Increase in need for accessible health solutions among individuals, as well as a growing geriatric population, are driving the expansion of India’s Over The Counter (OTC) Drug Market in the forecast period, 2023-2028.
According to TechSci Research report, “India Over The Counter (OTC) Drug Market- By Region, Competition Forecast and Opportunities, 2018-2028”, the India Over The Counter (OTC) Drug Market stood at USD4666.15 million in FY2022 and is anticipated to grow with a CAGR of 7.85% in the forecast period, 2023-2028. The growing geriatric population and their increasing disease prevalence, easy availability and increased awareness for Over The Counter (OTC) drugs among patients for self-medication, and growing health consciousness for keeping themselves fit and disease free are the major factors that are expected to drive the demand for the India Over The Counter (OTC) Drug Market during the forecast period.
The growing awareness of the cost-effectiveness of self-medication and over-the-counter drugs is propelling the industry expansion. The number of older people is prone to various health issues such as cold Cough & flu, fever, gastrointestinal issues like heart burn, acidity, constipation and minor joint pains thus expanding the demand for Over The Counter (OTC, thus affecting the Over The Counter (OTC) Drug market. Another major trend of attracting the Over The Counter (OTC) Drug Market is the increase in the number of e pharmacies due to improved digitalization to strengthen and expand the market and is positively expected to Over The Counter (OTC) Drug Market. With the growing population, an increase in the number of middle class population has been observed which in general is a major consumer for the Over The Counter (OTC) Drug Market and thus a creates a major mass of people who consume the Over The Counter (OTC) Drug in India , and thereby expanding the Over The Counter (OTC) Drug Market demand.
Browse over 32 market data Figures spread through 70 Pages and an in-depth TOC on “India Over The Counter (OTC) Drug Market “
The India Over The Counter (OTC) Drug Market is segmented into Product Type, Dosage form , Distribution Channel, Region Type, and By Company. Based on product type, the market is fragmented into Based on type of Product, the market is segmented into Cough cold & flu, Vitamins, Minerals and Supplements (VMS), Analgesics, Gastrointestinal Products, Dermatology products and Others. Cough cold & flu hold the largest market share by covering 23.12% market share in FY2022. The high demand for Cough cold & Flu Over The Counter (OTC) drugs is due to the reason that Cold Cough & Flu is most prevalent among all these diseases and due to its frequently occurring nature and virulence capacity it spreads quickly and covers larger population, thus requiring treatment doses for many people at the same time. Cough Cold & Flu OTC Drugs can be easily consumed and are cost efficient and safer to bought and consumed from a pharmacy or grocery store even without a prescription.
Based on the Dosage Form, the market is divided into Tablets, Capsules, Liquids, Ointments and Others. The Tablet form dominated the market in 2022, with a share of 31.71% and is anticipated to grow at a CAGR of 8.29% in the forecast period. Tablets are the most prevalent type of medication administration because of benefits such as comfort of drug intake via the oral route, patient preference, cost-effectiveness, and ease of large-scale manufacturing of oral dosage forms.
Based on regional analysis, West India accounted for the largest market share of 34.20% in the India Over The Counter (OTC) Drug Market. There’s the fast growing population, which, when combined with the fact that the middle class in these areas is rapidly expanding, thus creating a critical mass of people who can use OTC medications. The leading companies operating in the India Over The Counter (OTC) Drug Market are:
- Cipla Limited
- Sun Pharmaceuticals Limited
- Lupin Limited
- GlaxoSmithKline Consumer Healthcare Limited
- Dabur India Limited
- Abbott India Limited
- Dr. Reddy’s Laboratories Limited
- Emami Limited
- Reckitt Benckiser (India) Ltd
- Johnson & Johnson Limited
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“In India, the Over The Counter (OTC) Drug Market is expected to grow rapidly over the next six years, owing to the country’s growing geriatric population. Furthermore, the country has a higher demand of Over The Counter (OTC) Drug as a form of treatment of various health issues. The shift in consumer attitudes toward self-medication, product advancements, and pharmaceutical corporation’s preference for OTC pharmaceuticals over RX drugs are the main reasons leading to driving the rise of the Indian over-the-counter drugs market. On the other hand, Easy availability, Affordability, and increased awareness among patients along with the growing expenditure in R&D by Pharmaceutical company’s making the OTC drugs more safe and acceptable for the consumers, all these factors are expected to drive the Over The Counter (OTC) Drug Market forward in the near future.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Over The Counter (OTC) Drug Market By Type of Product (Cold, Cough & Flu, Vitamins, Minerals & Supplements (VMS), Analgesics, Gastrointestinal Products, Dermatology Products, Others), By Route of Administration (Oral, Parenteral, Topical, Others), By Dosage Form (Tablets, Capsules, Liquids & Solutions, Cream/Lotion/Ointments, Others), By Distribution Channel (Retail Pharmacy, Hospital Pharmacy, E-Pharmacy), By Region, Competition, Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of India Over The Counter (OTC) Drug Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India Over The Counter (OTC) Drug Market.
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