Indian biotechnology market is estimated to grow significantly at a CAGR of 8.1% during the forecast period. The increasing healthcare expenditure and increasing funding in cell-based research in the country are further supporting the biotechnology market in the country. The Government of India has taken some steps to promote cell harvesting techniques in the country and have set up numbers of stem cell banks throughout the country.
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According to International Brand Equity Foundation (IBEF), the Indian healthcare market can increase three-fold to nearly $133.4 billion in 2022. The country is experiencing growth of around 22-25% in medical tourism. Various hospital chains such as Apollo Hospitals and Global Healthcare Enterprise are growing significantly in India due to a huge prevalence of cancer and related diseases. Private hospitals are expanding their business to provide a wide range of diagnostic tests and applications to a massive pool of cancer patients including foreign patients during medical tourism.
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The Indian biotechnology market is classified on the basis of type. Based on type, the market is segmented into healthcare, crop production and agriculture, industrial, natural resources & environment, and others. The companies which are contributing to the growth of the Indian biotechnology market include Amgen Inc., Novo Nordisk A/S, CSL Ltd., Bristol-Myers Squibb Co., AstraZeneca PLC, Merck & Co., Inc., Johnson & Johnson Services Inc., and Pfizer Inc. The market players are considerably contributing to the market growth by the adoption of various strategies including new product launch, merger, and acquisition, collaborations with government, funding to the start-ups, and technological advancements to stay competitive in the market.
Market Segmentation
Indian Biotechnology Market by Type
• Healthcare
• Crop Production and Agriculture
• Industrial
• Natural Resources & Environment
• Others (Bioinformatics)
Company Profiles
• Abbott Laboratories
• AbbVie, Inc.
• Alere, Inc.
• Alkermes, PLC
• Amgen, Inc.
• AstraZeneca PLC
• Biogen, Inc.
• Bristol-Myers Squibb Co.
• CSL, Ltd.
• F. Hoffmann La-Roche, Ltd.
• Johnson & Johnson Services, Inc.
• Novartis AG
• Novo Nordisk A/S
• Pfizer, Inc.
• Regeneron Pharmaceuticals, Inc.
• Sanofi S.A.
• Thermo Fisher Scientific, Inc.

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