Market size of pharmaceutical Sector

India's pharmaceutical industry is expected to reach US$ 130 billion by 2030. India is the world's largest supplier of generic medications, accounting for 20% of the worldwide supply by volume and supplying about 60% of the global vaccination demand

Market size of pharmaceutical industry in India (US$ billion)

Globally, India ranks 3rd in terms of pharmaceutical production by volume and 14th by value. The domestic pharmaceutical industry includes a network of 3,000 drug companies and ~10,500 manufacturing units.

According to the Indian Economic Survey 2021, the domestic market is expected to grow 3x in the next decade. India’s domestic pharmaceutical market is estimated at US$ 42 billion in 2021 and likely to reach US$ 65 billion by 2024 and further expand to reach ~US$ 120-130 billion by 2030.

The Ayurveda sector in India reached US$ 4.4 billion by 2018 end and grow at 16% CAGR until 2025.

In November 2020, Prime Minister Mr. Narendra Modi dedicated two future-ready national premier Ayurveda institutions to the country to mark celebrations of the ‘5th Ayurveda Day’. Also, World Health Organisation (WHO) announced the setting up of the Global Centre of Traditional Medicine in India.

Opportunities in various segments

  • All
  • Clinical Trials Market
  • High-end Drugs
  • Penetration
  • Crams

Clinical Trials Market

India is among the leaders in the clinical trial market.

Due to a genetically diverse population and availability of skilled doctors, India has the potential to attract huge investments to its clinical trial market

High-end Drugs

Due to increasing population and income levels, demand for highend drugs is expected to rise

Growing demand could open up the market for production of highend drugs in India.


With 70% of India’s population residing in rural areas, pharma companies have immense opportunities to tap this market

Demand for generic medicines in rural markets has seen a sharp growth. Various companies are investing in the distribution.


The Contract Research and Manufacturing Services industry (CRAMS) - estimated at US$ 17.27 billion in 2017-18, is expected to reach US$ 20 billion by the end of 2020.

The market has >1,000 players.


India plans to set up a nearly Rs. 1 lakh crore (US$ 1.3 billion) fund to provide boost to companies to manufacture pharmaceutical ingredients domestically.

Why We Choose

  • Increasing penetration of non-life insurance including health insurance will drive the expansion of healthcare services and pharmaceutical market in India.
  • A growing middle-class, coupled with rising burden of new diseases, is boosting the demand for health insurance coverage. With an increasing demand for affordable and quality healthcare, penetration of health insurance is poised to expand in the coming years.
  • In FY21, gross written premiums in the health segment grew at 13.7% YoY to Rs. 58,584.36 crore (US$ 8.00 billion). The health segment has a 29.5% share in the total gross written premiums earned in the country.
  • Another boost to the sector will be the National Health Protection Scheme under Ayushman Bharat, announced in the Union Budget 2018-19. The scheme was launched in September 2018.
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