India’s BioEconomy reached $150.97 billion ($151 billion) in 2023. Estimates from the Indian Bio-Economy Report 2024 by the Association of Biotechnology Led Enterprises (ABLE) indicate that the bio-economy can touch $ 300 billion in the next five years, nearly doubling from the $ 165.7 billion in 2024.
This growth highlights the sector’s increasing significance as it now accounts for 4.25 per cent of India’s Gross Domestic Product (GDP) of $3.55 trillion in the 2023 calendar year. The Indian biopharma sector specifically contributes to a 35.65 per cent share valued at $53.8 billion (as of 2023).
Key contributors to the biopharma sector include:
Vaccines: The global vaccine market remains highly concentrated, with just nine manufacturers accounting for over 70 per cent of the global supply, excluding COVID-19 vaccines. Notably, three of these manufacturers—Serum Institute of India, Bharat Biotech International, and Biological E —are based in India, underscoring the country’s significant contribution to global vaccine production. Indian manufacturers supplied 25 per cent of the total vaccine volumes purchased by the WHO, with a considerable portion consumed domestically.
Biotech start-ups: India’s biotech startup sector continues its rapid ascent, with the last three years showcasing exponential growth. Between 2021 and 2023, the cumulative number of biotech startups surged from 5,365 to 8,531—a 59 per cent increase. This rise reflects a consistent upward trajectory since 2016, with a noticeable surge post-2020. The biotechnology and life sciences sector added 1,128 startups in 2021, followed by 1,390 in 2022 and 1,776 in 2023.
This expansion is driven by increased investments, favorable policy shifts, and rising demand for biotech innovations in healthcare and sustainability. The moving average trend line further highlights this consistent growth. BIRAC’s entrepreneurship development and strategy support programs have played a pivotal role.
BioPharma’s focus on pharmaceuticals, medical devices, diagnostics, and biologics emphasises India’s growing role as a global leader in affordable biopharmaceuticals.
The two top-performing states, Maharashtra and Karnataka, have bio-economy sizes of $ 35.5 billion and $ 32.7 billion, respectively, followed by Telangana (nearly $ 20 billion), Gujarat ($ 13 billion) and Andhra Pradesh ($ 11 billion).
According to the report, the future of India’s BioEconomy looks exceptionally promising, with substantial growth anticipated across key sectors. By 2030, the India BioEconomy is projected to double to $300 billion, up from $151 billion in 2023, reflecting a robust compound annual growth rate (CAGR) of 12.3 per cent. With the Biomedical sector expected to grow at a CAGR of 13.2 per cent, reaching $128 billion by 2030
The report comes a few months after the Union Cabinet approved the Bio-E3 policy — Biotechnology for Economy, Employment, and Environment. The government seeks to promote bio-manufacturing activities and bio-foundries while generating the skills and manpower for the technology-driven sector