As per MRFR analysis, the India Pharmaceuticals Industry Market Size was estimated at 55.97 (USD Billion) in 2023. The India Pharmaceuticals Industry Market Industry is expected to grow from 62.14 (USD Billion) in 2024 to 132.72 (USD Billion) by 2032. The Market CAGR (growth rate) is expected to be around 8.80% during the forecast period (2024 - 2032). Rising rates of chronic illnesses and rising pharmaceutical product demand are the main market drivers anticipated to propel the pharmaceuticals industry market in India.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
A respiratory ailment is one that affects the lungs and respiratory tract. Infections, tobacco use, smoking, radon, asbestos, passive smoking, and other types of air pollution all contribute to these disorders. Lung cancer, pulmonary fibrosis, pneumonia, asthma, and chronic obstructive pulmonary disease (COPD) are among the common respiratory illnesses.
Because air pollution is increasing and respiratory ailments are becoming more common, as well as ongoing research and development in the field and the introduction of new products into the Indian market, it is projected that the respiratory segment will grow at a substantial rate over the course of the forecast period. The Indian pharmaceutical industry has a long history of creating and exporting top-notch goods at competitive prices to customers all over the world.
India possesses the highest number of US FDA-approved units (741 as of August 2021) according to IBEF statistics revised in June 2022. Pharmaceutical firms based in India provide products in several categories, including over-the-counter (OTC) medications, vaccines, active pharmaceutical ingredients (APIs), contract research and manufacture, biosimilars, and biologics.
Furthermore, the pharmaceutical sector is significantly shaped by government laws and regulations. The dynamics and growth trajectory of the industry are affected by policies pertaining to drug approvals, pricing, intellectual property rights, and foreign direct investment (FDI). India has a sizable middle class with rising purchasing power, significant healthcare requirements, and a vast population. Due to the large market this generates for pharmaceutical goods and services, there is a need for them and room for expansion.
India has a competitive edge over many other nations in the production of generic medications and the execution of clinical trials at a reduced cost due to its competent workforce and cost-effective manufacturing capabilities. Pharmaceutical firms, both domestic and international, invest in research and development (R&D) to foster creativity, develop new products, and enhance technology, which drives the market CAGR. For instance, as per the IBEF, the pharmaceutical and drug exports for the years 2021–22 amounted to USD 24.6 billion, while for the years 2020–21 they were USD 24.4 billion. Approval times for new facilities have been shortened in order to attract investment.
The India Pharmaceuticals Industry market segmentation, based on Therapeutic Category includes Anti-Infectives, Cardiovascular, Gastrointestinal, Anti Diabetic, Respiratory, Dermatological, Musculo-Skeletal System, Nervous System, and Others. The cardiovascular segment dominated the market mostly. Because pharmaceuticals classified as cardiovascular meds mostly affect the heart or blood arteries. They are used to treat heart and circulation-related ailments. Examples include antiarrhythmics.
The India Pharmaceuticals Industry market segmentation, based on Drug Type, includes Prescription Drug and OTC Drugs. The OTC drugs category generated the most income. This is because over-the-counter medications are those that do not require a prescription to purchase and are typically safe to use without a doctor's supervision. Usually, they are used to treat mild illnesses and symptoms. Acetaminophen and diphenhydramine are two examples.
Figure 1: India Pharmaceuticals Industry Market, by Drug Type, 2022 & 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
India has a large population, which generates a sizable home market for pharmaceuticals. The rise of the domestic market is facilitated by the growing middle class and rising awareness of healthcare issues. A number of variables, including lower labor costs, relatively cheap raw materials, and a supportive regulatory environment, give India a competitive edge when it comes to manufacturing prices. In comparison to many other nations, this enables Indian pharmaceutical companies to develop pharmaceuticals at reduced costs. India is becoming a top choice for businesses globally looking to outsource their pharmaceutical research and production operations. For multinational pharmaceutical companies trying to cut production costs, its highly qualified workforce, cutting-edge infrastructure, and affordable services make it a desirable choice. India has a thriving generic medication market that creates reasonably priced substitutes.
Leading market players are putting a lot of money in R&D to increase the range of products they sell, which will support further growth in the Indian pharmaceutical industry. Additionally, market players are engaging in a range of calculated actions to increase their presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To expand and survive in a more competitive and rising market climate, India Pharmaceuticals industry must offer cost-effective items.
Major players in the India Pharmaceuticals Industry market are attempting to increase market demand by investing in research and development operations includes GlaxoSmithKline plc6., Biocon Limited6., Pfizer Inc6., Novartis AG6., Merck & Co., Inc., Torrent Pharma., Divi's Laboratories, Aurobindo Pharma Limited, Mankind Pharma, Abbott.
February 2022: The single-shot Sputnik Light vaccine has been licensed by the Drugs Controller General of India (DCGI) for restricted use in an emergency in India, according to a statement released by Dr. Reddy's Laboratories Ltd.
November 2021: The UK Medicines and Healthcare Products Regulatory Agency (MHRA) approved Molnupiravir, the first oral antiviral, for the treatment of mild-to-moderate COVID-19 in patients who are at high risk of developing severe illness. Cipla Limited was granted EUA authorization by the DCGI to introduce Molnupiravir in India.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 55.97 Billion |
| Market Size 2024 | USD 62.14 Billion |
| Market Size 2032 | USD 132.72 Billion |
| Compound Annual Growth Rate (CAGR) | 8.80% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Therapeutic Category, Drug Type, and Region |
| Countries Covered | India |
| Key Companies Profiled | GlaxoSmithKline plc6., Biocon Limited6., Pfizer Inc6., Novartis AG6., Merck & Co., Inc., Torrent Pharma., Divi's Laboratories, Aurobindo Pharma Limited, Mankind Pharma, Abbott |
| Key Market Opportunities | · Increasing prevalence of chronic diseases · Rise the demand for pharmaceutical products |
| Key Market Dynamics | · Rising healthcare expenditures contribute to the demand for innovative pharmaceutical solutions · Rising incomes, expanding middle-class populations, and increasing access to healthcare |
Frequently Asked Questions (FAQ) :
The India Pharmaceuticals Industry market size was valued at USD 55.97 Billion in 2023.
Throughout the predicted period of 2023–2032, the market is expected to develop at a CAGR of 8.80%.
The key players in the market are GlaxoSmithKline plc6., Biocon Limited6., Pfizer Inc6., Novartis AG6., Merck & Co., Inc., Torrent Pharma., Divi's Laboratories, Aurobindo Pharma Limited, Mankind Pharma, Abbott.
The Cardiovascular category dominated the market in 2022.
The OTC Drugs had the largest share in the market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
