Indian pharmaceutical market to reach $56 billion by 2020, says GlobalData

Driven by the country’s growing economy and population income, the Indian pharmaceutical market will increase significantly from around $21 billion in 2013 to $56 billion in 2020, at a compound annual growth rate (CAGR) of 15%, forecasts research and consulting firm GlobalData.

According to the company’s latest report, the medical device sector will also experience steady growth from $7.5 billion in 2013 to $15.3 billion in 2020, at a CAGR of 11%. In 2012, the main segments were ophthalmic devices (38.3%), in-vitro diagnostics devices (9%), hospital supplies (8.9%) and cardiovascular devices (8.1%).

Joshua Owide, director of Healthcare Industry Dynamics, says: “India is an emerging health care market that has remained unsaturated due to the limited penetration of health care insurance and poor access to health care facilities, especially in rural areas. However, an increasing demand for high-quality services, affordability, and a growing medical tourism industry will provide the necessary momentum for the growth of the pharmaceutical market.”