The pharmaceutical industry in India and Oman has been growing at an impressive rate over the past few years. The pharmaceutical market comprises prescription and over-the-counter drugs for the treatment of various therapeutic conditions such as diabetes, cardiovascular diseases, oncology, obesity and others. There has been a rise in demand for generic as well as patented drugs in both countries. Additionally, the governments of India and Oman have been increasing their healthcare spending to ensure accessibility and affordability of medicines for citizens. This is a key driver for the growth of the pharmaceutical industry in the region.
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. There is immense growth opportunity for these players in the sectors of generic drugs, biosimilars and contract research and manufacturing services.
The pharmaceutical industry in India and Oman provides significant opportunities for global expansion. Major players based in U.S. and Europe are setting up manufacturing facilities as well as research and development centers in India to leverage the availability of low-cost skilled workforce. This is helping them expand their global footprint. Similarly, companies from India are also looking to grow their presence in international markets like Oman and Middle Eastern countries.
Market Drivers
Increasing healthcare expenditure by the governments is a key driver for the growth of India and Oman pharmaceutical market. The governments are focused on ensuring universal health coverage and access to essential medicines. This has increased the demand for pharmaceutical products.
Market Restrain
Stringent regulatory requirements and time-consuming drug approval process can restrain the market growth. Bringing a new drug to the market involves lengthy clinical trials and obtaining manufacturing approvals, which delays the launch of new products.
Segment Analysis
The India and Oman Pharmaceutical Industry Market is dominated by the prescription drug segment. As per capita healthcare expenditure increases in India and Oman, chronic diseases like diabetes, cardiovascular issues, cancer etc have risen significantly. This has boosted demand for prescription drugs which require longer term treatment. Additionally, India's population of over 1.3 billion along with growing medical needs and insurance rates make it very lucrative for pharmaceutical companies to invest in prescription drugs development and manufacturing in India. The generic drugs segment also holds a notable share due to their lower costs and ability to reach wider patient bases.
Global Analysis
Regionally, South Asia is the fastest growing segment for the India and Oman Pharmaceutical Industry Market. Factors such as rising medical needs of a large population, lower manufacturing costs, and government initiatives to boost local pharma production are attracting major investments from international pharma companies in India. India has emerged as a key global hub for generic drugs. Meanwhile, the Middle East market is also expanding steadily due to medical tourism as well as government focus on healthcare infrastructure development in countries like Oman. Key players are focusing on these high growth regions through facility expansions, collaborations with local players and product innovations tailored for regional disease patterns and preferences.
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