The pharmacy market in India is projected to grow at a compound annual growth rate (CAGR) of over 8 percent from 2016 to 2021, a new report published by Pharmaion reveals.
Rising sales of prescription, generic as well as over-the-counter drugs, increasing life expectancy, growing incidence of chronic diseases, ageing population base, increasing disposable income, rising health consciousness, and growing adoption of wellness and personal care products by young population are the major factors propelling the country's pharmacy market.
According to the report, India also accounted for a share of around 20 percent in the global disease burden in 2014.
“The increasing prevalence of lifestyle diseases such as diabetes, and cardiovascular diseases (CVDs) is driving India pharmacy market,” said Karan Chechi, Research Director, Pharmaion Consultants, a research based global management consulting firm focused on pharma and healthcare industry.
Chechi cited that India has the highest number of diabetic patients in the world, and more than 77 million patients suffer from pre-diabetic conditions in the country.
“Growing urbanization and expanding working population with sedentary lifestyles is anticipated to further drive the country's diabetic population in the coming years, thereby driving India pharmacy market through 2021,” he added.
http://www.enterpriseinnovation.net/article/indias-pharmacy-market-grow-over-8-till-2021-1714266922
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