Indian Pharmacy Market Analysis


  • Type: Service area
  • Published : April 2021
  • Region: Asia
  • Country: India
  • Report ID : 1263

  • Format: PPT, PDF

Indian Pharmacy Market: Segmented by Retail Channel (Organized, Unorganized, Online Retail) by Therapeutic Area (Cardiac, Gastrointestinal, Anti- Diabetic, Anti- Infective) by Drug type (OTC Drugs, Patented Drugs) and Forecasts (2019 – 2028)

SKU: 1263 Categories: ,

Report Overview

The Indian Pharmacy market size is valued at USD XX billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 9.8% from 2019 to 2028.

The Indian pharmaceuticals market has been rapidly growing because of the demand for new array of drug for chronic diseases, neglected diseases, and digital therapeutics. India’s domestic pharmaceutical has reached Rs 1.4 lakh crore (US$ 20.03 billion) in 2019, up 9.8% from Rs 129,015 crore (US$ 18.12 billion) in 2018. India is the largest provider of generic drugs across the globe. Indian pharmaceutical sector supplies around 50% of global demand for various vaccines, 40% of generic demand in the US and 25% of all medicine in the UK. Indian pharmaceutical sector is growing to US$ 100 billion, while medical device market is expected to grow US$ 25 billion by 2025. India exported pharmaceuticals worth US$ 15.86 billion in FY21. Pharmaceutical exports from India stood at US$ 16.28 billion in FY20 and US$ 2.07 billion in October 2020. Technological companies has been increasing by entering into partnerships with pharmaceutical companies to advance the standard of care.  The demand for new breakthrough treatments especially in oncology are high contributing XX% to growth of pharmacy market in India.

Market Drivers

Low cost of production & R&D boosts efficiency of Indian pharma companies, high economic growth along with increasing penetration of health insurance, increasing private sector investment in R&D and acquisition, various government Initiatives, scientific advancements, highly efficient medicines and other treatment based solutions etc. are the major Market drivers of Pharmacy Market in India. Due to income growth, health insurance coverage has become affordable. Above that increased acceptance of biologics and preventive medicine, and a greater propensity to self-medicate are major factors for driving the growth of pharmacy in India. Epidemiological factors is 20% increase in the patient pool, new diseases.

Pharmacy Market latest Start-ups and Funding

  1. StayHappi
  2. Generico
  3. Generic Aadhar

These start-ups provides High- Quality of generic medicines at 30-90% lower MRP than the branded medicines and makes Healthcare accessible and affordable. StayHappi provides medical consumables and cosmetics. These start-ups are expanding their markets to Tamil Nadu, Andhra Pradesh, New Delhi, Goa, Rajasthan, Gujarat.

1. Indian Pharmacy Market Overview………………………………………………………….
A. Market Size
2. Market Growth Drivers ………………………………………………………………….
A. Increasing private sector investment in R&D and acquisition
B. Rising & Ageing Population
C. Increasing Income Levels of Poor & Middle-Class Families
D. Drug Security
3. Pharmacy Market latest Start-ups and Funding…………………………………
A. StayHappi
B. Generico
C. Generic Aadhar
4. Pharmacy Market Segmentation……………………………………………………………
A. Retail Channel
I. Organized
II. Unorganized
III. Online
B. Therapeutic Area
I. OTC Drugs
II. Patented Drugs
C. Drug Type
I. Cardiac
II. Gastrointestinal
III. Anti- Diabetic
IV. Anti- Infective
5. Pharmacy Major Products Market Share………………………………
A. Market Analysis, Insights and Forecast – By Revenue
6. Competitive Landscape…………………………………………………………………
A. Major Players
B. Products in Pipeline
7. Key Company Profiles…………………………………………………………………..
A. Sun Pharmaceutical Industries Limited Company overview, Product & Services, Strategies & Financials
B. Aurobindo Pharma Limited Company overview, Product & Services, Strategies & Financials
C. Cipla Company, Product & Services, Strategies & Financials
D. Dr. Reddy’s Laboratories Company, Product & Services, Strategies & Financials
8. Healthcare Policies and Regulatory Landscape…………………………………
A. Policy changes and Reimbursement scenario
9. Factors Driving Future Growth……………………………………………………
A. New Trends and Development of pharmacy market
B. Future Opportunities
10. Conclusion

Market Segmentation
By Retail Channel:
a) Organized
b) Unorganized
c) Online Retail
Based on the retail channel, the pharmacy market is segmented into organized sector, unorganized sector, and online retail. The unorganized sector to have the largest market share XX% in 2019. The online retail segment is expanding at the CAGR of 33.95% during the 2019-2028 period.

By Therapeutic Area:
a) Cardiac
b) Gastrointestinal
c) Anti- Diabetic
d) Anti- Infective
The anti-infective is the largest therapeutic segment of the India pharmacy retail market in 2019, followed by the cardiac, gastrointestinal, and anti-diabetic segments. The cardiac segment is anticipated to have a 14.11% by 2024. The increasing cases of chronic non-communicable diseases leads to the growth of cardiac, anti-diabetic, dermatological, and neurological therapeutic segments of Pharmacy Market in India. With the launch of various patented drugs in the Indian market has estimated that patented drugs segment is to increase by 5.4% from 2018 to 2024

By Drug Type:
a) OTC Drugs
b) Patented Drugs
The generic drugs segment dominating the retail pharmacy market in India, followed by the OTC drugs and patented drugs segments. The OTC drugs segment is having the second-leading segment of the pharmacy retail market with a share of 22.40% in 2024.

Major Players
Indian pharmaceutical market is booming because of recent slowdown due to price erosion in U.S. generics pharmaceuticals market and in approval of complex generics by US FDA . The India pharmaceutical industry is expected to have revenue over USD 33.18 billion and will rank 9th in global pharmaceuticals market by 2023. The growing and ageing population, improvements in purchasing power and access to quality healthcare and pharmaceuticals to poor and middle-class families is rising the demand of Indian pharma industry. Sun Pharmaceutical Industries Limited is the fastest growing pharma company with the revenue of INR 273.28 Billion, Aurobindo Pharma Limited, Lupin, Cipla Limited and Dr. Reddy’s Laboratories are major top players of Pharmacy Market in India.

Research Methodology

Insights10 will provide you reports within 10 key parameters which are:

  1. Market overview
  2. Market growth drivers & restraints
  3. Epidemiology or disease type
  4. Market segmentation
  5. Market share
  6. Competitive landscape
  7. Key company profiles
  8. Healthcare policies & regulatory framework
  9. Reimbursement scenario
  10. Factors driving future growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision making for business stakeholders. Our focused approach to develop reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

Our analysis methodology involves three critical stages:

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers and researchers across countries through which we engage with local experts to gather key data points and assumptions around each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain the high level of accuracy and consistency. The market data is analysed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, market share as well as segment-level analysis of the specific market. Our report includes precise, to the point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

  • Statistical Databases
  • Company Websites/Annual Reports
  • Trade Publications
  • Online Databases
  • Published Research Reports
  • Whitepapers
  • Press Releases of Key Market Players

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameter and micro indicators. The macro parameters includes changes in government policies, demand and supply of the market, government intervention programs and major market share. The micro indicators GDP growth, market size, market volume etc. We also understand nuances specific to each country like US, Canada, India, Germany, etc. and have worked across 60+ countries and hence no only understand global trends, but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. start with large overall market and segment different areas and bottom-up approach i.e. start with population and epidemiology and roll up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach mainly used for new product forecasting and bottom-up approach is used for demand estimation of any product for different countries summed up to form total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as North America, Europe, Asia-Pacific, and Africa for the period of 2020 to 2028. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape and policy and regulatory scenario and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases and the company level averages etc.

We make sure to finalize the numbers in alignment to the market research. Firstly, our internal experts ensure thorough validation and checking to ensure the accurate and precise analysis and then validation is also done using multiple data analysis model.  Two level validation is done and entails finalization of report scope and to way of representation pattern.

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analysed and synthesized. A second series of interviews are done if necessary to check and validate. The future opportunities are analysed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results are then, interpreted by considering following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue / volume
  • Analyzing current needs and determining penetration to estimate market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and its impact to the different segments within the market.
Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumptions.
The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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