Indian pharma market logs sixth straight month of double-digit growth in May

Market grows 12.1%; volume contribution improves as 9 out of 10 key therapies post double-digit growth

The Indian Pharmaceutical Market (IPM) posted 12.1% year-on-year growth in May 2026, marking its sixth consecutive month of double-digit expansion and the most sustained high-growth run in over two years, according to an Equirus Securities report.

On a moving annual total (MAT) basis, IPM growth improved to 10.7% in MAT May 2026, supported by a well-balanced growth mix of Volume (+3.2%), Price (+4.5%) and New Introductions (+3.0%). The report noted that all three growth levers improved simultaneously, indicating broad-based market expansion.

A key highlight of May was the simultaneous strength in both chronic and acute therapies. Chronic therapies reached a series-high growth of 14.6%, with their share rising to 40.6% of the market, led by Cardiac (+14.7%) and Anti-Diabetic (+14.5%) segments. Acute therapies also touched a series-high growth of 8.3%, reflecting improving demand across both segments of the market.

Therapy growth remained broad-based, with nine of the 10 key therapies recording double-digit growth during the month compared with six therapies in March. VMN led growth at 15.6%, followed by Cardiac (14.7%) and Anti-Diabetic (14.5%). Respiratory therapies rebounded to 10.9%, while Anti-Infectives remained the only therapy below double-digit growth at 8.1%, although this represented a recovery from earlier lows.

The report highlighted strong momentum in chronic care therapies. Within anti-diabetics, Mounjaro (GLP-1) continued to drive growth, followed by the Dapagliflozin-Metformin-Sitagliptin combination. In the cardiac segment, Cilnidipine-Telmisartan recorded the highest growth of 28%, followed by Sacubitril-Valsartan.

Indian pharmaceutical companies, which account for 83% of the IPM, registered growth of 11.9% in May, while multinational companies grew 13.3% during the month.