Assessment of India's Pharmaceutical Market 2021

India has a well-developed healthcare sector with a globally renowned pool of scientists and engineers. The size of India’s pharmaceutical market stood at USD 42 billion in 2021. Globally, India is the largest provider of generic drugs. The country is the third largest producer of pharmaceutical in the world, by volume and 14th largest by value. India fulfils approximately 50% of the global demand for vaccines, 40% of generic demand in the United States and 25% of all medicine in the United Kingdom.

In the financial year ended March 2021, while North America remained the largest market for Indian pharmaceutical exports, demand was also witnessed from unconventional export markets. North America accounted for a share of 34% of the pharmaceutical exports and recorded a growth in exports to the tune of 12.6% year-on-year. Exports to Canada recorded a growth of 30% year-on-year and exports to Mexico recorded a growth of  21.4% year-on-year.

In December 2021, the country was hit with the Omicron virus. Omicron, while another addition to the tragic Covid waves in India, also represents a huge opportunity for the sector. Growth is expected to be driven by new vaccines and therapeutics to treat the highly transmissible Omicron variant. In the period April-May 2021, the share of Covid-19-related therapies stood at 44% per cent of the total Indian pharma market's sales.

Why should the report be purchased?

The report ‘Assessment of India’s Pharmaceutical Market 2021’ highlights key dynamics of the global and India’s pharmaceutical market. The current market scenario, growing opportunity in the sector and the impact of the Covid-19 pandemic has been studied. The report contains latest views and opinions of industry leaders.

Research Methodology

The publisher has conducted in depth secondary research to arrive at key insights. Data collected from key public industry sources and publications has been scanned and analysed impartially to present a clear picture of the industry. All recent developments which impact the sector dynamics have been captured and used to support the research hypothesis.