by The pharmaceutical industry in India and Oman comprises of companies that manufacture pharmaceutical drugs, diagnostics, medical equipment, contract research and manufacturing services. Prescription drugs like vaccines, prescription pharmaceuticals, and over-the-counter drugs constitute a major portion of the industry. With digital solutions, the industry is adopting new technologies for drug discovery, clinical trials, and supply chain management. The companies operate research and development facilities, manufacturing plants, and distribution networks across the countries.
India and Oman Pharmaceutical Industry Market is estimated to be valued at US$ 58.2 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 Dynamics:
Digitalisation is expected to flourish India and Oman Pharmaceutical Industry by enabling remote monitoring of patients, improving access to healthcare, and streamlining supply chain operations. One of the major drivers for the market growth is the adoption of digital technologies like artificial intelligence, Internet of Things, and cloud computing across the value chain. AI aids in drug discovery by analyzing huge chemical and biological datasets. IoT-enabled devices facilitate remote patient monitoring and therapeutic delivery. Cloud infrastructure supports R&D collaborations, clinical trials, and regulatory compliance. Further, the implementation of blockchain improves supply chain transparency, tracks counterfeit drugs, and ensures timely availability of medicines. The growing incorporation of digital solutions is anticipated to fuel market expansion in India and Oman over the forecast period.
Segment Analysis
India and Oman pharmaceutical industry market is dominated by the generic drugs segment. Generic drugs account for over 70% of the total market share as they offer similar therapeutic effects at significantly lower prices compared to branded drugs. They have grown in popularity due to rising healthcare costs exerting downward pressure on budgets. Growing awareness among patients about the cost savings of generic drugs has also boosted their demand.
PEST Analysis
Political: The governments of India and Oman have taken initiatives to increase healthcare access and promote local generic drug manufacturing through favorable policies. This has attracted more investments and supported market growth.
Economic: Rising incomes have improved affordability of medications in both countries. However, healthcare costs remain a concern. Hence, demand for low-cost generic drugs is high.
Social: Growing lifestyle diseases like diabetes and cancer along with an aging population prone to chronic conditions are driving up need for drugs. Awareness about benefits of timely treatment and medication adherence is increasing uptake.
Technological: Digitalization and initiatives to curb counterfeiting through track-and-trace solutions are helping build trust in pharmaceutical supply chains in the region. This will aid market expansion further.
Key Takeaways
India And Oman Pharmaceutical Industry Market Demand is expected to witness high growth at a CAGR of 9.3% during the forecast period of 2024-2031.
Regional analysis: North India dominates owing to a large population base and concentration of major pharmaceutical companies. Southern Oman is also emerging as another fast-growing regional market on back of government incentives.
Key players operating in India and Oman pharmaceutical industry market are Cipla, Dr. Reddy’s Laboratories, Sun Pharmaceutical Industries, Aurobindo Pharma, Sanofi, and Novartis.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
