of pharmacy apps can possibly make a difference, ”said Pharmacy store development service provider.
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