New Delhi

The Indian Pharmaceutical Market (IPM) is expected to maintain its double-digit growth trajectory, driven by strong volume growth and broad-based demand across therapies, according to a report by brokerage firm Equirus.

The brokerage described May's performance as one of the strongest demand trends in recent years, with both chronic and acute therapies witnessing robust growth.

According to the report, the IPM "posted monthly growth of 12.1 per cent in May'26, marking the sixth consecutive month of double-digit expansion - the most sustained high-growth run in over two years."

On a moving annual total basis, the market grew 10.7 per cent, supported by a balanced contribution from "Volume (+3.2 per cent), Price (+4.6 per cent) and NI (+3.0 per cent), confirming the expansion is broad-based."

Equirus said chronic therapies remained a key growth driver, noting that "chronic growth has hit a series-high 14.6 per cent", raising the segment's share in the market to 40.6 per cent.

The report also highlighted improving demand in acute therapies. It said acute growth reached "a series-high 8.3 per cent", indicating that the market's expansion is being supported by both major segments.

Demand remained strong across therapy categories. Equirus noted that "May data underscored an unusually broad-based demand environment, with nine of the ten key therapies growing in double digits."

Cardiac and anti-diabetic therapies continued to lead growth, while respiratory therapies recorded a strong rebound. Even anti-infectives, which remained the weakest segment, showed signs of recovery.

On growth drivers, Equirus said, "Volume growth accelerated to 3.2 per cent," reflecting a sustained improvement in prescription volumes. It added that new introductions contributed 3.0 per cent growth, "the highest in the five-period series", aided by successful chronic therapy launches.

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The brokerage added that the IPM's current growth momentum is now "genuinely broad-based", with strong demand trends likely to support continued expansion in the coming months.