India & Oman Pharmaceutical Industry Market, by Drug (Generic and Patented (Branded)), by Type (Prescription Drugs and Over the Counter Drugs), by Drug Class (Analgesics, Anesthetics, Antibacterials, Antidepressants, Corticosteroids, Nonsteroidal Anti-inflammatory Drugs (NSAIDs), Anticonvulsants, Antivirals, Anticoagulants, ACE inhibitors, Hormonal agents, Insulin, Contraceptives, Diuretics, Vaccines, and Others), by Application (Cardiovascular (Ischemic Heart Disease and Others), Hypertension, Musculoskeletal, Oncology, Anti-infective, Cirrhosis, Metabolic Disorder (Diabetes and Others), Weight Management, Central Nervous System, Genito-urinary, Kidney Disease, Gastrointestinal, Respiratory, Hematology, Dermatology, Ophthalmology, and Others (Nutraceutical, Dentals, and Gynecology)), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies and Online Pharmacies) and by Country (India and Oman), is estimated to be valued at US$ 47,179.5 Million in 2021 and is expected to exhibit a CAGR of 12.7% over the forecast period (2021-2030), as highlighted in a new report published by Coherent Market Insights.
The rising investments by the government bodies in Indian and Oman pharmaceutical industries is expected to propel growth of the market over the forecast period. For instance, in January 2021, the Central Government of India, announced that India will launch three bulk drug parks (manufacturing units) in India to reduce the dependency of the India on China for raw materials used in pharmaceutical industries. The drug parks will be set up of INR 14,300 crore (US$ 192.55 Mn) and the ministry of health, India also announced the launch of additional four units of bulk drug parks (manufacturing units) in India by 2025. Whereas, in 2014, the government of Oman released a long-term programme for the domestic healthcare sector, Health Vision 2050, which aimed at creating a well-organized, efficient and responsive health system within the country.
India & Oman Pharmaceutical Industry Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic has affected various industries globally. The players operating in the India & Oman pharmaceutical industry market are facing major challenges on various fronts due to the COVID-19 pandemic. Supply chain and manufacturing activities in India and Oman have been disrupted due to nationwide lockdown; while Indian states such as Maharashtra, Gujarat, Rajasthan, and others are facing problems with regards to transportation of pharmaceutical products due to partial lockdowns and termination of interstate transport in India. Government of different countries including Oman has helped India in the fight against the COVID-19 by providing various important medical assistive products. For instance, in May 2021, Government of Oman dispatched special medical assistance for India’s fight against COVID-19 and the special medical assistance included medical supplies of ventilators, SPO2 monitors, and medicines gifted by the Sultanate of Oman. The government initiative from both the government of India & Oman are planning the vaccination drives for reducing the spread of COVID-19 infections in India and Oman.
Browse 89 Market Data Tables and 64 Figures spread through 465 Pages and in-depth TOC on “India & Oman Pharmaceutical Industry Market”- Forecast to 2030, India & Oman Pharmaceutical Industry Market, by Drug (Generic and Patented (Branded)), by Type (Prescription Drugs and Over the Counter Drugs), by Drug Class (Analgesics, Anesthetics, Antibacterials, Antidepressants, Corticosteroids, Nonsteroidal Anti-inflammatory Drugs (NSAIDs), Anticonvulsants, Antivirals, Anticoagulants, ACE inhibitors, Hormonal agents, Insulin, Contraceptives, Diuretics, Vaccines, and Others), by Application (Cardiovascular (Ischemic Heart Disease and Others), Hypertension, Musculoskeletal, Oncology, Anti-infective, Cirrhosis, Metabolic Disorder (Diabetes and Others), Weight Management, Central Nervous System, Genito-urinary, Kidney Disease, Gastrointestinal, Respiratory, Hematology, Dermatology, Ophthalmology, and Others (Nutraceutical, Dentals, and Gynecology)), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies and Online Pharmacies) and by Country (India and Oman).
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The key players operating in the market are focusing on increasing number of the product launches in the Indian pharmaceutical industry to drive growth of the India pharmaceutical industry market over the forecast period. For instance, in February 2021, Natco Pharma, an India-based pharmaceutical company announced the launch of Brivaracetam for the treatment of epilepsy in India.
Key Takeaways of the India & Oman Pharmaceutical Industry Market:
- The India & Oman pharmaceutical industry market is expected to exhibit a CAGR of 12.7% during the forecast period. The increasing prevalence of chronic diseases such as diabetes is expected to drive the growth of Oman pharmaceutical industry market over the forecast period. For instance, according to the article published in the Journal of Diabetes Investigation in October 2020, 190,489 Omanis were living with type 2 diabetes mellitus in 2020 which is expected to increase to 570,227 in 2050. Furthermore, according to the same source, it is estimated that the incidence rate of diabetes per 1,000 person per year would change from 8.3 in 2020 to 12.1 in 2050 in Oman.
- Among drug, generic drug segment in the India & Oman pharmaceutical industry market is expected to drive the segment growth and is estimated to be valued at US$ 33,924.9 Million in 2021 and is projected to increase to US$ 104,407.7 Million by 2030, witnessing a CAGR of 13.3% during the forecast period, owing to the increasing number of drug launch by key market players. For instance, in August 2020, Dr. Reddy’s Laboratories Ltd., an Indian multinational pharmaceutical company, announced the launch of FXR, a therapeutic equivalent generic version of Ocaliva (obeticholic acid) in India, which is indicated for the treatment of Primary Biliary Cholangitis (PBC), in combination with Ursodeoxycholic Acid (UDCA) or as monotherapy in adults.
- Among type, prescription drugs segment in the India & Oman pharmaceutical industry market is estimated to witness a CAGR of 13% during the forecast period. The increasing expansion by key players is expected to drive the growth of prescription drugs segment. For instance, in June 2018, Taiba Healthcare Group, a healthcare marketing, distribution & retail pharmacies group in Oman, announced the setup of new manufacturing unit, ‘MENAGENE PHARMACEUTICAL INDUSTRIES’ for developing and manufacturing innovative specialty products in the Middle East/North Africa region.
- Major players operating in the India & Oman pharmaceutical industry market 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.
