India has one of the most rapidly growing economies in the world, after China. By the middle of this century, it will probably have the largest population of any country on earth and rank third in a comparison of GDPs, following China and the United States.
India emerges as one of the focus destinations for chemical companies worldwide with the current size of approximately USD 108 billion. Due to current initiatives of industry and government, the Indian chemical industry could grow at 11 percent p.a. to reach size of USD 24 billion by 2017. The largest increases are expected from the construction and automotive industries (+12 percent each), the packaging industry (more than +13 percent) and the electronics industry (+13 percent).
India’s pharmaceutical sector will touch USD 45 billion by 2020, according to a major study Indian pharmaceutical market will be the sixth largest in the world by 2020. India is the largest generic market in the world. 70 percent of all generic medication come from India. The Indian pharmaceuticals market is the third largest in Asia (after Japan and PR China).
The growth of analytical instruments market largely depends on the performance and R&D spending on industries such as pharmaceutical, chemical, food and beverages, oil and gas, etc. According to India Analytical Instruments Market Forecast & Opportunities, 2018, the market for analytical instruments in India is expected to grow at the CAGR of over 11 percent during 2013–2018.
The biotechnology sector of India is one of the most significant sectors. The biotech industry is expected to grow to around USD 73.73 billion by the year 2020. Growing at an average rate of about 20 percent, India’s biotech industry comprising bioservices, biopharmaceuticals, bioagriculture, bioindustry and bioinformatics could reach the USD 7 billion mark by FY 15.