“Indian Pharmaceutical market set to grow to $71bn by 2024” says new Visiongain report
09 May 2019
Visiongain has launched a new pharma report Indian Pharmaceutical Market Report : Infectious Disease, Cardiovascular, Gastrointestinal, Respiratory, Pain Relief / Analgesics, Diabetes, Vitamins/ Minerals/ Nutrients, Dermatology, CNS, Gynaecology, Generic, OTC, Patented, Biosimilar, Leading Companies.
The Indian pharmaceuticals market is estimated to have reach $28.8bn in 2018 and is expected to grow at a CAGR of 16.6% in the first half of the forecast period. The market for cardiovascular medication is the fastest growing segment of the Indian pharmaceutical market, followed by the anti-infective segment.
The lead analyst of the report commented "Expected increases in the level of healthcare coverage will allow greater proportion of the population to be able to afford medical care, which is still mostly paid for out-of-pocket by patients, as a greater amount of people have health insurance to cover their medical expenses. Greater patient awareness and confidence will allow more people to self-medicate, driving growth in the OTC segment of the market, whilst patent expiries will drive growth in both the generic and biosimilar segments of the market.
Finally, a far more favourable patent environment, along with a number of government initiatives to encourage innovation in India will spur growth for patented pharmaceutical products as Indian companies invest more of their resources into R&D."
Leading companies featured in the report include Abbott Healthcare Private Limited (Abbott India), Cadila Healthcare Limited, Cipla Ltd., Dr. Reddy’s Laboratories Ltd., GlaxoSmithKline Pharmaceuticals Limited, Glenmark Pharmaceuticals Limited, Intas Pharmaceuticals Limited, Lupin and other companies.
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