The pharmaceutical industry plays a crucial role in meeting the healthcare needs of populations in India and Oman. Pharmaceutical products like medicines provide relief from illnesses and help improve quality of life. The industry develops and manufactures drugs for various therapeutic applications like cardiovascular, anti-inflammatory, anti-infective etc. These products not only treat prevalent diseases in the regions but also help manage chronic health conditions. India has a large population suffering from diabetes, cancer and cardiovascular ailments who rely on medicines. Similarly, the rising healthcare expenditure in Oman has boosted demand for pharmaceuticals.
The global India and Oman Pharmaceutical Industry Market is estimated to be valued at US$ 32 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:
One of the key trends driving growth in the India and Oman pharmaceutical industry market is increased focus on generic drugs. Both India and Oman aim to enhance accessibility and affordability of healthcare by promoting lower-cost generic versions of branded drugs. India accounts for 20% of global generic drug exports owing to its large production capacity and ability to develop generic equivalents after major patent expirations. This has attracted major investments in the domestic industry. Additionally, growing healthcare expenditure in the GCC region, including Oman, is resulting in higher demand for affordable generic drugs and boosting the local pharmaceutical sector. These factors are expected to propel the India and Oman pharmaceutical industry market over the forecast period.
Porter’s Analysis
Threat of new entrants: Low as the market requires high capital investment and dealing with strict regulations acts as a barrier.
Bargaining power of buyers: Moderate as buyers can opt for alternatives in case of high prices but buyer pool is limited.
Bargaining power of suppliers: High due to dependency of manufacturers on key raw material suppliers and brand name companies.
Threat of new substitutes: Low as healthcare services are considered essential with limited substitutes.
Competitive rivalry: Intense among local and multinational brands due to price competition.
Key Takeaways
India And Oman Pharmaceutical Industry Market Demand is expected to witness high growth.
Regional analysis: India and Oman pharmaceutical industry market is dominated by India owing to presence of several domestic pharmaceutical companies and cost effectiveness. Oman also offers lucrative opportunities due to growing healthcare spending and demand for generics and biosimilars in the region.
Key players operating in India and Oman Pharmaceutical Industry Market are Sun Pharmaceutical Industries Ltd., Dr. Reddy’s Laboratories Ltd., Cipla Ltd., Abbott India Limited, Zydus Cadila.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
