Verna Goa, March 20, 2018 (GLOBE NEWSWIRE) -- GervanoRA Projects India’s Pharmaceutical and Medical Device Market to Reach $77.5 Billion by 2022
According to a new country report "GER00011CI India Insights: Healthcare Industry, Policies, Regulations and PESTLE Analysis" published by GervanoRA Data Services (GDS), India’s pharmaceutical and medical device market is expected to reach $77.5 billion by 2022.
India is one of the largest pharmaceutical producers in the world, driven by low cost of production and highest number of US FDA approved manufacturing plants. India is amongst topmost supplier of anti-retroviral, anti-tubercular and anti-malarial drugs worldwide. Healthcare is one of the fastest growing industries in India, and largest in terms of employment as well as revenue.
Ramu Jadhav, Managing Director of life sciences at GDS commented, “India is the emerging dominant force in the Asia region, driven by robust economic growth and second largest population in the world, with high prevalence of chronic diseases”.
Jadhav continued: “The pace of innovation in branded generics, biopharmaceuticals and medical devices segments have been unprecedented, and will spearhead growth over the forecast period.
Generics which currently account for over 65% of the India market, is estimated to reach $53.4 billion by 2022 growing at a CAGR of 11.3% between 2018-2022. While OTC segment will experience moderate growth to reach $8.8 billion by 2022.
Jadhav added, “Rapid movement of growth trend has become a new norm in Indian healthcare industry. In the past one year we have observed emergence of new growth drivers as well as barriers. One such example is National Health Protection Scheme (NHPS), announced in 2018, to provide health cover of up to $7700 per year to 100 million poor and vulnerable families (covering around 500 million individuals). However, implementation of such policies demands active participation of all the industry stakeholders and infrastructural scale up which is quite difficult to achieve in the shorter time frame.”
Industry is also facing challenges such as heavy reliance on API import, pricing and taxation pressure. Similarly, current device suppliers are not able to meet the robust market demand, leading to heavy dependence on imports.
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