The latest report by IMARC, titled “India Pharmaceutical Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that India pharmaceutical market size reached US$ 42.1 Billion in 2021. 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.
We are regularly tracking the direct effect of COVID-19, along with the indirect influence of the associated industries. These observations will be integrated into the report.
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 value to reach US$ 88.6 Billion by 2027, expanding at a CAGR of 13.10% during the forecast period (2022-2027).
- 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 also been analyzed, along with detailed profiles of the key players operating in the industry.
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