Pharmaceutical Industry Market

India And Oman Pharmaceutical Industry Market Estimated To Witness High Growth Owing To Increasing Chronic Disease Prevalence

by

The India and Oman pharmaceutical industry is estimated to be valued at US$ 59924.05 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The pharmaceutical industry in India and Oman manufactures and sells drug medications, prescription and over-the-counter medicines. Key products include analgesics, antibiotics, antidiabetics, cardiovascular drugs, dermatology products, gastrointestinal drugs, and cancer medications. Patients rely on these products for treatment and management of chronic diseases like diabetes, heart disease, cancer, and neurological disorders.

Market Dynamics:
The India and Oman pharmaceutical market is driven by the increasing prevalence of chronic diseases across the regions. For instance, as per the WHO reports, cardiovascular diseases accounted for over 25% of the total deaths in India in 2019. Besides, the rising geriatric population which is more susceptible to chronic diseases and increasing healthcare expenditure in these countries are also fueling market growth. Furthermore, supportive government initiatives to promote local generic drug production along with escalating R&D investments by key players are strengthening the industry dynamics. However, price control regulations and the presence of counterfeit drugs continue to hinder the market potential.

SWOT Analysis

Strength: The India and Oman pharmaceutical industry have a large pool of qualified scientists and engineers. Stringent regulations ensure safety and efficacy of drugs. Low production costs allow competitive pricing of drugs.

Weakness: High reliance on imported active pharmaceutical ingredients (API) increases production costs. Lack of innovations leads to generic dominance of the market. Poor supply chain and logistics networks cause delays.

Opportunity: Growing geriatric population and rising prevalence of chronic diseases increase demand for medicines. Potential to develop biosimilars and specialty drugs. Scope for strategic collaborations with global players for technology transfers.

Threats: Price control policies of governments affect profit margins of companies. Stringent regulations for approvals delay market launch of new drugs. Threat from neighboring countries with even lower production costs.

Key Takeaways

India And Oman Pharmaceutical Industry Market Size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing prevalence of chronic diseases and growing healthcare expenditure.

Regional analysis
India dominates the pharmaceutical market in the region, accounting for over 50% market share due to presence of many domestic manufacturers. Oman is the fastest growing market exhibiting CAGR of around 15% driven by government investments to strengthen healthcare infrastructure.

Key players
Key players operating in the India and Oman pharmaceutical industry are Pfizer, Inc., Bristol Myers Squibb, Sanofi S.A., F. Hoffmann-La Roche AG, Bayer AG, Novartis International AG, Merck & Co., Inc., AbbVie, GlaxoSmithKline plc, Eli Lilly and Company, Zydus Cadila, Aurobindo Pharma Ltd., Cipla Ltd., Dr. Reddy’s Laboratories Ltd., Lupin Ltd., Sun Pharmaceutical Industries Limited, Serum Institute of India Pvt. Ltd., Biocon Limited, Strides Pharma Science Limited, and Unichem Laboratories.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it