Executive Summary
The Indian Pharmaceutical Market (IPM) sustained its growth trajectory in early 2026, recording 11.0% year-on-year (YoY) growth in February 2026, with monthly sales reaching ₹20,836 crore. The Moving Annual Total (MAT) stood at ₹2,44,277 crore, reflecting 8.4% annual growth.
Growth remained broad-based across all three levers—price (+5.3%), new product introductions (+3.5%), and volume (+2.2%)—with a notable improvement in volume growth indicating gradual recovery in prescription demand.
The market continues to structurally shift toward chronic care. Chronic and sub-chronic therapies now account for 56% of IPM value, up from 53% in 2022, reflecting the rising burden of non-communicable diseases (NCDs).
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