India Pharmaceuticals Market More Than Doubles Its Size to Cross USD 123 Billion by 2031

Published | 24 July 2025

India Pharmaceuticals Market is booming primarily due to a surging demand for generics, growing exports to countries across the regions, innovations, government’s incentives, and rising prevalence of chronic diseases.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated India Pharmaceuticals Market size by value at USD 60.83 billion in 2024. During the forecast period between 2025 and 2031, BlueWeave expects India Pharmaceuticals Market size to boom at a robust CAGR of 10.6%, reaching a value of USD 123.14 billion by 2031. The expansion of India Pharmaceuticals Market is driven by increasing prevalence of chronic diseases, rapidly aging population, and expanding healthcare access. The Indian government’s supportive incentives like PLI schemes and Ayushman Bharat boost production and affordability. Increased health insurance coverage, digital adoption, and demand for generics fuel growth. Export strength, skilled workforce, and low manufacturing costs enhance global competitiveness. Innovations in biosimilars, telemedicine, and R&D partnerships further accelerate the expansion of India Pharmaceuticals Market. Urbanization and lifestyle changes also raise demand for advanced therapies and preventive care.

Opportunity – Growing Demand for Biosimilars and Biologics

India biosimilars and biologics segment is expanding rapidly due to rising chronic disease prevalence, patent expiries of biologics, and cost-effective manufacturing. With over 100 approved biosimilars, India is a global leader in affordable biologic alternatives. Government incentives, streamlined regulations, and strategic collaborations with global firms fuel innovation and exports. Domestic players like Biocon and Dr. Reddy’s are launching biosimilars in international markets, reinforcing India’s position as a biosimilar hub. Hence, a surging demand for biologics and biosimilars is expected to further boost the growth of India Pharmaceuticals Market in the coming years.

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Parenteral Products Segment India Pharmaceuticals Market​

The parenteral products segment holds the largest and fastest-growing segment in India Pharmaceuticals Market. Parenteral products account for a significant portion of the market. The segment’s market dominance stems from a rising demand for sterile injectables, biologics, and hospital-based therapies. Parenteral drugs offer rapid efficacy and are preferred for chronic and acute conditions, making them a cornerstone of India Pharmaceuticals MArket.

Impact of Escalating Geopolitical Tensions on India Pharmaceuticals Market

Escalating geopolitical tensions, especially U.S. tariff threats, pose significant risks to the growth of India Pharmaceuticals Market. Proposed 200% duties on drug exports could disrupt supply chains, dampen demand, and inflate costs. India’s reliance on U.S. markets—over 36% of exports—makes it vulnerable. Trade uncertainty may delay investments and force firms to diversify markets. However, shifts like the BIOSECURE Act offer opportunities to replace Chinese suppliers. Overall, tensions create volatility but also strategic openings for the players in India Pharmaceuticals Market.

Competitive Landscape

India Pharmaceuticals Market is highly fragmented, with numerous players serving the market. Major companies dominating the market are Sun Pharmaceutical Industries Ltd, Dr. Reddy’s Laboratories Ltd, Cipla Ltd, Lupin Ltd, Aurobindo Pharma Ltd, Torrent Pharmaceuticals Ltd, Zydus Lifesciences Ltd, Glenmark Pharmaceuticals Ltd, Alkem Laboratories Ltd, Intas Pharmaceuticals Ltd, and Biocon Ltd. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge over their competitors in India Pharmaceuticals Market.

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The report's in-depth analysis provides information about growth potential, upcoming trends, and India Pharmaceuticals Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Pharmaceuticals Market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

Scope of the Report

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