Indian Pharma Market growth: To Reach Rs 2.38 Lakh Crore by 2025

Last Updated on December 27, 2024 by The Health Master

Indian Pharma Market

The Indian Pharma Market (IPM) is on an upward trajectory, projected to reach a substantial Rs 2.38 lakh crore in 2025, according to the Market Growth Compass Report by Pharmarack.

This represents a healthy 8.2% growth from the previous year, building on a consistent five-year CAGR of 10.4%.

Several key factors are driving this growth, including the introduction of innovative new drugs, the expiration of patents on older medications, and evolving healthcare needs in the post-pandemic era.

Key Drivers of Market Growth:

Post-COVID Healthcare Landscape: The pandemic has significantly impacted healthcare behaviors. This includes increased awareness of chronic conditions, a greater focus on preventative care, and a growing demand for telemedicine services.

Normalization of Disease Patterns: While the acute phase of the pandemic has subsided, the long-term effects on public health are still being observed. This includes the normalization of certain disease patterns and the emergence of new health challenges.

Innovative Molecule Launches: The Indian Pharma market continues to innovate with the development and launch of novel therapies, particularly in areas like oncology, immunology, and rare diseases. These advancements offer new treatment options for patients and drive market growth.

Generic Drug Competition: The expiration of patents on blockbuster drugs creates opportunities for generic manufacturers to enter the market, increasing competition and driving down prices for patients.

Policy Interventions: Government policies, such as updates to the National List of Essential Medicines (NLEM) and regulations on fixed-dose combinations (FDCs), play a crucial role in shaping the market landscape.

Emerging Trends Shaping the Market:

Rise of Obesity Treatments: With rising obesity rates, there is a growing demand for effective weight management solutions, including medications and lifestyle interventions. This presents a significant opportunity for the Indian pharma market.

Growth of Over-the-Counter (OTC) Products: The increasing availability and accessibility of OTC medications for common ailments are driving market growth in this segment.

E-commerce Boom: Online pharmacies and telemedicine platforms are gaining popularity, offering convenience and accessibility to patients. This trend is expected to further fuel the growth of the Indian pharma market.

Segment-Specific Growth:

Cardiac and Gastrointestinal: These segments are projected to experience the highest growth rates, with projected increases of 8.3% and 9.6%, respectively, in 2025.

Respiratory Therapies: The respiratory therapy segment is also poised for significant growth, driven by the increasing prevalence of respiratory diseases.

Oncology: The oncology market is expected to witness strong growth due to the development of innovative cancer therapies and increasing access to treatment.

Vaccines: While the overall market is growing, the vaccine segment is projected to decline by 1.8% under the realistic scenario. This may be attributed to factors such as declining immunization rates for certain diseases and increased competition in the vaccine market.

Market Outlook:

The report outlines three possible scenarios for market growth:

Optimistic Scenario: This scenario projects a 9% growth rate, driven by rapid adoption of new therapies and favorable market conditions.

Realistic Scenario: This scenario represents the most likely outcome, with a projected growth rate of 8.2%.

Pessimistic Scenario: This scenario accounts for potential challenges such as slower market adoption, economic downturns, and increased regulatory scrutiny.

In conclusion, the Indian pharma market is poised for continued growth in the coming years, driven by a confluence of factors including innovation, evolving healthcare needs, and favorable market dynamics.

While challenges remain, the industry is well-positioned to capitalize on emerging opportunities and contribute to improving healthcare outcomes for the Indian population.

Disclaimer: This article contains information derived from the source mentioned below. Our team utilized an AI language model to rewrite and present the news or article in a unique format.

Disclaimer: This article is for informational purposes only and should not be considered financial or investment advice.

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