India’s pharma market grows 8% in ’22 led by price hikes

India‘s pharmaceutical market (IPM) grew by 8% year-on-year to ₹1.8 lakh crore in 2022, mostly driven by price increases even as volumes remained muted, according to market research firm AWACS.

In 2021, the market had shown a growth of 14.9%, primarily because of a low base, and the high volume offtake of Covid-19 and related medications such as anti-infectives, vitamins and drugs for gastrointestinal and respiratory problems, pain and fever.

Sales of anti-infectives such as antibiotics and antifungals, which had grown by 25% in 2021, declined by 5% in 2022. The sales volume of anti-infectives dipped by 1%. ‘Anti-infectives’ was the second largest segment in 2022 with sales touching ₹22,531 crore.

The cardiac segment, the largest therapy segment accounting for a 13% share of the market, registered a growth of 8% to ₹23,561 crore in 2022, although volume growth was zero.

The gastrointestinal segment, the third largest, saw sales growth of 10%, but volumes remained flat. The anti-diabetes market saw 6% growth in value and 1% in volume.

The therapeutics segment, including respiratory, gynaecology, ophthalmology, urology and sex stimulants was an outlier in 2022, in both value and volume terms. The respiratory segment continued strong performance, with market growth of 19% and volume growth of 12.4% linked to deteriorating air quality that’s exacerbating asthma, chronic obstructive pulmonary disease and other respiratory disorders. The respiratory market stood at ₹14,428 crore, making it the sixth-largest therapeutics category.

(With inputs from health)