What is the Size of Indian Pharmaceutical Industry?
The latest report by IMARC Group, titled,“India Pharmaceutical Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The pharmaceutical industry growth rate in India is expected to exhibit at a CAGR of 13.01% during 2023-2028.
Indian Pharmaceutical Industry Overview:
A pharmaceutical refers to a drug that is used for the treatment of different forms of illness, such as flu, cardiovascular disease, sexually transmitted diseases (STDs), diabetes, Parkinson’s disease, and cancer. It aims to provide medical care to patients according to their characteristics and genetic makeup. It helps in enhancing the well-being of individuals and managing symptoms efficiently as compared to traditional methods. It is widely sold in the form of prescription drugs, including branded, generic, and over counter drugs. There has been a considerable rise in the sales of pharmaceuticals across India due to the easy availability of numerous pharmaceutical outlets.
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What is the Future of Pharmaceutical Industry in India?
The increasing prevalence of chronic disorders among the masses is driving the market in India. Moreover, the growing demand for pharmaceuticals during the coronavirus disease (COVID-19) in India to provide adequate medications and care to patients is also contributing to the market. Furthermore, the increasing investments by the government to support rapid drug discovery for improving health outcomes are providing a thrust to the demand for pharmaceuticals. In line with this, numerous major companies are developing specialty pharmaceutical drugs, including novel biologics and biosimilars, complex generics, and preventive medication, this is creating a positive market outlook. Additionally, the increasing investments in long-term and high-risk projects by various funding agencies are further strengthening the market.
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Indian Pharmaceutical Market Growth Factors:
The emergence of new technologies, including the widespread implementation of robotics and artificial intelligence (AI) to diagnose and manage diseases, are acting as growth-inducing factors. Furthermore, continuous improvements in healthcare infrastructure and extensive research and development (R&D) activities conducted by leading players to manufacture novel pharmaceuticals are major driving factors. Besides this, constant developments in the single-window system to streamline the drug development process and facilitate fast approvals of commercially viable projects are catalyzing the sales of pharmaceuticals across the country. Other factors, such as the rising geriatric population and the development of medical settings in rural and geographically extended locations, are also influencing the market across India.
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Key Market Segmentation:
Breakup by Type:
Metabolic Disorder Drugs
Musculoskeletal Disorder Drugs
Central Nervous System Drugs
Respiratory Diseases Drugs
Monoclonal Antibodies (MAbS)
Breakup by Nature:
Breakup by Region:
West and Central India
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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