India’s pharmaceuticals market will more than triple to $20bn by 2015 on the back of rising personal incomes, the spread of chronic diseases and the growth of hospitals and clinics across the country, according to McKinsey, the consultancy.

India’s projected growth would rank it 10th globally in 2015, from 14th two years ago, McKinsey said in a report released on Wednesday. The retail sales value of India’s drug market was $6.1bn in 2005 and $3.4bn in 2000.