The India and Oman Pharmaceutical Industry market will grow at highest pace owing to increasing healthcare spending

The pharmaceutical industry in India and Oman relies on manufacturing and sales of medicines, active pharmaceutical ingredients, medical devices, surgical equipment and other healthcare products. The industry supplies affordable generic drugs as well as patented medicines across various therapeutic areas including cardiovascular, gastrointestinal, neuropsychiatric, anti-infectives and diabetes. India is a major exporter of generic drugs and active pharmaceutical ingredients to regulated and semi-regulated markets. Oman imports majority of its pharmaceutical requirements from India and other developed nations. The growing demand for quality and affordable medicines, increased burden of chronic diseases, rising healthcare expenditures and initiatives by the governments to expand healthcare access are some of the key factors driving the growth of pharmaceutical sector in India and Oman.

The India and Oman Pharmaceutical Industry Market is estimated to be valued at US$ 69032.51 Bn in 2024 and is expected to exhibit a CAGR of 9.3% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the India and Oman Pharmaceutical Industry Market Size are Accenture plc, Cognizant Technology Solutions, ATOS SE, Catalent, Inc., Covance, Inc., Boehringer Ingelheim GmbH, Genpact Limited, Lonza Group, PAREXEL International Corporation, Quintiles Transnational Corporation, Abbvie, Inc., Baxter International Inc., Dr. Reddy€TMs Laboratories Ltd., Aurobindo Pharma, Pfizer, Inc., The Almac Group, Teva Pharmaceutical Industries Ltd. and Piramal Enterprises Ltd. The demand for medicines and therapies is surging in India and Oman driven by rising cases of chronic lifestyle diseases such as diabetes, cardiovascular disorders, obesity etc. and growing medical needs of rapidly expanding aging population. The industry players are investing heavily in digital technologies such as AI, IoT, big data analytics etc. to automate drug discovery, streamline clinical trials and supply chain management processes. This is helping improve R&D productivity and efficiency.

Market trends

Personalized medicines is one of the key trends gaining momentum in the pharmaceutical sector. With advances in genetics and companion diagnostics, more tailored treatments can now be designed for specific patient groups and genotypes. Telehealth and telemedicine is another emerging trend, enabled by digital technologies. Telehealth solutions are improving access to specialist care in remote areas and managing chronic diseases more efficiently.

Market Opportunities

Untapped rural markets in India offer significant opportunities for growth. Initiatives to strengthen primary healthcare infrastructure and increase health insurance penetration can boost medicine accessibility. There is also scope to develop India and Oman as hubs for clinical trials and vaccine manufacturing catering to global demands. Investments in active pharmaceutical ingredients and specialty generics present opportunities for India to expand its presence in global pharmaceutical exports.

India and Oman Pharmaceutical Industry Market Impact of COVID-19

The COVID-19 pandemic has significantly impacted the growth of the India and Oman pharmaceutical industry market. During the initial months of the pandemic, the market witnessed a decline in growth due to nationwide lockdowns imposed across countries. This disrupted the manufacturing and supply chain operations across the pharmaceutical industry. However, with rising COVID-19 cases globally, the demand for drugs, vaccines and medical supplies increased dramatically which boosted the market again post lockdowns. The pandemic increased awareness about healthcare and preventive measures which spurred investments in pharmaceutical R&D. Various sectors like generics, biopharma and vaccine makers witnessed exceptional growth during this period. The industry continues adapting to the new normal by ramping up production capacities, establishing strategic partnerships and leveraging digital technologies to ensure stable supply of medicines. However, rising raw material costs and potential future virus strains pose threats. Hence, building resilience by enhancing localization, ensuring inventory readiness and developing affordable treatment options will be crucial for sustained growth.

The pharmaceutical industry market in India and Oman is concentrated majorly in India in terms of value. Being the pharmacy of the world, India accounts for over 50% of global vaccine production and 20% of generic drugs globally. The favorable regulatory environment and large skilled workforce enabled its robust domestic market and positioned it as global supplier. However, Oman's market is developing fast and shows high growth potential due to rising incomes, expanding insurance coverage and increasing foreign investments in the sector.

The East Region of India has emerged as the fastest growing market for the pharmaceutical industry. States like West Bengal, Bihar and Odisha are attracting significant investments due to availability of skilled labor at competitive costs, established production clusters and proximity to ports for exports. Strong manufacturing base of global as well as domestic pharmaceutical players and developing healthcare infrastructure is driving growth in this region.