Pharmacies - India

  • India
  • The revenue in the Pharmacies market in India is projected to reach ₹US$41.78bn in 2024.
  • It is expected to show an annual growth rate (CAGR 2024-2029) of 4.92%, resulting in a market volume of ₹US$53.13bn by 2029.
  • In global comparison, United States is expected to generate the highest revenue of US$387.30bn in 2024.
  • In relation to the total population figures, per person revenues of ₹US$28.98 are generated in 2024.
  • India's pharmacy market is witnessing a surge in demand for Ayurvedic and herbal medicines.

Key regions: United States, China, Germany, Japan, Europe

 
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Analyst Opinion

India is experiencing significant growth in its Pharmacies market. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this development.

Customer preferences:
Customers in India are increasingly relying on pharmacies for their healthcare needs. This is driven by several factors. Firstly, the convenience of accessing a wide range of medications and healthcare products in one location is appealing to consumers. Additionally, pharmacies often offer personalized advice and consultation services, which customers find valuable in managing their health. Lastly, the affordability of medications and healthcare products at pharmacies compared to hospitals or clinics makes them a popular choice for many Indians.

Trends in the market:
One of the key trends in the Indian Pharmacies market is the shift towards online pharmacies. With the increasing penetration of smartphones and internet access, more customers are opting to purchase medications and healthcare products online. This trend is driven by the convenience of doorstep delivery and the ability to compare prices and avail discounts. Online pharmacies also offer a wider range of products compared to traditional brick-and-mortar pharmacies, further attracting customers. Another trend in the market is the expansion of pharmacy chains. Large pharmacy chains are rapidly expanding their presence across India, particularly in urban areas. This trend is driven by the need to cater to the growing demand for healthcare products and services. Pharmacy chains offer a standardized shopping experience, consistent availability of products, and often provide additional services such as diagnostic tests and health check-ups.

Local special circumstances:
India's large population and diverse healthcare needs contribute to the growth of the Pharmacies market. The country has a high burden of chronic diseases such as diabetes, cardiovascular diseases, and respiratory conditions. This creates a significant demand for medications and healthcare products, which pharmacies are well-positioned to fulfill. Additionally, the increasing awareness and focus on preventive healthcare in India further drive the demand for pharmacy services.

Underlying macroeconomic factors:
Several macroeconomic factors contribute to the growth of the Pharmacies market in India. Firstly, the country's rising middle class and increasing disposable income levels enable more people to afford healthcare products and services. This leads to higher demand for pharmacies. Secondly, the government's focus on expanding healthcare access and improving healthcare infrastructure also supports the growth of the Pharmacies market. Initiatives such as the National Health Protection Scheme and the establishment of more primary healthcare centers create opportunities for pharmacies to serve a larger customer base. In conclusion, the Pharmacies market in India is experiencing significant growth due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The convenience, affordability, and personalized services offered by pharmacies appeal to customers. The shift towards online pharmacies and the expansion of pharmacy chains are key trends in the market. India's large population, diverse healthcare needs, rising middle class, and government initiatives also contribute to the growth of the Pharmacies market.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.

Overview

  • Revenue
  • Users
  • Volume
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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