India Pharmaceutical Market to Grow with a CAGR of 8.75% through 2030
Surge in research and development activities is
expected to drive the India Pharmaceutical Market growth in the forecast
period, 2026-2030.
According to TechSci Research report, “India
Pharmaceutical Market - By Region, Competition, Forecast &
Opportunities, 2030F”, the India Pharmaceutical Market stood at USD 65.20
Billion in 2024 and is anticipated to grow with a CAGR of 8.75% through 2030.
The Indian government has implemented a series of
strategic initiatives to bolster the pharmaceutical sector, aiming to improve
access to medications, promote research and development, and enhance the
overall efficiency of the industry. These initiatives reflect a comprehensive approach
to addressing both domestic healthcare needs and global market opportunities.
Launched under the Ayushman Bharat scheme, the Pradhan
Mantri Jan Arogya Yojana (PMJAY) is a flagship health insurance scheme aimed at
providing financial protection to economically disadvantaged families. The
initiative offers coverage of up to USD 0.006 Million per family per year for
secondary and tertiary hospital care. By ensuring coverage for a wide range of
treatments, including pharmaceuticals, PMJAY has significantly increased access
to essential medicines for millions of Indians.
The Free Drugs Service Initiative (FDSI), launched
under the National Health Mission (NHM), is designed to ensure the availability
of essential drugs at public healthcare facilities. The initiative includes
guidelines for the procurement of generic medicines at reduced prices and aims
to eliminate irrational and unscientific fixed-dose combinations. By providing
free essential medicines, the FDSI addresses the issue of accessibility and affordability
in public health facilities.
The Pharmaceuticals Research and Development Support
(PRDS) initiative is aimed at fostering innovation and supporting research in
the pharmaceutical sector. This program provides financial assistance and
incentives for research and development activities, focusing on the development
of new drugs, drug delivery systems, and biotechnology products. The PRDS
initiative encourages collaboration between industry and research institutions,
promoting the growth of cutting-edge pharmaceutical technologies.
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One of the key drivers behind the increase in R&D
activities is the quest for advanced drug development. Indian pharmaceutical
companies are not only enhancing their capabilities in traditional drug
development but also pioneering advancements in complex generics, biosimilars,
and specialty drugs. The development of biosimilars, for example, reflects
significant progress in biotechnology and represents a growing area of focus
within Indian R&D. These advancements are critical for addressing niche
medical needs and providing cost-effective treatment options for patients
globally.
Technological advancements play a pivotal role in
R&D, contributing to more efficient and effective drug discovery and
development processes. Indian pharmaceutical firms are adopting cutting-edge
technologies, such as artificial intelligence (AI), machine learning, and high-throughput
screening, to accelerate drug discovery and reduce time-to-market. These
technologies enable more precise targeting of diseases, improved prediction of
drug interactions, and streamlined clinical trial processes, all of which are
essential for maintaining competitiveness in the global market.
The focus on personalized medicine is another area of
significant R&D activity. Advances in genomics and biotechnology are
enabling the development of tailored treatments based on individual genetic
profiles. This shift towards personalized medicine promises to improve
treatment outcomes and patient satisfaction, positioning Indian pharmaceutical
companies at the forefront of innovation in global healthcare.
The India Pharmaceutical Market is segmented into type,
drug classification, mode of purchase, distribution channel, regional distribution,
and company.
Based on Type, Biologics have emerged as
the dominating segment in the India Pharmaceutical Market in 2024. The rapid
advancement in biotechnology has played a pivotal role in the rise of
biologics. Biologics, which include a wide range of products such as vaccines,
monoclonal antibodies, and gene therapies, are derived from living organisms
and offer innovative treatments for complex and chronic diseases. The Indian
pharmaceutical industry has embraced these technological advancements, leading
to a significant increase in the development and manufacturing of biologics.
Indian companies have made substantial investments in biotech research and
infrastructure, enhancing their capabilities to produce high-quality biologics.
The growing prevalence of chronic and
autoimmune diseases has also contributed to the prominence of biologics.
Conditions such as cancer, rheumatoid arthritis, and multiple sclerosis often
require advanced therapeutic approaches that biologics can provide. As India
experiences an increase in the incidence of such diseases, the demand for
biologic treatments has surged. This shift towards biologics is aligned with
the global trend of moving from traditional small-molecule drugs to more
targeted and personalized therapies.
Based on Region, North India have emerged as the fastest
growing region in the India Pharmaceutical Market in 2024. North India, with
its large and diverse population, is experiencing a significant increase in
healthcare needs. Rising prevalence of chronic diseases, lifestyle-related
health issues, and a growing awareness about health and wellness are driving
the demand for pharmaceuticals. This increased demand is pushing the growth of
the pharmaceutical sector in the region. The economic growth in North India, particularly in
states like Uttar Pradesh, Punjab, and Haryana, has been robust. Rapid
urbanization and rising incomes have led to greater access to healthcare
services and pharmaceuticals. As cities and towns expand, the need for
pharmaceutical products and services is growing, fueling market growth.
There has been significant investment in healthcare
infrastructure in North India. New hospitals, diagnostic centers, and
pharmacies are being established, enhancing the distribution and availability
of pharmaceutical products. This infrastructure development is crucial in
meeting the increasing demand for medicines and healthcare services. The Indian
government has implemented various policies and initiatives to promote the
growth of the pharmaceutical sector, including those specific to North India.
These policies include tax incentives, subsidies, and support for manufacturing
and research activities. Additionally, state governments in North India have
been proactive in creating a favorable environment for the pharmaceutical
industry.
Major companies operating in India Pharmaceutical
Market are:
- Sun Pharmaceutical Industries Limited
- Divis Laboratories Limited
- Cipla Limited
- Dr. Reddy’s Laboratories Limited
- Torrent Pharmaceutical Limited
- Zydus Lifesciences Limited
- Abbott India Limited
- Alkem Laboratories Limited
- Biocon Limited
- Lupin Limited
- Mankind Pharma Limited
- Intas Pharmaceuticals Limited
- Piramal Enterprises Limited
- Wockhardt Limited
- Glenmark Pharma Limited
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“One of the most promising applications of nanotechnology
in pharmaceuticals is in drug delivery systems. Nanoparticles can be engineered
to deliver drugs directly to targeted cells or tissues, increasing the efficacy
of the treatment while minimizing side effects. In India, research and development
are focusing on creating nanoparticles that can cross the blood-brain barrier,
which is crucial for treating neurological disorders. Many drugs suffer from
poor solubility and low bioavailability, which can limit their effectiveness.
Nanotechnology can address these issues by altering the physical and chemical
properties of the drugs. Nano-sized drug carriers, such as liposomes and solid
lipid nanoparticles, can enhance the solubility and absorption of poorly
soluble drugs, making treatments more effective”, said Mr. Karan Chechi,
Research Director of TechSci Research, a research-based management consulting
firm.
“India Pharmaceutical Market By Type
(Pharmaceutical Drugs (Gynecology Drugs, Respiratory Drugs, Dermatology Drugs,
Analgesic Drugs, Oncology Drugs, Others), Biologics (Monoclonal Antibodies
(MAbS), Therapeutic Proteins, Vaccines)), By Drug Classification (Branded
Drugs, Generic Drugs), By Mode of Purchase (Prescription-Based Drugs,
Over-the-counter Drugs), By Distribution Channel (Hospital Pharmacies, Retail
Pharmacies, Online Pharmacies), By Region, Competition, Forecast &
Opportunities, 2020-2030F”, has evaluated the future growth potential of India
Pharmaceutical Market and provides statistics & information on market size,
structure, and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in India Pharmaceutical Market.
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