Dublin, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The "India Pharmaceutical Market by Type, Drug Classification, Mode of Purchase, and Distribution Channel (2018-2028)" report has been added to ResearchAndMarkets.com's offering.
The India Pharmaceuticals Market is poised for remarkable growth, driven by multiple factors that converge to create a robust environment for expansion. The burgeoning geriatric population, susceptible to various chronic diseases, coupled with the increasing adoption of e-pharmacies in the developing region, stands as a significant driver of this growth. Moreover, the rising demand for new drugs to treat chronic ailments across the nation further fuels this upward trajectory.
Government-backed healthcare initiatives, including enhanced reimbursement policies, are expected to amplify the demand for India Pharmaceuticals, thereby fostering market growth throughout the forecast period. Lifestyle shifts, characterized by unhealthy choices, also contribute to increased demand for pharmaceuticals, providing additional support to market expansion. Notably, India's pharmaceutical industry holds the prestigious rank of being the third-largest globally, with a valuation of USD 49 billion.
Escalating Prevalence of Chronic Diseases
A pivotal factor propelling the market growth is the surge in non-communicable diseases. This surge underscores the demand for innovative drugs to combat contagious ailments, fostering a lucrative environment for novel drug development. Government efforts, exemplified by the introduction of databases like The National Medicine Database, bolster market growth by streamlining import and export data related to medicines.
The surge in chronic diseases necessitates personalized medication, opening avenues for market expansion. Chronic ailments accounted for a staggering 46% of global diseases and 60% of the total deaths in 2001. Unhealthy lifestyles, stress, and habits like smoking and alcohol consumption are key contributors to chronic diseases, boosting the demand for novel therapies and drugs. Noteworthy companies such as GSK, Teva Pharmaceuticals, and AstraZeneca are investing in personalized medicine development. In 2021, India's contribution to the global supply of generic drugs reached an impressive 20% by volume.
Government-Led Investments: Paving the Way for Growth
The Indian government's substantial investments in healthcare infrastructure play a pivotal role in driving market growth. Streamlined licensing procedures for the retail market, augmented governmental initiatives and funding for new ventures, and growing sales of pharmaceutical products and related FMCG items collectively contribute to the market's expansion.
The retail pharmacy sector gains momentum as major corporations and entrepreneurs invest, and consumer preferences shift towards modern retail outlets for prescription drugs and wellness products. The clinical trial domain also sees growth, as India becomes an attractive site for global trials following the introduction of New Drugs and Clinical Trial Rules in 2019. For instance, Cipla Limited received Emergency Use Authorization for the launch of Molnupiravir in India, a significant development in the fight against COVID-19.
Segmentation for Informed Decision-Making
Segmentation in the India Pharmaceuticals Market is instrumental for informed decision-making. Market categories encompass type, drug classification, mode of purchase, distribution channel, and region. Types are categorized as Pharmaceutical Drugs versus Biologics. Drug classification branches into Branded Drugs and Generic Drugs. Mode of purchase distinguishes Prescription-based Drugs from Over-the-counter Drugs. Distribution channels comprise Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies.
Dominant Market Players
Leading players within the India Pharmaceuticals Market include Sun Pharmaceutical Industries Limited, Divis Laboratories Limited, Cipla Limited, Dr. Reddy's Laboratories Limited, and others. These industry frontrunners contribute to shaping the landscape through innovation, research, and market presence.
Recent Developments: A Glimpse into Growth Initiatives
Government-funded initiatives play a pivotal role in driving innovation and growth. The Indian government allocated USD 419.2 million and USD 10.86 billion for research and the Ministry of Health and Family Welfare, respectively. Another significant development is the USD 665.5 million financial allocation under the Strengthening of Pharmaceutical Industry (SPI) Scheme, spanning from FY 2021-22 to FY 2025-26, showcasing the government's commitment to fostering the pharmaceutical sector's growth.
Key Topics Covered
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
5. India Pharmaceutical Market Outlook
6. South India Pharmaceutical Market Outlook
7. North India Pharmaceutical Market Outlook
8. West India Pharmaceutical Market Outlook
9. East India Pharmaceutical Market Outlook
10. Market Dynamics
11. Market Trends & Developments
12. Policy & Regulatory Landscape
13. India Economic Profile
14. India Pharmaceutical Market: SWOT Analysis
15. Porter's Five Forces Analysis
16. Competitive Landscape
17. Strategic Recommendations
A selection of companies mentioned in this report includes:
- 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 more information about this report visit https://www.researchandmarkets.com/r/qjjrvh
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