India Pharmaceutical Market to be dominated by Pharmaceutical Drugs type through 2028
The increasing
prevalence of chronic diseases is expected to drive the growth of India
Pharmaceutical in the forecast period, 2024-2028.
According to
TechSci Research report, “India Pharmaceutical Market - By Region, Competition
Forecast and Opportunities, 2018”, the India Pharmaceutical market is
anticipated to grow at an impressive rate in the forecast period, 2024-2028.
This can be ascribed to the increasing growth of the country’s economy along
with the increasing penetration of health insurance, to push expenditure on
healthcare and medicine in India. Additionally, growing development in the
medical field along with growing awareness people about new diagnoses for
chronic diseases in the healthcare industry, increase is expected to create
lucrative opportunities for market growth in coming years. Besides, increasing
the initiative by major key players for the development of new technology is
further expected to support market growth. However, increasing the export of
generic medicine and growing research and development activities for novel
drugs will further boost the market growth in the forecast period. Also, the
rising burden of respiratory diseases because of air pollution will further
enhance the demand for India Pharmaceutical Market during the forecast period.
However,
increasing pricing-related issues and policy of the approvals for developing
the new drugs along with the lack in the
development of innovative drugs may hamper the growth of the market during the
forecast period. Similarly, increasing side effects of using novel drugs and
vaccines along with a dearth of skilled professionals may hamper the India
Pharmaceutical market growth during the forecast period. Also, negative impact
on the use of New Devices and the therapies in the developing region can
further restrict the growth of the India Pharmaceutical market.
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market data Figures spread through 110 Pages and an in-depth TOC on "India Pharmaceutical Market"
The India
Pharmaceutical market can be segmented by type, drug classification, mode of
purchase, distribution channel, and region.
Based on Type,
the India Pharmaceutical market can be divided into Pharmaceutical Drugs and
Biologics. The Pharmaceutical drugs segment dominated the market in 2022 and is
expected to continue maintaining its dominance throughout the forecast period.
This can be ascribed to the increasing number of pharmaceutical companies
across the country, focusing on developing new drugs to fight chronic diseases
like Influenza, and COVID-19 along with increasing demand for personalized
medicine.
Based on the
Mode of Purchase, the market can be divided into Prescription-Based Drugs and
Over-the-counter Drugs. The prescription-based drugs are expected to dominate
during the forecast period on account of the increasing prevalence of chronic
diseases like pulmonary fibrosis, lung cancer, and pneumonia along with
increasing air pollution, combined with the increasing research and development
activities in the healthcare sector.
Major companies
operating in the India Pharmaceuticals 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
For instance, in May 2021, under Atmanirbhar Bharat
3.0 Mission COVID Suraksha, the Government of India, accelerated the
development and production of indigenous COVID vaccines, particularly “COVAXIN”
India is the largest vaccine supplier which
contributes 40 to 70 percent of the WHO demand for Diphtheria, Tetanus and
Pertussis (DPT) as well as Bacillus Calmette–Guérin (BCG), and 90 percent of
the World Health Organisation (WHO) demand for the Measles vaccines in the
world by volume.
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“South
India is expected to dominate in the India Pharmaceuticals market on account
due to the increasing prevalence of breast cancer across the region along with
growing large research and development expenditure in breast cancer medicines. Furthermore,
increasing investments by government organizations and major key players in the
healthcare sector developing healthcare infrastructure as well as the
development of new drugs across the country is expected to boost the growth of
the market during the forecast period. Similarly, the increasing patient population
along with the growing aging population is expected to create lucrative growth
during the forecast period. Additionally, increasing awareness about new drugs
and therapies among the population and healthcare providers are further
expected to drive the Indian pharmaceuticals Market during the forecast period.
Besides, growing favorable government reimbursement policies for the treatment
of chronic diseases and increasing demand for generic drugs across the region are further expected to create lucrative
opportunities for market growth” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“India
Pharmaceuticals Market
- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented
By Type (Pharmaceutical Drugs v/s Biologics), By Drug Classification (Branded
Drugs v/s Generic Drugs), By Mode of Purchase (Prescription-Based Drugs v/s
Over-the-counter Drugs), By Distribution Channel (Hospital Pharmacies, Retail
Pharmacies, Online Pharmacies) and
By Region”, has evaluated
the future growth potential of India Pharmaceuticals 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 Pharmaceuticals market.
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