Indian pharmaceuticals market is expected to touch $55 billion by 2020, from the current level of $36.7 billion in 2016, growing at a compound annual growth rate (CAGR) of 15.92%, according to a study jointly conducted by Assocham and research firm Indian Institute of Tourism and Travel Management (IITTM).
By 2020, India is likely to be among the top three pharmaceutical markets by incremental growth and sixth largest market globally in absolute size, noted the study by Assocham-IITTM titled ‘Medical Value Travel (MVT)’.
Indian pharmaceuticals market increased at a CAGR of 17.46% during 2005-16, with the market increasing from $6 billion in 2005 to $36.7 billion in 2016.
According to the joint report, Indian healthcare is expected to rise at a rate of CAGR of 29% during 2015-20 to $280 billion with rising income, greater health awareness, increased precedence of lifestyle diseases and improved access to insurance.
The study reveals that in the first six months of 2016 alone, close to a lakh foreign tourists have arrived on a medical visa making it a very lucrative market. The top countries availing medical visa were Bangladesh, Afghanistan, Maldives, Republic of Korea and Nigeria.
At 1,34,000, the year 2015 witnessed a growth of 140% in foreign tourist arrivals on medical visa from 2013, when more than 50,000 people visited India on medical visa.
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