India Pharmacy Market to Grow at a CAGR of ~8% till 2021
Increasing healthcare awareness, growing government initiatives to improve healthcare infrastructure and rising disease burden to drive India pharmacy market through 2021
According to recently published Pharmaion report “India Pharmacy Market Opportunities, 2011 - 2021”, the pharmacy market in India is projected to grow at a CAGR of over 8% during 2016 - 2021. Rising sales of prescription, generic as well as over-the-counter drugs, increasing life expectancy, growing incidence of chronic diseases, ageing population base, increasing disposable income, rising health consciousness, and growing adoption of wellness and personal care products by young population are the major factors propelling the country’s pharmacy market. India accounted for a share of around 20% in the global disease burden in 2014. Increasing prevalence of lifestyle and various other non-communicable diseases such as diabetes, cancer, cardiovascular diseases (CVDs), etc., are expected to drive the country’s pharmacy market over the next five years.
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Drugs dominate pharmacy market in India, due to changing disease profile, increasing prevalence of chronic diseases and growing demand and awareness regarding alternative generics. Prescription drugs dominated India drugs market, on account of their benefits and safe use. Offline mode of sales continues to be the most preferred sales channel in the country’s pharmacy market. An overwhelming majority of pharmaceutical sales are accounted for by the urban India, as the country’s urban areas have high penetration of pharmacies as compared to rural areas. Moreover, South India dominates the country’s pharmacy market with more than 21.5 million people above 60 years of age.
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“Increasing prevalence of lifestyle diseases such as diabetes, cardiovascular diseases (CVDs), etc., is driving India pharmacy market. Growing incidence of diabetes in India can be attributed to changing lifestyle and eating habits. India has the highest number of diabetic patients in the world, and more than 77 million patients suffer from pre-diabetic conditions in the country. Growing urbanization and expanding working population with sedentary lifestyles is anticipated to further drive the country’s diabetic population in the coming years, thereby driving India pharmacy market through 2021.” said Mr. Karan Chechi, Research Director, with Pharmaion Consultants, a research based global management consulting firm focused on pharma and healthcare industry.
“India Pharmacy Market Opportunities, 2011 - 2021” has analyzed the potential of the pharmacy market in India and provides statistics and information on market sizes, shares and trends. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by India pharmacy market.
Pharmaion is a research based management consulting firm focused exclusively on Healthcare & Pharmaceutical industry. Led by a team of dynamic industry experts, Pharmaion provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, Pharmaion’s clients lead rather than follow market trends. Pharmaion has developed a proprietary database which focuses on identifying the unexplored opportunities in Healthcare and Pharmaceutical industry.
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