Pharmaceuticals - India

  • India
  • In 2024, the projected revenue in the Pharmaceuticals market in India is expected to reach US$12.46bn.
  • The largest market within the pharmaceutical industry is Oncology Drugs, which is projected to have a market volume of US$2.02bn in 2024.
  • Looking ahead to 2028, the revenue is expected to exhibit an annual growth rate (CAGR 2024-2028) of 6.33%, resulting in a market volume of US$15.93bn.
  • When compared globally, United States is anticipated to generate the highest revenue, with a projected amount of US$636.90bn in 2024.
  • India's pharmaceutical market is experiencing a surge in demand for generic drugs and is poised to become a major player in the global pharmaceutical industry.

Key regions: United States, China, Germany, Japan, Europe

Region comparison

Analyst Opinion

India is one of the largest pharmaceutical markets in the world. The country has a huge population and the demand for healthcare products is on the rise. This has led to the growth of the pharmaceutical industry in India.

Customer preferences:
Customers in India prefer affordable healthcare products. The majority of the population is middle class and cannot afford expensive healthcare products. Therefore, pharmaceutical companies in India are focused on producing affordable drugs. Customers also prefer generic drugs over branded drugs. This is because generic drugs are cheaper than branded drugs.

Trends in the market:
One of the major trends in the pharmaceutical market in India is the rise of contract manufacturing. Many pharmaceutical companies in developed countries are outsourcing the manufacturing of their drugs to India. This is because labor and production costs are lower in India. Another trend is the growth of the biopharmaceutical sector. Biopharmaceuticals are drugs made from living organisms. This sector is growing rapidly in India due to the availability of skilled labor and low production costs.

Local special circumstances:
The pharmaceutical market in India is highly regulated. The government has set up the Central Drugs Standard Control Organization (CDSCO) to regulate the import, manufacture, distribution, and sale of drugs in India. The CDSCO ensures that all drugs meet the required standards of safety, efficacy, and quality. Another special circumstance is the presence of a large number of small and medium-sized pharmaceutical companies in India. These companies are focused on producing affordable drugs for the domestic market.

Underlying macroeconomic factors:
The Indian economy is growing rapidly. This has led to an increase in disposable income and an increase in the demand for healthcare products. The government is also investing heavily in the healthcare sector. This has led to the growth of the pharmaceutical industry in India. Another macroeconomic factor is the availability of skilled labor. India has a large pool of skilled workers who are employed in the pharmaceutical industry. This has led to the growth of the biopharmaceutical sector in India. In conclusion, the pharmaceutical market in India is growing rapidly due to the rise of contract manufacturing, the growth of the biopharmaceutical sector, customer preferences for affordable healthcare products, and the presence of a large number of small and medium-sized pharmaceutical companies. The market is highly regulated by the government and is influenced by underlying macroeconomic factors such as the growing Indian economy and the availability of skilled labor.


Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.


In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.


  • Revenue
  • Analyst Opinion
  • Key Players
  • Global Comparison
  • Methodology
  • Key Market Indicators
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