The pharmaceutical industry of India is arguably one of the liveliest and most powerful segments of the healthcare sector in the entire world, and is greatly serving not only the availability of healthcare in India but also medicine internationally. The Indian pharma companies have a contribution of about 1.72 per cent to Indian GDP, and their direct and indirect employments are more than 4.7 million in number. India is called the Pharmacy of the World as it fulfills more than 50 percent of the demands of vaccines in the whole world, 40 percent of generic drugs to the US, and 25 percent of medicines to the UK.
Pharma Companies in India have come a long way over the years considering that, what was initially a basic manufacturing set up they are now also into complex generics, biosimilars and novel drug development with more emphasis on research and development, digital health solutions and sustainable manufacturing routines that make them global players in delivering affordable healthcare.
Understanding the Indian Pharmaceutical Landscape
The pharmaceutical environment of India can be described as an industry of gigantic size and international impact. The industry has experienced fast growth, with the domestic market estimated at about $50 billion in 2024 and is estimated to hit the 130 billion mark in 2030. Pharma companies in India are strong because these companies are cost cost-efficient manufacturing industry, strong regulation, and a resourceful workforce.
These Indian Pharma companies are now the biggest suppliers of the developed markets, with generics making almost 20 percent of the total pharmaceutical export in the world in terms of quantum. The innovation quotient of the sector is growing at a faster rate, with companies making significant investments in research and development, coming out with novel drug delivery systems, and entering into the biologics and biosimilars. The steps taken by the government, such as the Production Linked Incentive (PLI) scheme, introduction of pharmaceutical parks, among others, have fortified the industry with an even stronger base to grow in the future.
Pharma Sector’s Contribution to GDP, Global Generics Supply, and Innovation
The pharmaceutical industry of India is one of the most progressive and powerful healthcare industries existing in the world, adding to the national access to the healthcare domain and the world supply of medicine. The pharma firms in India presently create a GDP of about 1.72 percent in India and directly and indirectly support a workforce of more than 4.7 million.
India is referred to as the World Pharmacy, and it contributes 50 percent of the world’s requirement of vaccines, 40 percent of generic drugs to the US, and 25 percent of medication to the UK. Over time, Indian Pharma companies have transformed their simple manufacturing ventures into complex generic, biosimilar, and other drug innovations, and the main staple, a high aspect of research and development, digital health solutions, as well as sustainable manufacturing processes, have turned them into global warlords in affordable healthcare maintenance.
The Indian pharmaceutical market is the largest and highly competitive yearly market in the world. The industry has been expanding exponentially, where the local industry is estimated to be worth about $50 billion by 2024, and the market is slightly higher than that by 2030, at about $130 billion. The Pharma companies in India have their strengths in low-cost manufacturing, a sound regulatory environment, and labor supply of skilled workers.
Such Pharma companies in India have emerged as significant suppliers to the highly developed markets where generics constitute almost one-fifth of the total volume of pharmaceutical exports in the world. The innovation index of the sector is growing fast, with firms spending much on research and development and developing new drug delivery technologies and moving into new areas of biologics and biosimilars. Other government initiatives, such as the Production Linked Incentive (PLI) scheme and the development of pharmaceutical parks, also have provided a solid base for the industry to grow in the future.
Top 10 Pharma Companies in India [2025]
1. Sun Pharmaceutical Industries Ltd

Headquarters: Mumbai, Maharashtra
Founded: 1983
CEO/MD: Dilip Shanghvi
Market Cap (2025): ₹3,71,000 crore (almost $44.5 billion)
Industry Focus: Specialized medicines, generic medicines, and active pharmaceutical ingredients
Sun Pharma is the largest pharmaceutical company in India by revenue and by market capitalization, whereas it is among the top 10 generic companies in the world. The firm has constructed an impressive market base in the development of therapeutic areas such as dermatology, ophthalmology, oncology, and neurology.
Having developed a strong pipeline of more than 2,000 products and a manufacturing base in several countries, SunPharma has already established its position as a global market leader as well as in its home country. The strategic acquisitions, Ranbaxy and Taro Pharmaceutical, have enlarged their presence globally significantly in terms of a wider and stronger presence in the specialty medicines and have made them one of the leading pharma companies in India.
Key Products:
- Absorica (acne cure)
- Ilumya (psoriasis)
- Cequa (sic) (dry eye)
- Unique dermatology products
Notable Achievements: Most profitable Indian pharma company according to revenue, notable acquisitions such as Ranbaxy and Taro Pharmaceutical
Global Presence: More than 100 countries of operation, strong in the US, Europe, and in the emerging markets
2. Dr. Reddy’s Laboratories Ltd

Headquarters: Hyderabad, Telangana
Founded: 1984
CEO/MD: G.V. Prasad
Market Cap (2025): ₹1,07,689 crore (almost $ 13 billion)
Industry Focus: Biosimilars, active pharmaceutical ingredients, Generics, proprietary products
Dr. Reddy Laboratories has become a leader in reverse pharmacology and is one of the earliest Indian companies that have been able to enter into advanced and deeply regulated US generics market. This firm has developed a whole kaleidoscopic integrated business on pharmaceuticals, including the generic, active pharmaceutical ingredients, proprietary products, and biosimilars.
Through modern production plants and an effective research base, Dr. Reddy has always manifested creative healthcare solutions by ensuring top quality. The strategic resolutions of the company in complex generics and biosimilars have made the company a technology leader, which has earned India the status of a pharma hu,b and the company amongst the best pharma companies in India.
Key Products:
- Zydus (anti-diabetes)
- Omeprazole
- Ibuprofen
- biosimilar products
Notable Achievements: The first Indian firm to introduce biosimilars in developed countries, a robust pipeline of complex generics
Global Presence: They are present in 20+ countries with significant presence in the US, Europe, and Russia, among other emerging markets.
3. Cipla Ltd

Headquarters: Mumbai, Maharashtra
Founded: 1935
CEO/MD: Umang Vohra (Global CEO & MD)
Market Cap (2025): ₹1,21,859 crore
Industry Focus: Respiratory, HIV/AIDS, tuberculosis, malaria, as well as other therapeutic areas
Cipla has become a household name as far as global humanitarian companies providing health care are concerned, and Cipla has been able to make available life-saving drugs throughout the world. The firm received worldwide recognition based on its ability to make the treatment of HIV/AIDS inexpensive and accessible to millions of its patients worldwide.
Cipla maintains an excellent and robust orientation to respiratory medicine and has developed advanced inhalation technologies and drug delivery options that have transformed the chronic respiratory disease patient treatment possibilities. Its research and development efforts, along with wide-ranging manufacturing capacities with coverage across therapeutic areas, have made it one of the most coveted pharma companies in India, with a tradition of bettering the health of the world by providing innovative and cost-effective medicines.
Key Products:
- Seroflo (respiratory)
- Duolin (bronchodilator)
- antiretroviral medicines
- respiratory inhalers
Notable Achievements: Contributed to the availability of HIV/AIDS treatment, innovator in drug delivery systems for respiratory drugs
Global Presence: Has a presence in over 80 countries, is well established in South Africa, the US, and other international markets
4. Torrent Pharmaceuticals Ltd

Headquarters: Ahmedabad, Gujarat
Founded: 1959
CEO/MD: Aman Mehta (Executive Director)
Market Cap (2025): ₹65,000 crore
Industry Focus: Cardiovascular, central nervous system, gastro-intestinal, diabetology, and pain management
Torrent Pharmaceuticals has become one of the fastest-growing pharma companies of India with a good concentration on chronic therapeutic segments and inventive drug providing systems. It has developed a broad-based portfolio that traverses the cardiovascular system, central nervous system, gastro-intestinal and diabetology areas, but with a special focus on complex formulations and with an extended-release technology.
The successful acquisition plans undertaken by Torrent in Germany, Brazil, and other geographical locations are a good competitive strategy embraced by Torrent that has helped it expand its presence all over the world and acquire the right technology. The vested interests of the company in research and development, coupled with a strong manufacturing and brand portfolio, have made it one of the most powerful competitors of the major pharma companies in India, with its presence that continues to grow steadily both domestically and abroad.
Key Products:
- Calcium (shelcal supplement)
- Alzolam (anxiety)
- Pantocid (regurgitation)
- Ramipril tablets
Notable Achievements: Acquisitions in Germany, Brazil, and others
Global Presence: Operating in over 40 countries and notably in Germany and Brazil, notably in other foreign markets
5. Zydus Lifesciences Ltd

Headquarters: Ahmedabad, Gujarat
Founded: 1969
CEO/MD: Sharvil Patel (Managing Director)
Market Cap (2025): ₹58,000 crore
Industry Focus: Pharmaceuticals, vaccines, and diagnostics, as well as consumer products
Zydus Lifesciences can be expressed as a full-fledged healthcare ecosystem that has lost its correlated capacities in the fields of ophthalmology, vaccines, diagnostics, and consumer healthcare products. The company has proven itself with advanced innovations, such as the creation of the world’s first DNA vaccine against COVID-19 (ZyCoV-D), embodying the spirit of innovation and increasing its technological capabilities.
Zydus, with an emphasis on biotechnology and biosimilars, has easily constructed an efficient pipeline of complex molecules with new drug delivery techniques. The vertically integrated business structure with research, manufacturing, and marketing operations has helped it to sustain the competitive advantages of the company in providing affordable yet high-quality healthcare solutions, and it is considered to be one of the most innovative pharma companies in India, with a lot of scope to grow.
Key Products:
- ZyCoV-D (A vaccine against COVID-19)
- Lipaglyn (diabetes)
- Monocef (antibiotic)
- Exemptia (biosimilar)
Notable Achievements: The first DNA vaccine against COVID-19 in the world, an excellent biosimilar portfolio
Global Presence: Presence in more than 50 countries, an increasing presence in the US and other regulated markets
6. Aurobindo Pharma Ltd

Headquarters: Hyderabad, Telangana
Founded: 1986
CEO/MD: N. Govindarajan (Managing Director)
Market Cap (2025): ₹45,000 crore
Industry Focus: Generics, active pharmaceutical ingredients, and vaccines
Aurobindo Pharma has charted its position as a significant player in the generics sector, owing to its strong presence in the United States in a multi-slice spectrum of therapeutic businesses. The business model of the company is integrated vertically, where the company has managed to cover the whole chain of the pharmaceutical industry, stretching from producing active pharmaceutical ingredients and ending with finished dosage forms.
The knowledge of complex chemistry and process optimization has enabled Aurobindo to find cost cost-effective solution to difficult generic molecules manufacturing. The company has a low regulatory offenses and ultra-modern manufacturing plants, which have made it approved by major world regulatory bodies. Due to careful investments in research and development, increasing capacity, and long-term sustainable growth and technological enhancement, Aurobindo is still one of the most popular pharma organizations in India.
Key Products:
- Antiretrovirals
- beta-lactam antibiotics
- neuropsychiatric medicines
Notable Achievements: Strong US generics market, well-developed manufacturing power base
Global Presence: Significant US, European, and other global market suppliers
7. Lupin Ltd

Headquarters: Mumbai, Maharashtra
Founded: 1968
CEO/MD: Nilesh Gupta (Managing Director)
Market Cap (2025): ₹42,000 crore
Industry Focus: Cardiovascular, diabetology, respiratory, central nervous system
Lupin has also created a niche as one of the most successful pharmaceutical companies in India in the global market and especially in the United States, as it is rated the third-biggest pharmaceutical firm by prescription dispensation. Niche products of complex generics, special products, and innovative systems of drug delivery in the fields of cardiovascular disorders, diabetology, respiratory, and central nervous system are those that the company has taken a strategic focus on; this has ensured that the company is making a lot of profit.
Research and development at Lupin has led to a strong pipeline of variousiated products and new formulations. The international manufacturing network of the company, its favorable regulatory history, and strategic alliances have helped the company sustain its growth through extended presence in advanced markets, and this has helped the company achieve one of the best international success stories in the pharma industry in India.
Key Products:
- Antara (fibrate)
- Suprax (antibiotic)
- Glumetza (diabetes)
- respiratory inhalers
Notable Achievements: Good penetration into the US market, innovative paths to deliver drugs
Global Presence: It has activities in over 100 countries, a huge market in the US alongside Japan, and other economies
8. Divi’s Laboratories Ltd

Headquarters: Hyderabad, Telangana
Founded: 1990
CEO/MD: Dr. Murali K. Divi (Managing Director)
Market Cap (2025): ₹85,000 crore
Industry Focus: Active pharmaceutical ingredients, intermediates, and custom synthesis
Divi Laboratories has grown to be the leading contract development and manufacturing organization (CDMO) in active pharmaceutical ingredients, intermediates, and custom synthesis to the global pharmaceutical industry. The high levels of reputation that the company attained over its quality, reliability, and innovation have made it the preferred choice of major multinational pharmaceutical companies across all parts of the globe.
Divi, with its top-of-the-line manufacturing plants and process chemistry tool, can comfortably manage complicated molecules and difficult synthetic paths with rigor and exactitude. A high focus on research and development, and the fact that it has a vertically integrated manufacturing structur,e enabled the company to be a leader in terms of technology in the pharmaceutical manufacturing industry as it has figured prominently in terms of excellence within the specialized pharma industry in India that has international acclaim for quality and innovation.
Key Products:
- Cardiac APIs
- Anti-diabetic
- and additional and other therapeutic areas
Notable Achievements: Top-notch manufacturing standards, good customer relationships with pharma companies around the world
Global Presence: Serves key players in the pharmaceutical industry across the globe
9. Alkem Laboratories Ltd

Headquarters: Mumbai, Maharashtra
Founded: 1973
CEO/MD: Sandeep Singh (Managing Director)
Market Cap (2025): ₹35,000 crore
Industry Focus: Acute and chronic substances, neurology, gynecology, gastroenterology
Alkem Laboratories is a well-established pharmaceutical house of India that possesses a wide portfolio that encompasses acute as well as chronic therapeutic segments such as neurology, gynecology, gastrointestinal or gastroenterology, and anti-infectives. The company has developed success based on its well-established domestic markets and its strong brand portfolio, and its focus on products that are physician-preferred in several therapeutic areas.
The research and development undertaken by Alkem have led to new formulations and delivery systems of drugs that fulfill the unsatisfied medical needs. The spread of the company internationally, especially in the US generics market, and its high manufacturing and regulatory standards have put it in a good position to ensure continued growth as it holds its position as one of the Indian pharma companies with high levels of penetration in the Indian market.
Key Products:
- Clavam (antibiotic)
- Taxim (cephalosporin)
- Pan ( proton pump inhibitor )
Notable Achievements: A good domestic market share, an increasing international market share
Global Presence: Increasing market in the US and other foreign markets
10. Biocon Ltd

Headquarters: Bangalore, Karnataka
Founded: 1978
CEO/MD: Kiran Mazumdar-Shaw (Executive Chairperson)
Market Cap (2025): ₹38,000 crore
Industry Focus: Biosimilars, insulin, immunosuppressants, and oncology
Biocon is a leading biotechnology organization in Asia and a global leader in the area of biosimilars, insulin, and novel biologics, as it ushers in the revolution of biotechnology in India. Biocon has the vision of one of the visionary entrepreneurs based in India, Kiran Mazumdar-Shaw, putting to test the limits of biotechnology innovation by their quest to develop complex biologics and biosimilars, making the advanced therapies available to patients across the globe.
The integrated model of the company covers research, development, as well as manufacturing of biologics with specific competencies in diabetes care, oncology, and immunology. The strategic alliances Biocon has formed with other pharmaceutical companies around the world, and its low-cost price and open access policy have made it a trend setter in the field of biotechnology. The company has made its presence felt globally with its thrust on next-gen biologics and biosimilars that further stimulate research and innovation to rank among the most technologically equipped pharmaceutical companies in India.
Key Products:
- Insulin biosimilars
- Adalimumab biosimilar
- Trastuzumab biosimilar
Notable Achievements: First Indian biotechnology company, extensive biorelated products
Global Presence: business in developed markets such as the US, Europe, and so on
List of Other Top 50 Pharma Companies in India
Rank | Company Name | Founded | Headquarters | Market Cap (₹ Cr) | Key Products | Rating |
1 | Sun Pharmaceutical Industries | 1983 | Mumbai | 3,71,000 | Specialty medicines, Dermatology, Oncology | 4.5/5 |
2 | Dr. Reddy’s Laboratories | 1984 | Hyderabad | 1,07,689 | Generics, Biosimilars, API | 4.4/5 |
3 | Cipla | 1935 | Mumbai | 1,21,859 | Respiratory, HIV/AIDS, Tuberculosis | 4.3/5 |
4 | Torrent Pharmaceuticals | 1959 | Ahmedabad | 65,000 | Cardiovascular, CNS, Gastrointestinal | 4.2/5 |
5 | Zydus Lifesciences | 1969 | Ahmedabad | 58,000 | Pharmaceuticals, Vaccines, Diagnostics | 4.1/5 |
6 | Divi’s Laboratories | 1990 | Hyderabad | 85,000 | API, Intermediates, Custom Synthesis | 4.5/5 |
7 | Aurobindo Pharma | 1986 | Hyderabad | 45,000 | Generics, API, Vaccines | 4.0/5 |
8 | Lupin | 1968 | Mumbai | 42,000 | Cardiovascular, Diabetology, Respiratory | 4.1/5 |
9 | Alkem Laboratories | 1973 | Mumbai | 35,000 | Acute & Chronic therapies, Neurology | 4.0/5 |
10 | Biocon | 1978 | Bangalore | 38,000 | Biosimilars, Insulin, Immunosuppressants | 4.2/5 |
11 | Mankind Pharma | 1991 | Delhi | 45,000 | Generics, OTC, Consumer Health | 4.0/5 |
12 | Glenmark Pharmaceuticals | 1977 | Mumbai | 25,000 | Dermatology, Respiratory, Oncology | 4.0/5 |
13 | Cadila Healthcare (Zydus) | 1952 | Ahmedabad | 22,000 | Generics, Vaccines, Wellness | 4.2/5 |
14 | IPCA Laboratories | 1949 | Mumbai | 28,000 | Anti-malarial, API, Formulations | 4.1/5 |
15 | Piramal Enterprises | 1988 | Mumbai | 20,000 | CDMO, Healthcare Solutions | 3.8/5 |
16 | Abbott India | 1910 | Mumbai | 18,000 | Nutritionals, Pharmaceuticals | 4.3/5 |
17 | Pfizer India | 1950 | Mumbai | 15,000 | Vaccines, Oncology, Rare Diseases | 4.4/5 |
18 | Ajanta Pharma | 1973 | Mumbai | 12,000 | Ophthalmology, Cardiology, Dermatology | 4.1/5 |
19 | Sanofi India | 1956 | Mumbai | 12,000 | Diabetes, Vaccines, Consumer Health | 4.2/5 |
20 | Novartis India | 1997 | Mumbai | 10,000 | Oncology, Generics, Eye Care | 4.1/5 |
21 | GlaxoSmithKline Pharma | 1924 | Mumbai | 9,500 | Vaccines, Respiratory, Consumer Health | 4.3/5 |
22 | Laurus Labs | 2005 | Hyderabad | 8,500 | API, Generics, Synthesis | 4.0/5 |
23 | Strides Pharma | 1990 | Bangalore | 8,000 | Generics, API, Soft Gelatin | 3.9/5 |
24 | Emcure Pharmaceuticals | 1981 | Pune | 8,000 | Generics, Biologics, Gynaecology | 3.9/5 |
25 | Natco Pharma | 1981 | Hyderabad | 7,500 | Oncology, Hepatitis, Crop Health | 4.0/5 |
26 | Intas Pharmaceuticals | 1977 | Ahmedabad | 7,000 | Generics, Biosimilars, Veterinary | 4.0/5 |
27 | Granules India | 1991 | Hyderabad | 6,500 | API, Generics, PFI | 3.8/5 |
28 | Jubilant Pharmova | 1978 | Noida | 6,000 | CDMO, Generics, Radiopharmaceuticals | 3.9/5 |
29 | Hetero Drugs | 1993 | Hyderabad | 5,000 | Generics, API, Biosimilars | 3.7/5 |
30 | Wockhardt | 1999 | Mumbai | 4,000 | Generics, Biosimilars, Vaccines | 3.5/5 |
31 | Suven Pharmaceuticals | 1999 | Hyderabad | 4,500 | CDMO, API, Specialty Chemicals | 3.8/5 |
32 | Unichem Laboratories | 1944 | Mumbai | 3,500 | Generics, API, Formulations | 3.8/5 |
33 | Dishman Carbogen | 1983 | Ahmedabad | 3,500 | CDMO, API, Intermediates | 3.7/5 |
34 | Himalaya Drug Company | 1930 | Bangalore | 3,000 | Ayurvedic, Herbal, Personal Care | 4.2/5 |
35 | FDC Limited | 1936 | Mumbai | 2,800 | Generics, Consumer Health | 3.7/5 |
36 | Solara Active Pharma | 2017 | Bangalore | 2,500 | API, Generics, CRAMS | 3.6/5 |
37 | Micro Labs | 1973 | Bangalore | 2,200 | Generics, Respiratory, Antibiotics | 3.7/5 |
38 | Aristo Pharmaceuticals | 1973 | Mumbai | 2,000 | Generics, Cardiology, Diabetology | 3.6/5 |
39 | Supriya Lifescience | 1985 | Mumbai | 1,800 | API, Intermediates, Contrast Media | 3.6/5 |
40 | Elder Pharmaceuticals | 1986 | Mumbai | 1,500 | Generics, Cardiology, Gastroenterology | 3.5/5 |
41 | Hester Biosciences | 1987 | Ahmedabad | 1,200 | Veterinary Vaccines, Poultry Health | 3.5/5 |
42 | Nectar Lifesciences | 1995 | Chandigarh | 1,200 | Generics, API, Injectables | 3.4/5 |
43 | Shilpa Medicare | 1987 | Hyderabad | 1,000 | API, Generics, Oncology | 3.4/5 |
44 | Morepen Laboratories | 1986 | Chandigarh | 800 | API, Generics, Diagnostics | 3.3/5 |
45 | Indian Immunologicals | 1982 | Hyderabad | 800 | Vaccines, Biologics, Veterinary | 3.6/5 |
46 | Medico Remedies | 1995 | Ahmedabad | 800 | Generics, Injections, Ophthalmology | 3.2/5 |
47 | Arihant Capital | 1992 | Mumbai | 600 | Investment, Pharma Services | 3.1/5 |
48 | Agio Pharmaceuticals | 1996 | Mumbai | 500 | Generics, API, Formulations | 3.0/5 |
49 | Kilitch Drugs | 1979 | Mumbai | 400 | Generics, Oncology, Nephrology | 3.2/5 |
50 | Alembic Pharmaceuticals | 1907 | Vadodara | 12,000 | Generics, API, Formulations | 3.9/5 |
Conclusion
In 2025, the Pharma Companies in India are still showing incredible strength and steady growth, along with the major companies; Sun Pharma, Dr. Reddy, and Cipla still have a competitive edge and remain on the world stage through innovation and new expansion.
As advanced cutting-edge biotechnology and biosimilars are fast replacing the generic manufacturing industry, which once dotted the biotechnology sector, to emerge as a mature healthcare ecosystem and technologically enhanced country, India is inching closer to becoming a biotechnology powerhouse. As the Indian pharma players continue to invest more in research and development, expand their global coverage, and be fully supported by governments at various levels through policy frameworks, increasing their shares in the global pharmaceutical market, which is more than 1.4 trillion dollars, would be a logical move.
Variables that make India an ultimate healthcare supply chain market include the industry unwavering commitment to low-cost solutions to healthcare delivery, manufacturing prowess, and strong pharma compliance management with regulatory oversight to remain dominant in the world healthcare supply chain markets as it focuses on providing healthcare solutions to its citizens as well as to the world with the rising pharmaceutical needs.
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FAQs
Which is the largest pharmaceutical company in India?
Sun Pharmaceutical Industries Ltd company, having a market cap of about ₹371,00 crore, topples the list of other largest pharmaceutical companies in India in market cap, revenue, manufacturing capacity, and geographic expansion.
What percentage of global generic medicines does India supply?
India produces more than half of the world’s vaccine requirement and 40 percent of generic drugs for the US market, and thus the tag as the Pharmacy of the World.
Which pharma companies in India have the strongest US market presence?
Dr. Reddy and Cipla are other companies whose revenues are high due to the US market, and others, such as Sun Pharm,a with Lupin being known as the third-largest pharmaceutical company in the US in terms of volume of prescriptions dispensed in the country.
What are the key focus areas for leading pharma companies in India in 2025?
Among the key attention areas are biosimilars, complex generics, digital health solutions, the aspects of sustainable manufacturing, and the expansion of the work into the new areas of drug delivery systems, biologics, and personalized medicine technologies.
How is the Indian pharmaceutical sector contributing to the economy?
The pharmaceutical industry generates about 1.72 percent of India’s GDP and employs more than 4.7 million individuals, and the local market is expected to hit 130 billion dollars by 2030.