Indian Biotechnology Market size was valued at USD 101.5 Billion in 2024 and is expected to reach USD 297.2 Billion by 2033, at a CAGR of 11.09% during the forecast period 2024 – 2033.
Indian Biotechnology Market: Overview
The biotechnology market in India has experienced significant growth and is poised for further expansion in the coming years. Biotechnology, which involves the use of living organisms and their processes to develop products or technologies, has seen increased attention and investment due to its wide-ranging applications across various sectors.
From healthcare to agriculture and environmental conservation, biotechnology is revolutionizing industries and contributing to economic growth.
One of the primary drivers of the Indian biotechnology market is the strong support from the government through initiatives and policies aimed at promoting research, innovation, and entrepreneurship in the sector. The Department of Biotechnology (DBT) has played a crucial role in driving these efforts, with initiatives such as the Biotechnology Industry Research Assistance Council (BIRAC) providing support to startups and SMEs.
The government’s significant financial backing, with allocations reaching approximately USD 1.1 billion for biotechnology-related programs in the 2021-22 fiscal year, underscores its commitment to fostering a conducive environment for biotech companies to thrive.
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Moreover, there has been a notable increase in research and development investments in the biotechnology sector, both from public and private entities. Collaborations between Indian biotech firms and international counterparts have intensified, leading to knowledge exchange, technology transfer, and joint ventures.
These collaborations not only accelerate product development but also enhance India’s position in the global biotechnology landscape. India’s expenditure on R&D in biotechnology reached approximately USD 3 billion in the fiscal year 2020-21, highlighting the growing investment in innovation.
Despite these positive trends, the Indian biotechnology market faces certain challenges. Regulatory hurdles and delays in product approvals remain significant barriers to market entry. Stringent regulatory requirements, particularly for genetically modified organisms (GMOs) and biopharmaceuticals, often result in lengthy approval processes, increasing operational costs and impeding innovation.
Additionally, limited infrastructure and a shortage of skilled professionals pose challenges to the sector’s growth. Insufficient laboratory facilities, inadequate manufacturing capacities, and a lack of state-of-the-art infrastructure hinder the scale-up and commercialization of biotech products. The shortage of trained scientists, technicians, and researchers further exacerbates these challenges, highlighting the need for capacity building and talent development initiatives.
CMI has comprehensively analyzed India Biotechnology market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict in depth scenario of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this India Biotechnology industry.
The competitive landscape includes key innovators, after market service providers, market giants as well as niche players ate studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, the Report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships, and emerging business models.
List of the prominent players in the Indian Biotechnology Market:
- Serum Institute of India
- Biocon Ltd.
- Panacea Biotech Ltd.
- Bharat Serums and Vaccines Limited
- Dr. Reddy’s Laboratories Ltd.
- Shanta Biotechnics Limited
- Cipla Ltd
- Sun Pharmaceutical Industries Ltd.
- Zydus Cadila Healthcare Ltd.
- Torrent Pharmaceuticals Ltd.
- Divis Laboratories Ltd.
- Jubilant Life Sciences Ltd.
- Aurobindo Pharma Ltd.
- Cadila Healthcare Ltd.
- Intas Pharmaceuticals Ltd.
- Strides Shasun Ltd.
- Ajanta Pharma Ltd.
- Glenmark Pharmaceuticals Ltd.
- Lupin Ltd.
- Piramal Enterprises Ltd.
- Others
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