Indian Pharma Market Reached Rs 2,21,425 Crore in 2024: PharmaTrac
New Delhi: The Indian Pharmaceutical Market (IPM) witnessed significant progress in December 2024, registering a 7.7% growth in value and a 1.1% increase in unit sales compared to the previous year. Annual growth for IPM reached 8.3%, valued at Rs 2,21,425 crore, according to data from AIOCD-AWACS.
The Cardiac segment led the market, contributing 13% of total sales with an 11.8% annual growth and Rs 29,656 crore in value. Gastrointestinal therapies followed closely with a 9.7% increase, contributing Rs 26,628 crore. Anti-Diabetics recorded a robust 8.7% growth, valued at Rs 20,349 crore. Dermatology emerged as a strong performer, growing by 12.8% (Rs 14,169 crore), while Urology saw the highest growth rate of 14.2% (Rs 3,531 crore).
Conversely, the Respiratory segment recorded marginal growth (0.7%) with a decline in unit sales (-6.5%). Vaccines experienced the sharpest decline, dropping by 16.1% in value and 26.2% in unit growth.
Also Read: Indian Pharma Market Grows at 9.9%, Vaccine Sales See Sharp Decline: Pharmatrac Report
Sun Pharma + Ranbaxy led the corporate rankings in December 2024, recording Rs 18,067 crore in sales with a robust 12.8% growth. Abbott, Cipla, and Alkem followed closely, demonstrating strong performances across chronic and acute therapy segments.
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