India Specialty Drug Distribution Market to Reach Valuation of US$ 5,997.7 Million by 2031 | Astute Analytica
India specialty drug distribution market was valued at US$ 2,045.35 million in 2022 and is estimated to reach a valuation of US$ 5,997.7 million by 2031 at a CAGR of 12.93% during the forecast period 2023–2031.
New Delhi, Feb. 01, 2023 (GLOBE NEWSWIRE) -- The specialty drug distribution market in India is an evolving landscape, with a focus on providing quality and affordable healthcare to the country's growing population. The market is dominated by a few large multinational corporations, but there are also local players who have made a mark. The Indian government has implemented several measures to drive growth in the specialty drug sector, including introducing regulations to improve access to essential medicines and investing in research and development initiatives.
Despite the many opportunities for growth, the market faces several challenges, such as limited infrastructure, weak distribution networks, and a lack of access to financing for small and medium-sized enterprises. However, the increasing demand for innovative and high-quality drugs, coupled with a growing middle class with increasing disposable income, is expected to drive continued growth in the India specialty drug distribution market in the coming years.
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India Specialty Drug Distribution Market is Highly Competitive but Full of Opportunities
As per Astute Analytica’s findings, top 10 players including Ikris Pharma, D.Vijay Pharma, Meher Distributors Pvt. Ltd, Aark Pharmaceuticals, Arlak Biotech, Feron Healthcare, Gaia Pharmaceutical Trade, GNova Biotech, Jay-Pharma, and Pax Healthcare held over 22% share of the India specialty drug distribution market in 2022 and they are likely to continue holding the same position in the years to come. The trend of increasing market concentration among the top players is expected to continue, as these companies invest in their supply chain infrastructure and expand into new markets. Additionally, the proliferation of e-commerce has enabled these large players to reach more customers, creating a lucrative opportunity for them to increase their market share.
India's specialty drug distribution market is experiencing an unprecedented surge in demand, driven by the country's rapidly expanding population and its expanding healthcare system. As a result, the competition for market share has increased, with new players entering the market, including large multinationals, such as Abbott and Hospira, as well as indigenous companies, such as Mankind Pharma and Lupin. The main drivers of growth include rising incomes, increasing access to healthcare, and the proliferation of e-commerce. A key challenge for distributors is managing the complexity of the Indian distribution landscape, which is highly fragmented and characterized by multiple regulatory requirements, diversified customer profiles, and an array of product portfolios.
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Full Line Wholesalers are Generating Highest Revenue in India Specialty Drug Distribution Market
Recent analysis of the Indian specialty drug distribution market reveals that full line wholesalers are generating the highest revenue within the sector. The Indian pharmaceutical market is one of the fastest growing markets globally, growing at a rate of 10% per annum. This impressive growth is largely driven by generic drug makers, with two generics companies - Aspen of South Africa and Dr. Reddy's of India - seeing double-digit growth.
Specialty drug distributors are continuing to expand their operations in India, with a focus on providing high-quality products and services to their customers. To do this effectively, they must remain ahead of the competition by capitalizing on emerging trends and leveraging technology advancements. This includes providing sophisticated digital systems that can monitor inventory levels, track orders, and ensure customer satisfaction. Additionally, it also involves engaging in collaborations with other players in the specialty drug distribution market, such as generics companies, to gain access to a larger number of products. Finally, it also requires working with healthcare providers to ensure that specialty drugs meet the needs of patients.
It is clear that full line wholesalers are currently the most successful in terms of revenue generation in the Indian specialty drug distribution industry. This is likely due to the fact that they have access to the largest drug makers and are able to distribute their drugs to a wide range of customers. They also have the resources and expertise to ensure that their customers receive the best quality service and products. As such, it is likely that full line wholesalers will continue to dominate the Indian specialty drug distribution industry in the near future.
Top Trends in India Specialty Drug Distribution Market
The specialty drug distribution industry in India is expected to grow significantly over the next few years. Here are the top five trends shaping this industry:
Increased Focus on R&D and Innovation: Indian pharmaceutical companies are increasingly focusing on research and development (R&D) and innovation to create new drugs that can address unmet medical needs in areas such as cardiovascular, oncology, neuroscience, diabetes, and obesity. This is expected to drive the growth of specialty drug distribution in India.
Automation and Artificial Intelligence (AI): Automation and artificial intelligence (AI) technologies are expected to become increasingly important in the specialty drug distribution industry. Companies will use AI to develop more efficient procedures for distribution, reduce costs, and ensure compliance with regulatory guidelines. AI can also be used to provide personalized services to customers, such as personalized recommendations for drugs based on their medical needs.
Surge in Generic Drug Exports: The ongoing rollout of Covid-19 vaccinations, a rebound in non-Covid related medical treatments, and a surge in generic drug exports have all contributed to an overall positive outlook for the Indian pharmaceutical industry. This is expected to lead to increased demand for specialty drugs, which will drive the growth of the specialty drug distribution market.
Expansion of Pharmaceutical and Healthcare Industry: The Indian pharmaceutical and healthcare industry has grown exponentially in recent years, and this growth is expected to continue in 2022 and 2023. This will lead to a larger demand for specialty drugs, which will drive the growth of the specialty drug distribution industry.
Increasing Investment in Digital Technologies: Digital technologies such as natural language processing (NLP), machine learning, and automation are becoming increasingly important for both pharmaceutical companies and distributors. These technologies can be used to improve efficiency and accuracy of drug distribution, and provide personalized services as well. As such, investments in these technologies are expected to increase in 2022 and 2023, which will drive the growth of the specialty drug distribution industry.
Prominent Players in India Specialty Drug Distribution Market:
Astellas Pharma India Pvt. Ltd.
Bharat Serums and Vaccines Limited
Dr. Reddy’s Laboratories Ltd
Gaia Pharmaceutical Trade
Meher Distributors Pvt. Ltd.
Merck & Co., Inc.
Serum Institute of India Pvt. Ltd.
Sun Pharmaceutical Industries Ltd.
Vardhman Health Specialities Pvt. Ltd.
Zydus Lifesciences Limited
Intas Pharmaceuticals Ltd.
Other Prominent Players
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