India's biopharmaceutical industry has experienced an exceptional surge, boasting a robust Compound Annual Growth Rate (CAGR) 9.8 % and reaching a momentous INR 2892.5 billion milestone by 2023 in market size. Fueled by innovation and a growing health-conscious population, the sector's remarkable growth cements India's position as a global biopharmaceutical leader, attracting international interest and transforming patient access to cutting-edge medications and therapies. Anticipated to continue thriving, this dynamic market highlights India's dedication to pioneering healthcare solutions for a brighter future.
The report " India Biopharmaceutical Market, By Type (Monoclonal Antibody, Interferon, Insulin, Growth & Coagulation Factor, Erythropoietin, Vaccine, Hormone, and, Others) and Application (Oncology, Blood Disorder, Metabolic Disease, Infectious Disease, Cardiovascular Disease, Neurological Disease, Immunology, and Others) - Trends, Analysis and Forecast till 2030”. India Bio-pharmaceutical accounted for INR 2892.5 billion in 2023.
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Key Highlights:
• In February 2017, Cipla, Serum Institute launch Hepatitis B vaccine. Global CEO Umang Vohra said the agreement will enable Cipla to provide affordable vaccines for a chronic disease like Hepatitis B. Cipla's strong marketing network and reach will ensure maximum accessibility of the vaccines in India.
Analyst view:
Leading industry analysts have hailed India's biopharmaceutical market as a shining example of unprecedented growth and promise. With an impressive Compound Annual Growth Rate (CAGR) 9.8% and surpassing INR 2892.5 billion milestone, the sector has captured the attention of global investors and partners. The analysts attribute the market's success to India's commitment to innovation, cost-effective solutions, and a burgeoning ecosystem that fosters research and development. The biopharmaceutical sector's rise is seen as a significant contributor to the Indian economy while significantly improving patient access to life-saving treatments. The outlook remains positive as the industry continues to attract investments and collaborations, solidifying India's position as a prominent player in the biopharmaceutical arena.
Competitive players:
The prominent player operating in the India Biopharmaceutical market includes Bar Code India Limited, Bartronics India Limited, Honeywell Automation India Limited, Best IT World (India) Private Limited (iBall), Intex Technologies India Limited, Pegasus Technologies Private Limited, SATO Argox India Private Limited, and TVS Electronics Limited.
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