Indian Pharmaceutical Market Size Likely to Expand at a CAGR of 9.48% By 2033

Indian Pharmaceutical Market size was valued at USD 59.63 Billion in 2022 and is expected to reach USD 129.49 Billion by 2032, at a CAGR of 9.48% during the forecast period 2023 – 2032.

Indian Pharmaceutical Market: Overview

The pharmaceutical industry involves discovering, developing, producing, and marketing pharmaceutical drugs for use as medications to be administered to patients, to cure and prevent diseases, or to alleviate symptoms.

The Indian Pharmaceuticals industry plays a prominent role in the global pharmaceuticals industry. Major segments of the Indian Pharmaceutical Industry include generic drugs, OTC medicines, bulk drugs, vaccines, contract research & manufacturing, biosimilars and biologics.

Various factors such as the growing geriatric population, increasing incidences of chronic diseases, increasing focus on healthcare, and supportive government policies such as Ayushman Bharat, and National Health Coverage, are driving the market growth during the forecast period. Indian pharmaceutical industry is supported by Production Linked Incentive Schemes to boost domestic manufacturing capacity, including high-value products across the global supply chain.

However, low penetration of pharmaceutical services in rural areas, and lack of healthcare infrastructure in many underdeveloped states are expected to restrain the market growth during the forecast period.

Factors, such as the rapidly expanding healthcare industry across India is expected to create lucrative opportunities for the market during the forecast period. State governments are heavily investing in healthcare infrastructure to provide healthcare coverage for all citizens and growing healthcare facilities in rural India are expected to create lucrative opportunities for the market during the forecast period.

Indian Pharmaceutical market is segmented by therapeutic category, by drug type, by distribution channel and by region. By therapeutic category, the market is sub segmented into anti-infectives, cardiovascular, gastrointestinal, anti-diabetic, respiratory, dermatologicals, musculo-skeletal system, nervous system and others.

Among all of these segments, Cardiovascular drug is expected to hold a significant market share during the forecast period owing to increasing incidences of cardiovascular diseases across India.

According to research conducted by the Global Burden of Disease study state age-standardized CVD death rate is 272 per 100000 population in India which is much higher than the global average of 235. CVDs strike Indians a decade earlier than the Western population.

By drug type, the Indian Pharmaceutical market is segmented into prescription drugs and OTC drugs. Among these segments, Prescription drugs held the highest market share in 2022 and are expected to keep their dominance during the forecast period. A prescription drug is a pharmaceutical drug that is permitted to be dispensed only to those with a medical prescription.

By Region, the market is segmented into North India, South India, West India, and East India. Among all of these South India held a significant market share of Indian Pharmaceutical Market in 2022 and is expected to grow at a significant pace during the forecast period. States like Karnataka, Telangana, Andhra Pradesh, and Kerala are playing a major role in the growth of this region.

Report Scope

Custom Market Insights has comprehensively analyzed India Pharmaceutical market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict depth scenarios of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this India Pharmaceutical industry.

The competitive landscape includes key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.

List of the prominent players in the Indian Pharmaceutical Market:

• Abbott
• Aurobindo Pharma Limited
• Biocon Limited
• Cadila Pharmaceuticals
• Cipla Inc.
• Divi’s Laboratories.
• Reddy’s Laboratories Ltd.
• Emcure Pharmaceuticals
• Entod Pharmaceuticals
• Glenmark Pharmaceuticals Ltd. (Glenmark)
• GlaxoSmithKline plc
• Lupin Limited
• Mankind Pharma
• Merck & Co., Inc.
• Novartis AG
• Pfizer Inc
• Sun Pharmaceutical Industries Ltd.
• Torrent Pharma.
• Others

These key players are adopting various organic and inorganic growth strategies such as mergers & acquisitions, joint ventures, collaborations, expansion, strategic alliances, new product launches, etc. to enhance their product portfolio and business operations.

The Indian Pharmaceutical Market is segmented as follows:

By Therapeutic Category

• Anti-Infectives
• Cardiovascular
• Gastrointestinal
• Anti-Diabetic
• Respiratory
• Dermatologicals
• Musculo-Skeletal System
• Nervous System
• Others

By Drug Type

• Prescription Drug
• OTC Drug

By Distribution Channel

• Online
• Offline