Prescription Drugs - India

India

Highlights

In 2024, the projected revenue in the Prescription Drugs market in India is estimated to reach US$14.31bn.
The market is expected to exhibit an annual growth rate of 4.14% from 2024 to 2029, resulting in a market volume of US$17.53bn by 2029.
When compared globally, United States is anticipated to generate the highest revenue of US$358.90bn in 2024.
In terms of per person revenues, in India is projected to generate US$9.92 per person in 2024.
India's robust pharmaceutical industry has led to a surge in the production and export of high-quality generic prescription drugs.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Prescription Drugs (Pharmacies) market in India is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trajectory. Customer preferences in India are driving the growth of the Prescription Drugs (Pharmacies) market. With a growing middle class and increasing disposable income, more people are seeking access to quality healthcare services, including prescription drugs. Customers in India are becoming more health-conscious and are willing to spend on medications that can improve their well-being. Additionally, the convenience and accessibility of pharmacies play a crucial role in customer preferences. As the number of pharmacies increases and they become more widespread, customers can easily access the drugs they need. Trends in the market also contribute to the development of the Prescription Drugs (Pharmacies) market in India. One notable trend is the shift towards e-pharmacies. With the rise of e-commerce and digital technology, many customers are opting to purchase prescription drugs online. E-pharmacies offer convenience, competitive prices, and a wide range of products. This trend is particularly popular among younger consumers who are tech-savvy and prefer the ease of online shopping. As a result, the e-pharmacy segment is experiencing rapid growth in India. Local special circumstances in India further shape the Prescription Drugs (Pharmacies) market. The country has a large population, which creates a significant demand for prescription drugs. Additionally, India has a diverse healthcare landscape, with a mix of public and private healthcare providers. This diversity creates opportunities for pharmacies to cater to different segments of the population. Furthermore, the Indian government has implemented various healthcare initiatives and policies to improve access to medication, which further drives market growth. Underlying macroeconomic factors also contribute to the development of the Prescription Drugs (Pharmacies) market in India. The country's economic growth and increasing per capita income have led to higher healthcare spending. As people become more financially stable, they are more willing to invest in their health and purchase prescription drugs. Additionally, the government's focus on improving healthcare infrastructure and services has created a favorable environment for the growth of the pharmacy market. In conclusion, the Prescription Drugs (Pharmacies) market in India is developing due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. As the demand for prescription drugs continues to rise, pharmacies in India are adapting to meet the needs of customers by offering convenient access, expanding online presence, and catering to different segments of the population. With the support of government initiatives and favorable economic conditions, the market is expected to continue its growth trajectory.

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.