Sensory Organ Drugs - India | Statista Market Forecast

In India, the revenue in the Sensory Organ Drugs market is forecasted to reach US$235.20m by 2024.
It is expected to exhibit a compound annual growth rate (CAGR 2024-2029) of -2.81%, leading to a market volume of US$203.90m by 2029.
When compared globally, United States is projected to generate the highest revenue in this market, amounting to US$13.98bn in 2024.
India's growing middle class and increasing urbanization are driving demand for sensory organ drugs in the country.

Definition:
This market covers ophthalmologicals and otologicals, i.e., drugs for the sensory organs eye and ear, respectively. Ophthalmologicals are used to treat diseases of the eye such as wet age-related macular degeneration, geographic atrophy, and glaucoma. Typical dosage forms are eye drops or injections into the eye (intravitreal) and, in the case of otologicals, through the eardrum into the middle ear.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Regeneron Pharmaceuticals, Novartis, Bayer, Alcon, AbbVie

Ophthalmologicals
Otologicals

Respiratory system
Ophthalmic devices, such as diagnostic and surgical devices or glasses and contact lenses
Dermatology, skin treatment
Painkillers, analgesics

The Sensory Organ Drugs market in India is a growing market with various factors contributing to its development.

Customer preferences: The increasing prevalence of eye and ear disorders in India has led to a rise in demand for sensory organ drugs. Customers are seeking effective and affordable treatments for their conditions, leading to a shift towards generic drugs. Additionally, there is a growing trend towards self-medication and over-the-counter purchases in the Indian market.

Trends in the market: The Indian Sensory Organ Drugs market is expected to experience significant growth in the coming years due to the increasing prevalence of eye and ear disorders, as well as the government's efforts to improve healthcare access and affordability. The market is also witnessing a trend towards the development of innovative drug delivery systems, such as nanotechnology-based drug delivery systems, which offer improved bioavailability and targeted drug delivery.

Local special circumstances: India has a large population with varying levels of income and access to healthcare. The government has implemented various initiatives to improve healthcare access and affordability, such as the Ayushman Bharat scheme, which aims to provide healthcare coverage to over 100 million families. However, the lack of infrastructure and skilled healthcare professionals in certain regions remains a challenge.

Underlying macroeconomic factors: The Indian economy has been growing steadily in recent years, with a focus on developing the healthcare sector. The government's Make in India initiative has also led to an increase in domestic production of pharmaceuticals, including sensory organ drugs. However, the market is also facing challenges such as increasing competition and regulatory hurdles. Overall, the Sensory Organ Drugs market in India is expected to continue growing in the coming years, driven by increasing demand and government initiatives to improve healthcare access.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The pharmaceutical industry is responsible for the research, development, production, and distribution of medications. The market has experienced significant growth during the past two decades, and pharma revenues worldwide totaled 1.48 trillion U.S. dollars in 2022.