Advancing Healthcare Access and Outcomes across India and Oman to Boost Growth Opportunities for the Pharmaceutical Industry Market

India And Oman Pharmaceutical Industry Market


The India And Oman Pharmaceutical Industry Market is estimated to be valued at US$ 59924.05 Mn or Bn 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 covers a wide range of therapeutic categories including cardiovascular, anti-infective, anti-diabetic, analgesics, gastro intestinal, vitamins and dermatologicals. Major products in the market include prescription and OTC drugs for treating various chronic as well as acute diseases. India accounts for the largest share in the market owing to its strong generic drug manufacturing capabilities. Oman imports a large share of its pharmaceutical requirements from India.

Market Dynamics:
Growth in the geriatric population suffering from chronic diseases is a key driver for the pharmaceutical market in India and Oman. As per WHO statistics, the aging population (above 65 years) in India and Oman is expected to cross 12% of the total population by 2030. This will significantly increase the demand for medicines to treat age-related conditions like diabetes, cancer, CVD etc. Secondly, rising health awareness and healthcare investments by governments are enhancing access to medicines across regions. India's 'Pharma Vision 2020' aims to make the country a global leader in drug manufacture and export. Oman is also focused on developing its healthcare infrastructure and domestic pharmaceutical capacity. These initiatives will boost market revenues over the forecast period.

Segment Analysis

The India and Oman pharmaceutical industry is dominated by the prescription drugs segment which accounts for more than 60% of the total market share. This is because prescription drugs require a doctor's authorization before purchase and thus have a regulated demand. The popularity and approval of prescription drugs by medical professionals makes them the highest selling product segment.

PEST Analysis

Content:
Political: The pharmaceutical industry is regulated by various acts and policies of the governments of India and Oman. Favourable regulations that promote the industry's growth will positively impact the market.
Economic: As the economies of India and Oman grow stronger, more disposable incomes will increase healthcare spends, driving market growth. recessionary pressures can negatively impact the overall economy and pharmaceutical spending.
Social: Rising health awareness and lifestyle diseases increase the social need for pharmaceutical drugs and supplements for various therapeutic areas like cardiovascular, diabetes, pain management etc.
Technological: Advancements in drug delivery and packaging extend product shelf life and stability. New research improves treatment options for previously untreatable diseases.

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 and lifestyle diseases. According to projections, the market size for 2023 is US$ 59924.05 Mn.

Regional analysis related content comprises
Regionally, Oman is expected to dominate the pharmaceutical market owing to its growing healthcare infrastructure and higher per capita healthcare expenditure. India also offers vast growth opportunities owing to its huge population size and generic drugs market.

Key players related content comprises
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. These companies are focusing on expanding their product portfolios through partnerships and mergers and acquisitions.
 

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