New Delhi: India's bulk drug exports are likely to grow at an average rate of 12-14 per cent till 2018-19 on the back of increasing shipments to countries including the US and Europe, an Assocham study said.

Of late, the exports have shifted in favour of regulated markets evidently as there has been an increase in the share of these markets to about 49 per cent in 2013-14 from about 43 per cent in 2008-09, the Assocham-Yes Bank joint study said.

"India's bulk drug exports are likely to grow at a CAGR of 12-14 per cent till 2018-19, driven largely by exports to regulated markets," it added.

The study also said that the domestic formulations market is likely to cross USD 20 billion mark by 2018-19 from a level of about USD 11 billion in 2013-14.

"The growth story of domestic formulations market is expected to remain strong, led by better healthcare diagnostic infrastructure," it added.