April 15, 2024
India and Oman Pharmaceutical Industry Market

India and Oman Pharmaceutical Industry market is Estimated to Witness High Growth Owing to Advancement of Big Data and Analytics

The India and Oman pharmaceutical industry encompasses manufacturing and distribution of drugs and medicines to the masses. Drugs are manufactured for various therapeutic areas including cardiovascular, anti-infective, metabolic disorders, oncology, neurology and others. Manufacturers produce drugs in various forms including tablets, capsules, injections, ointments and syrups. The pharmaceutical industry is critical in ensuring public health by supplying affordable and quality medicines for treating diseases.

The India and Oman Pharmaceutical industry Market is estimated to be valued at US$ 69032.51 Bn in 2024 and is expected to exhibit a CAGR of 9.3% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the India And Oman Pharmaceutical Industry Market Size are Accenture plc, Cognizant Technology Solutions, ATOS SE, Catalent, Inc., Covance, Inc., Boehringer Ingelheim GmbH, Genpact Limited, Lonza Group, PAREXEL International Corporation, Quintiles Transnational Corporation, Abbvie, Inc., Baxter International Inc., Dr. Reddy€TMs Laboratories Ltd., Aurobindo Pharma, Pfizer, Inc., The Almac Group, Teva Pharmaceutical Industries Ltd. and Piramal Enterprises Ltd. The advent of big data and analytics offers key opportunities for players to optimize processes, gain insights and make strategic decisions. Advancements in technologies such as artificial intelligence, cloud computing, 3D printing, nanotechnology offer immense potential for development of new drugs and personalized medicines.

Market drivers

The rising geriatric population prone to chronic diseases coupled with growing healthcare expenditure is a key growth driver for the India and Oman pharmaceutical market. As per estimates, around 15% of Oman’s population and 8% of India’s population consists of senior citizens aged 60 years or above. Additionally, increasing per capita income levels has improved affordability of medicines in these countries. This has augmented the demand for drugs for diseases like diabetes, CVDs and oncology.

Challenges in India and Oman Pharmaceutical Industry Market

The India and Oman pharmaceutical industry market is facing several challenges currently. Prices of active pharmaceutical ingredients and raw materials are constantly fluctuating affecting the overall operational cost of manufacturing drugs. Furthermore, stringent regulations imposed by regulatory authorities regarding drug approvals and quality standards have increased compliance burden on companies. Additionally, lack of skilled workforce and healthcare infrastructure in certain regions of India and Oman hinders greater penetration of pharmaceutical products. Counterfeiting of drugs also poses a major challenge by jeopardizing patient safety and brand value of companies.

SWOT Analysis

Strength: Well-established manufacturing capabilities and cost competitive production base. Presence of globally recognized generic drug companies.
Weakness: High dependency on imports for raw materials and technology. Difficulty in expanding to developed markets due to regulatory compliance.
Opportunity: Growing healthcare spending and demand for affordable drugs in India and GCC countries. Potential to emerge as global hub for clinical trials and vaccine production.
Threats: Changes in trade policies and geo-political dynamics can impact export-import of pharmaceuticals. Rising competition from global players building local manufacturing presence.

Geographical Regions

India accounts for nearly 65% share of the total India and Oman pharmaceutical industry market value currently, primarily driven by its vast domestic market size, skilled workforce, and presence of global as well as domestic pharmaceutical companies. However, the Oman market is witnessing the fastest growth currently at a CAGR of over 12% during the forecast period owing to increasing government focus on healthcare sector development, rising per capita income, and demand for branded and generic drugs from the local population as well as GCC exports.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it