India and Oman Pharmaceutical Industry Market Growth Accelerated by Increasing Generic Drugs Demand

Pharmaceutical Industry Market


India and Oman pharmaceutical industry market has witnessed robust growth riding on affordable medications demand. Generic drugs are affordable versions of brand-name drugs that have the same intended use, dosage, effects, risks, safety, strength, and quality. Generic drugs account for around 75%-80% of the total pharma sales in India as they provide cost-effective treatment options to a huge patient pool. The growing incidence of chronic diseases and rising healthcare expenditure in India and Oman have accelerated generic drugs demand.

India and Oman Pharmaceutical Industry Market is estimated to be valued at US$ 45 Billion in 2024 and is expected to exhibit a CAGR of 9.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing generic drugs demand has been a key growth driver for India and Oman pharmaceutical industry market. Generic drugs have significantly low prices as compared to their branded counterparts which make treatment affordable for a large section of patients in India and Oman. As per government estimates, generic drugs are 60%-70% cheaper than branded medicines. This has boosted their demand over the past few years. The price differential is expected to further widen in the coming years supported by pro-generic drugs policies of governments in both nations. This will continue promoting generic drugs uptake, thereby augmenting growth in the overall pharmaceutical industry market of India and Oman during the forecast period.

Segment Analysis
India and Oman Pharmaceutical Industry is primarily segmented into prescription-based drugs and over-the-counter drugs. Prescription drugs currently dominate the market and account for over 70% of total sales. This is due to the increasing prevalence of chronic diseases such as cardiovascular disorders, cancer, diabetes etc. in the region which require continuous medical attention. Moreover, India has become one of the leading suppliers of generic drugs globally which has further aided the growth of prescription drugs segment.

Key Takeaways
India And Oman Pharmaceutical Industry Market Demand is expected to witness high growth over the forecast period. The increasing healthcare expenditure in both the countries will drive the demand for pharmaceuticals during this period.

Regional analysis: India currently accounts for over 80% of the total market owing to its large population size and rapid economic growth. The country also has a competitive generic manufacturing sector which exports drugs globally. Meanwhile, Oman is one of the fastest growing regional markets due to its developing healthcare infrastructure and initiatives taken by the government to provide universal healthcare access to citizens.

Key players operating in India and Oman Pharmaceutical Industry are Sun Pharmaceuticals, Lupin, Cipla, Aurobindo Pharma, Dr. Reddy's Laboratories. Sun Pharmaceuticals is currently the leading player due to its diverse product portfolio and strong brand presence across therapies.

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