Ken Research announced its latest publication Thepharmacy retail market in India will continue to grow at a considerable pace in the next few
years with the proliferation of pharmacy retail stores in different regions across
the country especially in tier-2 and tier-3 cities, thus easing the access to pharmacy
retail products. The market is predicted to grow at a CAGR of 14.0% from FY’2016-FY’2020
and is expected to cross INR ~ billion by FY’2020. The future of the industry
is predicted to be driven by large investments by organized retailers and
technologically driven with the increase in adoption of Pharmacy Information
System (PIS) softwares. Many retailers have started utilizing smart devices to
provide alerts through SMS, keep customer data to assist in medications and
many more. Spurring investments to open up new retail stores, increase in penetration
in rural areas, and establishment of online pharmacy are a few of the trends witnessed
by the industry. The idea of organized pharmacy retail
chains is relatively new in the business and will observe a higher growth rate
in the future and widen its customer base coupled with expansion in their
market share. Key factors that
will drive growth of pharmacy retailing will include elevation in urbanization,
improvement in medical and health related awareness, increase in household
expenditure, and rising literacy rate.
With the augment in penetration of internet and
smartphones, the demand for online pharmacies would rise, resulting in rapid
expansion of online pharmacies. In addition to that, with the introduction of
new technologies such as telemedicine and e-prescriptions, it is likely that expenditure
on IT investments mainly on softwares such as PIS would further rise to
integrate billing and with the patient’s records across hospital based
pharmacies and standalone organized pharmacies.
“In the long run, the revenues pertaining to pharmacy
retail market are estimated to rise mainly from the OTC drugs and private label
goods segment. This market is predictable to grow fast as more number of organized
retailers is anticipated to enter the pharmacy retail market. Moreover, with an
increase in self-medication trend amongst the people, the sale of OTC drugs
will likely bolster in the next five years. The growth of this market in the
long run will be further infused by the transformation of organized pharmacy
retail stores to “wellness stores”. Hence, the market is expected to attain
revenues worth INR ~ billion by FY’2020”, according to the Research Analyst, Ken Research.
The report titled “India Pharmacy Retail Market Outlook
to 2020” provides detailed overview on the pharmacy retail market in India
and helps the readers to identify the ongoing trends in the industry and
anticipated growth in future depending upon the changing industry dynamics in
coming years. The report will help industry consultants, pharmacy retailers,
hospitals, entrepreneurs and other stakeholders to align their market centric
strategies according to ongoing and expected trends in the future.
Related Reports:
Contact:
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
