by The India And Oman Pharmaceutical Industry Market is estimated to be valued at US$ 59924.05 Mn or Bn in 2023 and is expected to exhibit a CAGR of 12 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The India And Oman Pharmaceutical Industry Market consists of drugs, medical devices, and other goods manufactured by pharmaceutical companies. This industry develops, produces, and markets drugs licensed for use as medications. Drugs are typically regulated by pharmaceutical regulatory authorities in countries and regions to ensure safety and efficacy.
Market key trends:
The key trends in the India And Oman Pharmaceutical Industry Market include increasing healthcare expenditure and demand for generics. India and Oman have witnessed strong economic growth over the past decade, increasing spending power of consumers. This has positively impacted healthcare expenditure in both countries. There is also a growing demand for low-cost generic drugs, providing an opportunity for domestic pharmaceutical companies to cater to this demand and gain market share. Generic drugs account for over 65% of the market in India, and this trend of preferring affordable generic medicines over expensive branded drugs is expected to continue driving market growth over the forecast period.
Segment Analysis
The India and Oman pharmaceutical industry is segmented into prescription drugs and over-the-counter drugs. The prescription drugs segment currently dominates the market due to rising incidences of chronic diseases such as cancer, cardiovascular diseases, and diabetes in India and Oman. Within this segment, cancer drugs account for the largest share as cancer cases continue to increase in both countries.
Key Takeaways
India And Oman Pharmaceutical Industry Market Size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing prevalence of chronic diseases.
Regional analysis:
India dominates the market with over 60% share due to its large population and robust generic drug industry. However, Oman is expected to be the fastest growing regional market at a CAGR of 14% owing to government investments in healthcare infrastructure and focus on local manufacturing.
Key players analysis:
Key players operating in the India and Oman pharmaceutical industry are Pfizer, Inc., Bristol Myers Squibb, Sanofi S.A., F. Hoffmann-La Roche AG, Bayer AG, Novartis International AG, Merck & Co., Inc., AbbVie, GlaxoSmithKline plc, Eli Lilly and Company, Zydus Cadila, Aurobindo Pharma Ltd., Cipla Ltd., Dr. Reddy’s Laboratories Ltd., Lupin Ltd., Sun Pharmaceutical Industries Limited, Serum Institute of India Pvt. Ltd., Biocon Limited, Strides Pharma Science Limited, and Unichem Laboratories. The industry is highly competitive with these global players vying for major market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
