India Pharmaceutical Market Overview
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 12.3% (2024-2032)
With a strong domestic market and a robust export-oriented manufacturing base, India’s pharmaceutical industry is poised for continued growth. According to the latest report by IMARC Group, The India pharmaceutical market size reached US$ 54.6 Billion in 2023. Looking forward, the market to reach US$ 163.1 Billion by 2032, exhibiting a growth rate (CAGR) of 12.3% during 2024-2032.
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India Pharmaceutical Industry Trends and Drivers:
The India pharmaceutical market is expanding rapidly, driven by several interconnected factors. Besides this, the rising incidence of chronic illnesses, including diabetes, cancer, and cardiovascular problems, is one of the main reasons since it has increased the need for a variety of drugs. Meanwhile, the efforts of the government bodies to improve healthcare accessibility and affordability through initiatives like the Ayushman Bharat program have further bolstered the growth of the India pharmaceutical market. Additionally, the rising health awareness among the population, coupled with increasing insurance penetration, has led to a greater demand for both generic and specialized medicines. In line with these factors, India’s role as a major player in the global supply chain, producing affordable drugs, especially generic versions, makes it a critical player in international markets.
Another significant trend shaping the India pharmaceutical market is the growing focus on innovation and research. Furthermore, pharmaceutical companies are investing heavily in developing new drugs, particularly in biopharmaceuticals, vaccines, and advanced therapies. In addition to these factors, the adoption of digital technologies, including AI and big data analytics, is also enhancing drug discovery, and streamlining clinical trials. Moreover, the COVID-19 pandemic has accelerated the development of domestic manufacturing capabilities for vaccines and essential drugs, reducing dependency on imports. This growth is supported by government policies that encourage research and development, coupled with increasing collaborations between domestic and global pharmaceutical firms, which is expected to sustain the market’s expansion. Consequently, the convergence of these factors is anticipated to propel the growth of the India pharmaceutical market over the coming years.
Our comprehensive India pharmaceutical market outlook reflects both short-term tactical and long-term strategic planning. This analysis is essential for stakeholders aiming to navigate the complexities of the market and capitalize on emerging opportunities.
India Pharmaceutical Industry Segmentation:
The report has segmented the market into the following categories:
Breakup by Type:
- Pharmaceutical Drugs
- Cardiovascular Drugs
- Dermatology Drugs
- Gastrointestinal Drugs
- Genito-Urinary Drugs
- Hematology Drugs
- Anti-Infective Drugs
- Metabolic Disorder Drugs
- Musculoskeletal Disorder Drugs
- Central Nervous System Drugs
- Oncology Drugs
- Ophthalmology Drugs
- Respiratory Diseases Drugs
- Biologics
- Monoclonal Antibodies (MAbS)
- Therapeutic Proteins
- Vaccines
Breakup by Nature:
- Organic
- Conventional
Breakup by Region:
- North India
- West and Central India
- South India
- East India
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Abbott India Ltd (Abbott Laboratories)
- Aurobindo Pharma Limited
- Biocon Limited
- Cadila Pharmaceuticals Ltd.
- Cipla Ltd.
- Divi’s Laboratories Limited
- Dr. Reddy’s Laboratories Ltd.
- GlaxoSmithKline Pharmaceuticals Limited (GSK plc)
- Lupin Limited
- Mankind Pharma
- Merck Life Science Private Limited (Merck KGaA)
- Novartis India Limited (Novartis AG)
- Pfizer Healthcare India Pvt. Ltd. (Pfizer Inc.)
- Procter & Gamble Health Limited (The Procter & Gamble Company)
- Sun Pharmaceutical Industries Ltd.
- Torrent Pharmaceuticals Ltd. (Torrent Group)
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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