Pharmaceuticals - India

India

In 2024, the projected revenue in the Pharmaceuticals market in India is expected to reach €12.08bn.
The largest market within the pharmaceutical industry is Oncology Drugs, which is projected to have a market volume of €1.68bn in 2024.
Looking ahead to 2029, the revenue is expected to exhibit an annual growth rate (CAGR 2024-2029) of 4.54%, resulting in a market volume of €15.08bn.
When compared globally, United States is anticipated to generate the highest revenue, with a projected amount of €578.50bn in 2024.
India's pharmaceutical market is experiencing a surge in demand for generic drugs and is poised to become a major player in the global pharmaceutical industry.

Key regions: United States, China, Germany, Japan, Europe

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Next generation therapies are also part of the Pharmaceuticals market and include gene therapy, cell therapy, and nucleic acid therapy. Cell therapies involve the use of living cells to replace or repair damaged tissues within the patient's body, or to modify cells to perform specific functions. Gene therapies focus on altering a patient’s genetic material to regulate the production of certain proteins. Nucleic acid therapies use short strands of DNA or RNA to inhibit the production of harmful proteins associated with diseases and promote the generation of therapeutic proteins. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

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Analyst Opinion

India is one of the largest pharmaceutical markets in the world. The country has a huge population and the demand for healthcare products is on the rise. This has led to the growth of the pharmaceutical industry in India.

Customer preferences: Customers in India prefer affordable healthcare products. The majority of the population is middle class and cannot afford expensive healthcare products. Therefore, pharmaceutical companies in India are focused on producing affordable drugs. Customers also prefer generic drugs over branded drugs. This is because generic drugs are cheaper than branded drugs.

Trends in the market: One of the major trends in the pharmaceutical market in India is the rise of contract manufacturing. Many pharmaceutical companies in developed countries are outsourcing the manufacturing of their drugs to India. This is because labor and production costs are lower in India. Another trend is the growth of the biopharmaceutical sector. Biopharmaceuticals are drugs made from living organisms. This sector is growing rapidly in India due to the availability of skilled labor and low production costs.

Local special circumstances: The pharmaceutical market in India is highly regulated. The government has set up the Central Drugs Standard Control Organization (CDSCO) to regulate the import, manufacture, distribution, and sale of drugs in India. The CDSCO ensures that all drugs meet the required standards of safety, efficacy, and quality. Another special circumstance is the presence of a large number of small and medium-sized pharmaceutical companies in India. These companies are focused on producing affordable drugs for the domestic market.

Underlying macroeconomic factors: The Indian economy is growing rapidly. This has led to an increase in disposable income and an increase in the demand for healthcare products. The government is also investing heavily in the healthcare sector. This has led to the growth of the pharmaceutical industry in India. Another macroeconomic factor is the availability of skilled labor. India has a large pool of skilled workers who are employed in the pharmaceutical industry. This has led to the growth of the biopharmaceutical sector in India. In conclusion, the pharmaceutical market in India is growing rapidly due to the rise of contract manufacturing, the growth of the biopharmaceutical sector, customer preferences for affordable healthcare products, and the presence of a large number of small and medium-sized pharmaceutical companies. The market is highly regulated by the government and is influenced by underlying macroeconomic factors such as the growing Indian economy and the availability of skilled labor.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.