The increasing prevalence of chronic diseases is expected to drive the growth of India Pharmaceutical in the forecast period, 2024-2028.
According to TechSci Research report, “India Pharmaceutical Market – By Region, Competition Forecast and Opportunities, 2018”, the India Pharmaceutical market is anticipated to grow at an impressive rate in the forecast period, 2024-2028. This can be ascribed to the increasing growth of the country’s economy along with the increasing penetration of health insurance, to push expenditure on healthcare and medicine in India. Additionally, growing development in the medical field along with growing awareness people about new diagnoses for chronic diseases in the healthcare industry, increase is expected to create lucrative opportunities for market growth in coming years. Besides, increasing the initiative by major key players for the development of new technology is further expected to support market growth. However, increasing the export of generic medicine and growing research and development activities for novel drugs will further boost the market growth in the forecast period. Also, the rising burden of respiratory diseases because of air pollution will further enhance the demand for India Pharmaceutical Market during the forecast period.
However, increasing pricing-related issues and policy of the approvals for developing the new drugs along with the lack in the development of innovative drugs may hamper the growth of the market during the forecast period. Similarly, increasing side effects of using novel drugs and vaccines along with a dearth of skilled professionals may hamper the India Pharmaceutical market growth during the forecast period. Also, negative impact on the use of New Devices and the therapies in the developing region can further restrict the growth of the India Pharmaceutical market.
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The India Pharmaceutical market can be segmented by type, drug classification, mode of purchase, distribution channel, and region.
Based on Type, the India Pharmaceutical market can be divided into Pharmaceutical Drugs and Biologics. The Pharmaceutical drugs segment dominated the market in 2022 and is expected to continue maintaining its dominance throughout the forecast period. This can be ascribed to the increasing number of pharmaceutical companies across the country, focusing on developing new drugs to fight chronic diseases like Influenza, and COVID-19 along with increasing demand for personalized medicine.
Based on the Mode of Purchase, the market can be divided into Prescription-Based Drugs and Over-the-counter Drugs. The prescription-based drugs are expected to dominate during the forecast period on account of the increasing prevalence of chronic diseases like pulmonary fibrosis, lung cancer, and pneumonia along with increasing air pollution, combined with the increasing research and development activities in the healthcare sector.
Major companies operating in the India Pharmaceuticals market are:
- Sun Pharmaceutical Industries Limited
- Divis Laboratories Limited
- Cipla Limited
- Dr. Reddy’s Laboratories Limited
- Torrent Pharmaceutical Limited
- Zydus Lifesciences Limited
- Abbott India Limited
- Alkem Laboratories Limited
- Biocon Limited
- Lupin Limited
- Mankind Pharma Limited
- Intas Pharmaceuticals Limited
- Piramal Enterprises Limited
- Wockhardt Limited
- Glenmark Pharma Limited
For instance, in May 2021, under Atmanirbhar Bharat 3.0 Mission COVID Suraksha, the Government of India, accelerated the development and production of indigenous COVID vaccines, particularly “COVAXIN”
India is the largest vaccine supplier which contributes 40 to 70 percent of the WHO demand for Diphtheria, Tetanus and Pertussis (DPT) as well as Bacillus Calmette–Guérin (BCG), and 90 percent of the World Health Organisation (WHO) demand for the Measles vaccines in the world by volume.
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“South India is expected to dominate in the India Pharmaceuticals market on account due to the increasing prevalence of breast cancer across the region along with growing large research and development expenditure in breast cancer medicines. Furthermore, increasing investments by government organizations and major key players in the healthcare sector developing healthcare infrastructure as well as the development of new drugs across the country is expected to boost the growth of the market during the forecast period. Similarly, the increasing patient population along with the growing aging population is expected to create lucrative growth during the forecast period. Additionally, increasing awareness about new drugs and therapies among the population and healthcare providers are further expected to drive the Indian pharmaceuticals Market during the forecast period. Besides, growing favorable government reimbursement policies for the treatment of chronic diseases and increasing demand for generic drugs across the region are further expected to create lucrative opportunities for market growth” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Pharmaceuticals Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Type (Pharmaceutical Drugs v/s Biologics), By Drug Classification (Branded Drugs v/s Generic Drugs), By Mode of Purchase (Prescription-Based Drugs v/s Over-the-counter Drugs), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies) and By Region”, has evaluated the future growth potential of India Pharmaceuticals market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India Pharmaceuticals market.