India Pharmaceutical Market to Grow at 12.3% During 2024-2032, Propelled by the Sudden Outbreak of the Coronavirus Disease Across the Nation

September 30, 2022 | Healthcare

The latest report by IMARC, titled “India Pharmaceutical Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, finds that India pharmaceutical market size reached US$ 54.6 Billion in 2023. Pharmaceutical refers to a substance or drug used to diagnose, treat, or prevent diseases to restore, correct, or modify organic functions. It is used to treat illnesses, including Parkinson’s disease, cardiovascular disease, sexually transmitted diseases (STDs), and cancer. In recent years, the pharmaceutical industry has grown exponentially due to the rising demand for pain management and acute therapies, such as gastro and respiratory.

India Pharmaceutical Market Trends:

One of the primary factors driving the market is the sudden outbreak of the coronavirus disease (COVID-19), across the nation. Additionally, the extensive utilization of intelligent automation in the pharmaceutical industry to diagnose and manage diseases is creating a positive market outlook. Other than this, the industry is positively influenced by the introduction of single-window system to streamline drug development procedures and assist in fast approvals of commercially viable projects. Besides this, the increasing aging population has led to a rise in the number of individuals diagnosed with chronic illnesses, such as rheumatoid arthritis, hypertension, cancer, and diabetes. In line with this, the pharmaceutical industry has expanded exponentially across the country by developing cost-effective, new technologies and more efficient manufacturing techniques. Furthermore, extensive research and development (R&D) activities performed by the Government of India to support rapid drug discovery for better health outcomes are creating lucrative growth opportunities for key players operating in the industry. Other growth-inducing factors are expanding income levels, improving medical infrastructure, lower manufacturing costs, a highly skilled workforce, and enhanced marketing and distribution system. Looking forward, IMARC Group expects the market to reach US$ 163.1 Billion by 2032, exhibiting a growth rate (CAGR) of 12.3% during 2024-2032.

Market Summary:

Based on the type, the market has been divided into pharmaceutical (cardiovascular, dermatology, gastrointestinal, genito-urinary, hematology, anti-infective, metabolic disorder, musculoskeletal disorder, central nervous system, oncology, ophthalmology, and respiratory disease drugs), and biologics (monoclonal antibodies (MAbS), therapeutic proteins, and vaccines).
On the basis of the nature, the market has been bifurcated into organic and conventional.
Region-wise, the market has been classified into North India, West and Central India, South India, and East India.
The competitive landscape of the market has been examined, with some of the key players being 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. and Torrent Pharmaceuticals Ltd. (Torrent Group).

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Scope of the Report	Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: Type Nature Region
Types Covered	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
Natures Covered	Organic, Conventional
Regions Covered	North India, West and Central India, South India, East India
Companies Covered	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) etc.
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India Pharmaceutical Market to Grow at 12.3% During 2024-2032, Propelled by the Sudden Outbreak of the Coronavirus Disease Across the Nation

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