Data Prediction of Pharmaceutical Sector Growth up to 2030
Statistic shows the worldwide forecast data of pharmaceutical sector growth between 2017 and 2030.
The data of pharmaceutical sector growth predicts that between 2017 and 2030 the pharmaceutical sector will grow by 160% worldwide, with the biggest growth forecast given for India with 232%.
Revenue in the Pharmaceuticals market is projected to reach US$13.48bn in 2023.
Oncology Drugs are forecast to account for more than a third of all Pharmaceuticals sales in 2023, worth $1.87 billion.
According to the data provided by Statista, total 3.50% increase is expected annually over the period, resulting in a total sales value of $15.47 billion by 2027.
Indian government was estimated to spend over two percent of the country’s GDP on healthcare in financial year 2022. This was forecasted to reach over 2.5 percent of the GDP by financial year 2025.
This significant increase was predicted based on the likelihood of greater penetration of government health insurance in the country.
India received a financial benefit of nearly 517 billion Indian rupees by importing medicinal and pharmaceutical products worth 352 billion Indian rupees in the fiscal year 2021, up to September 2022.
Despite slow economic growth in the past years, India still managed to stay a world leader in the pharmaceutical sector thanks to its ability to produce generic drugs and vaccines.
Economic considerations, however, have made the country mainly rely on imported active pharmaceutical ingredients (API).
Online Pharmacies in India
The pharmaceutical industry of India is expected to see much expansion because of epidemiological factors and increased prevalence of lifestyle diseases.
In 2020, the share of market revenue for generic drugs was the greatest, in comparison to OTC medicines and patented drugs.
By 2023, online pharmacies in India are anticipated to have a 50% addressable market. Because of the expansion of online markets for drugs as well as the convenience and affordable prices, online shoppers have increased. An estimated 20 billion U.S. dollars was generated in the online pharmacy industry in India in 2019. Addressable medicines accounted for about 47% of the market, and this was forecast to rise over 60% by 2023.
The rise of chronic disease treatments along with the ease of ordering medicines online through e-pharma outlets are attributed for this estimated spike of market share.
Indian Pharma Companies Revenue
As of February 2023, Sun Pharma saw a market capitalization value of over 2.4 trillion Indian rupees. Cipla and Dr. Reddy’s Labs ranked second and third respectively during the same time period.
Cipla Limited was established in 1935 and is one of India’s biggest multinational pharmaceutical and biotech companies. Cipla earned around 227 billion Indian rupees as income from operations in the fiscal year 2023. This was a big rise in income compared to the previous year when the company earned around 217 billion rupees.
Generic drugs accounted for 37% of the respiratory drugs segment’s total revenue in fiscal 2019, making it Cipla’s leading product line. Cipla had a strong market position in India’s pharmaceuticals and medicine sector, but 21% of its sales is contributed from North America.
Dr. Reddy’s Laboratories earned a revenue of about 245 billion Indian rupees in financial year 2023, marking a significant recovery from about 190 billion rupees worth revenue in fiscal year 2021.
Leading Pharma’s Income FY 2023
In fiscal year 2023, Sun Pharmaceutical Industries earned over 445 billion Indian rupees. In the previous fiscal year, Sun Pharmaceutical Industries earned over 395 billion Indian rupees.
Sun Pharmaceutical Industries, an Indian pharmaceutical company that operates in India and the United States, manufactures and sells formulations.
In fiscal year 2023, Aurobindo Pharma Limited generated a revenue of over 248 billion Indian rupees. This is an increase compared to the previous year, indicating an incline in growth for the company.
According to a report based on data of pharmaceutical sector growth, Indian government has planned to spend around 2.5% of the country’s GDP on healthcare by the end of 2025.
This is based on the likelihood of greater penetration of government health insurance.
Pharma R & D in India
According to the data of pharmaceutical sector growth provided by the Indian Institute of Pharmaceutical Statistics, Indian pharmaceutical companies spend only around 13 percent of their annual revenue on R & D.
In Fiscal Year 2020, Lupin invested the most money in R & D and Sun Pharmaceuticals has its development plan and investments towards a variety of complex drugs, including active pharmaceutical ingredients (APIs).
In financial year 2020 in India, Lupin invested 225 million dollars on R & D, more than any other company. Wockhardt, on the other hand, invested 48 million dollars.
The pharmaceutical industry in India is estimated to be worth around US$50 billion, and the country is expected to become a major global player in R & D over the next few years.
To capitalize on this potential, the government has implemented several initiatives to foster innovation, such as tax incentives, grants and subsidies.
In addition, there are several industry-led initiatives, such as the International Conference on Drug Discovery, Development, and Delivery and the Pharmaceutical Research and Manufacturers Association of India, that seek to bring together industry, academia and government stakeholders in the pharmaceutical space.
Overall, Pharma R & D in India is set to become even more prominent on the global stage, and with the right incentives and support, the sector stands to benefit greatly from India’s growing economic power.
Teplizumab New Molecule in Pharma is one of the new outcome product of R & D sector.
Market outlook on data of pharmaceutical sector growth
According to forecasts based on data of pharmaceutical sector growth, the pharmaceutical industry in India is anticipated to increase by 317% between 2017 and 2060, leading the global pharmaceutical market.
In addition to supplying 40% of all generic drug needs in the United States, the Indian pharmaceutical industry also supplies over 50% of the world’s vaccines. Cancer Statistics and Data also shows the need for generic drugs.
The thriving Indian pharmaceutical export market was valued at 20 billion U.S. dollars in fiscal year 2020.
Indian players abroad have succeeded in developing and expanding, as they have successful joint ventures within the industry.
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