India Pharmaceutical Market Anticipated to Reach US$ 163.1 Billion during 2024-2032 | IMARC Group

The latest report by IMARC Group, titled, "India Pharmaceutical Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032," the India pharmaceutical market size reached US$ 54.6 Billion in 2023. 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.

India Pharmaceutical Industry Trends:

The pharmaceutical market in India is majorly driven by an increasing demand for generic drugs. Generic drugs offer cost-effective alternatives to branded medications, making healthcare more accessible to the wider population. Additionally, the growing prevalence of chronic diseases such as diabetes and heart disease in the Indian population is escalating the demand for pharmaceutical products.

This trend is accompanied by rising healthcare awareness and higher healthcare spending. Along with this, government initiatives aimed at enhancing the healthcare sector, including policies favorable to pharmaceutical companies, are significant drivers of market growth. In addition, India's pharmaceutical market is witnessing a rise in investments in research and development (R&D). Therefore, the focus on developing innovative drugs and improving existing formulations is enhancing the market's potential. Another major trend is the increasing export of pharmaceutical products, with India being recognized as the 'pharmacy of the world' for its substantial contribution to the global supply of medicines. Moreover, the market is also adapting to the digital transformation in healthcare, with technological advancements such as telemedicine and e-pharmacy gaining traction, thereby expanding the reach of pharmaceutical products.

Apart from this, the COVID-19 pandemic underscored the importance of the pharmaceutical industry, with India playing a pivotal role in vaccine development and distribution. This is providing a boost to the market. Furthermore, the shift towards sustainable and eco-friendly manufacturing practices in the pharmaceutical sector is gaining momentum, aligning with global environmental concerns and consumer preferences for green products.

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India Pharmaceutical Market Overview:

The pharmaceutical industry is a critical sector that encompasses the discovery, development, production, and marketing of drugs licensed for use as medications. It primarily focuses on developing medications that can prevent or treat diseases and improve the quality of life. This industry covers a broad range of products, including prescription drugs, over-the-counter medications, vaccines, and biologics. These pharmaceutical products are typically classified based on their therapeutic application, such as antibiotics, antivirals, analgesics, and antiseptics, among others.

A key aspect of pharmaceutical products is their stringent regulation and testing protocols to ensure safety, efficacy, and quality. The advantages of pharmaceuticals are manifold, offering critical solutions to health challenges, enhancing patient health outcomes, and contributing significantly to the advancement of medical science. Their role in public health, particularly in managing chronic diseases and combating infectious diseases, is indispensable.

Explore the Full Report with Charts, Table of Contents, and List of Figures: https://www.imarcgroup.com/india-pharmaceutical-market

India Pharmaceutical Industry 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
• Reddy's Laboratories Ltd.
• GlaxoSmithKline Pharmaceuticals Limited (GSK plc)
• Lupin Limited
• Mankind Pharma Ltd.
• 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)

Breakup by Type:

• Pharmaceutical Drugs

o Cardiovascular Drugs
o Dermatology Drugs
o Gastrointestinal Drugs
o Genito-Urinary Drugs
o Hematology Drugs
o Anti-Infective Drugs
o Metabolic Disorder Drugs
o Musculoskeletal Disorder Drugs
o Central Nervous System Drugs
o Oncology Drugs
o Ophthalmology Drugs
o Respiratory Diseases Drugs

• Biologics

o Monoclonal Antibodies (MAbS)
o Therapeutic Proteins
o 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

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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.

This release was published on openPR.