Indian Pharma Industry To Expand By 9% To Surpass $70 Billion By FY27: CareEdge

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CareEdge Research Report

The Indian pharmaceutical industry, encompassing both domestic and export, demonstrated a robust compounded annual growth rate of approximately 8% from FY18 to FY24. This growth was driven by an 8% increase in exports and a 7% rise in the domestic market during the same period.

In FY24, the Indian pharmaceutical industry expanded by nearly 9% YoY, reaching approximately $54 billion. Exports experienced a healthy growth rate of 10%, while the domestic market saw a consistent increase of 9% compared to FY23.

Within the export sector, regulated markets (contributing ~60% of total exports) experienced an 11% YoY growth, whereas the semi-regulated and unregulated markets registered a 7% YoY growth in FY24.

Notably, after a contraction of about 3% in FY23 due to geopolitical issues, the semi-regulated/unregulated markets have rebounded strongly. We expect this segment to continue its upward trajectory at a CAGR of about 8% for the period FY25-FY27.

Meanwhile, exports to regulated markets are expected to grow at a rate of approximately 9% during the same forecast period.

We forecast an overall industry growth rate of approximately 9% in the forthcoming years. This expectation is based on the anticipated parallel growth rates in both export and domestic markets, each expected to sustain a growth rate of around 9%.

In summary, the Indian pharmaceutical industry is poised for continued expansion, driven by balanced growth across domestic and export markets, with significant contributions from both regulated and semi/unregulated markets.

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