Industry Overview:

The latest report by IMARC Group, titled, “India Pharmaceutical Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,”offers a comprehensive analysis of the industry, which comprises insights on the India Pharmaceutical Market size 2023. The report also includes competitor and regional analysis, and contemporary advancements in the market. The Indian pharmaceutical market size reached US$ 48.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 102.7 Billion by 2028, exhibiting a growth rate (CAGR) of 13.01% during 2023-2028. A pharmaceutical refers to a drug that is used for the treatment of different forms of illness, such as flu, cardiovascular disease, sexually transmitted diseases (STDs), diabetes, Parkinson’s disease, and cancer. It aims to provide medical care to patients according to their characteristics and genetic makeup. It helps in enhancing the well-being of individuals and managing symptoms efficiently as compared to traditional methods.  It is widely sold in the form of prescription drugs, including branded, generic and over counter drugs. There has been a considerable rise in the sales of pharmaceuticals across India due to the easy availability of numerous pharmaceuticals.

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Industry Growth:

The increasing prevalence of chronic disorders among the masses is driving the market in India. Moreover, the growing demand for pharmaceuticals during the coronavirus disease (COVID-19) in India to provide adequate medications and care to patients is also contributing to the market. Furthermore, the increasing investments by the government to support rapid drug discovery for improving health outcomes are providing a thrust to the demand for pharmaceuticals. In line with this, numerous major companies are developing specialty pharmaceutical drugs, such as novel biologics and biosimilars, complex generics, and preventive medication, this is creating a positive market outlook. Additionally, the increasing investments in long-term and high-risk projects by various funding agencies are further strengthening the market.

The emergence of new technologies, including the widespread implementation of robotics and artificial intelligence (AI) to diagnose and manage diseases, are acting as growth-inducing factors. Furthermore, continuous improvements in medical infrastructure and extensive research and development (R&D) activities conducted by leading players to manufacture novel pharmaceuticals are major driving factors. Besides this, constant developments in the single-window system to streamline the drug development process and facilitate fast approvals of commercially viable projects are catalyzing the sales of pharmaceuticals across the country. Other factors, such as the rising geriatric population and the development of medical settings in rural and geographically extended location, are also influencing the market across India.

India Pharmaceutical Market 2023-2028 Analysis and Segmentation:

Competitive Landscape with Key Players:

• Abbott India Limited (Abbott Laboratories)
• Aurobindo Pharma Limited
• Biocon Limited
• Cadila Pharmaceuticals Limited (CPL)
• Cipla Limited
• Divi’s Laboratories Limited
• Dr. Reddy’s Laboratories Ltd.
• GlaxoSmithKline Pharmaceuticals Limited (GSK plc)
• Lupin Limited
• Mankind Pharma Ltd.
• E. Merck India Private Limited
• Novartis India Limited (Novartis AG)
• Pfizer Healthcare India Pvt. Ltd. (Pfizer Inc.)
• Sun Pharmaceutical Industries Ltd.
• Torrent Pharmaceuticals Ltd. (Torrent Group)

Also Read Full Blog:  Top Pharmaceutical Companies in India 2023

Breakup by Type:

• 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

Breakup by Nature:

• Organic
• Conventional

Breakup by Region:

• North India
• West and Central India
• South India
• East India

 

Key Highlights of the Report:

• Market Performance
• Market Outlook 
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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1. India Pharmaceutical Market