India’s pharmaceutical market to reach $41.4b by 2029

This expansion is supported by ongoing public sector efforts.

India’s pharmaceutical market was valued at $33.3b in 2024 and is projected to expand at a compound annual growth rate (CAGR) of 4.5% in US dollar terms, reaching $41.4b by 2029, according to BMI.

The sector’s expansion is supported by ongoing public sector efforts.

The government has introduced a new life sciences policy aimed at strengthening the state’s position in emerging fields such as cell and gene therapy, genomics, precision medicine, and digital innovation.

Meanwhile, national initiatives such as the Make in India programme and Telangana’s 2030 Vision for Life Sciences seek to drive the country’s position as a leading hub in the Asia Pacific.

“These initiatives are expected to enhance the market's appeal to international investors and collaboration between government entities and the private sector,” the report said.