The India And Oman Pharmaceutical Industry Market is estimated to be valued at US$ 59924.05 Mn 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 comprises companies that are involved in research, development, manufacture, and marketing of medicines for humans as well as animals. Pharmaceutical products offer treatment against various diseases such as cancer, cardiovascular, infectious, metabolic, and others.

Market key trends:
The pharmaceutical industry in India and Oman are witnessing high growth owing to rising disposable income, growing medical tourism, rising healthcare expenditure, and increasing demand for generic drugs. Government support through various initiatives and incentives is also fueling the growth of pharmaceutical industry in these regions. For instance, the "Pharma Vision 2020" launched by the Government of India aims to make India a global leader in end-to-end drug manufacture. Setting up of specialized parks for pharmaceutical companies, and tax benefits are some of the key initiatives undertaken by Indian and Oman governments to boost local manufacturing and exports.
Market key trends:
The India and Oman pharmaceutical industry has been witnessing rising demand for generic drugs over the last few years. Growing healthcare awareness and increasing accessibility to healthcare facilities has boosted the demand for affordable medicines in these markets. Manufacturers are focusing on developing cost-effective generic drugs to cater to the needs of the masses. Additionally, with rising non-communicable diseases like cancer, cardiovascular issues, and diabetes, the market for chronic ailment drugs is growing steadily.

SWOT Analysis
Strengths: Large customer base and growing patient population due to increasing burden of diseases. Presence of leading pharmaceutical companies with wide product portfolio.
Weaknesses: High dependency on imported raw materials increases overall production costs. Price controls imposed by governments impacts profit margins.
Opportunities: Rising investment in R&D of novel drug delivery solutions and specialty medicines. Growth opportunities in medical tourism industry attracting foreign patients.
Threats: Intense competition from local and international players pressures pricing and market share. Stringent regulations may delay new product approvals.

Key Takeaways
India And Oman Pharmaceutical Industry Market Size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period of 2023 to 2030, due to increasing investments in healthcare infrastructure and rising medical expenditures. The market size for 2023 is estimated to be US$ 59924.05 Mn.

Regionally, India dominates the market and is expected to continue its lead, supported by steady growth of the Indian economy and increasing healthcare reforms. With presence of global pharmaceutical giants and local generic drug manufacturers, the Indian pharmaceutical industry is the third largest in terms of volume and thirteenth largest in terms of value.

Key players operating in the India and Oman pharmaceutical industry include 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 have strong brand presence across the globe as well as domestic markets.

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