Other Pharmaceuticals - India

India

The Other Pharmaceuticals market in India is expected to witness a significant surge in revenue, with projections indicating a substantial increase to reach ₹US$4.38bn by the year 2024.
Furthermore, it is anticipated that the market will experience consistent growth, with an annual growth rate (CAGR 2024-2029) of 4.58%.
This growth trajectory is expected to result in a market volume of ₹US$5.48bn by 2029.
When compared to other countries on a global scale, United States is projected to generate the highest revenue in the Other Pharmaceuticals market, with an estimated value of US$260.50bn in the year 2024.
India's pharmaceutical market is booming, with a growing demand for alternative and traditional medicines in the Other Pharmaceuticals market.

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

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Analyst Opinion

The Other Pharmaceuticals market in India has been experiencing significant growth in recent years.

Customer preferences: Customers in India have been increasingly seeking out alternative forms of medicine, such as Ayurveda and homeopathy. This has led to a rise in demand for Other Pharmaceuticals, which includes herbal and natural remedies.

Trends in the market: The Other Pharmaceuticals market in India has been growing rapidly due to the increasing popularity of natural and herbal remedies. This trend has been driven by a growing awareness of the potential health benefits of these products, as well as a desire for more sustainable and eco-friendly options. In addition, the Indian government has been promoting the use of alternative medicine through various initiatives and policies.

Local special circumstances: India has a rich tradition of Ayurveda and other traditional forms of medicine, which has contributed to the popularity of natural and herbal remedies. In addition, the country has a large population that is increasingly health-conscious and willing to try new products and treatments.

Underlying macroeconomic factors: The growth of the Other Pharmaceuticals market in India is also being driven by a number of underlying macroeconomic factors. These include a growing middle class with higher disposable incomes, increasing urbanization, and a rising demand for healthcare products and services. In addition, the Indian government has been investing heavily in the healthcare sector, which is expected to further boost demand for Other Pharmaceuticals in the coming years.

Methodology

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.

Forecasts:

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.