The Indian OTC drugs market was worth USD 7.62 billion in 2022 and is estimated to grow at a CAGR of 19.4%, reaching USD 18.49 billion by 2027.
The shift in consumer attitudes towards self-medication, product advancements, and pharmaceutical firms’ preference for OTC drugs over prescription drugs are majorly driving the Indian over-the-counter drugs market. Recently, the number of people buying over-the-counter drugs online has significantly increased owing to the growing awareness among people about the benefits of these drugs. Moreover, the central and state governments are developing new procedures and policies to monitor and support online medicine purchases and over-the-counter products.
The most prevalent reasons for self-medication are ease of access, convenience, and time savings. Most Indians use self-medication, and middle-class purchasing power is growing. Antacids, cold and cough medicines, laxatives, analgesics, vitamins, and anti-allergy medications are used as self-medicated products in India. As a result, these variables are projected to propel the market forward.
The government and numerous pharmaceutical industries are working together to raise awareness about various drugs and shift RX to over-the-counter, which is expected to influence market growth positively. But, on the other hand, with advertisements, rising job stress levels, and increasing health awareness, urban India is catching up with the concept of over-the-counter drugs.
The two major factors driving the market in the area are increasing disposable income of the people and an increase in health consciousness, and a growing number of aging populations with new social diseases in the region. In addition, increasing awareness about the cost-effectiveness of self-medication and OTC medicines is also a crucial factor in fuelling the Indian over-the-counter drugs market growth.
However, the doctor’s willingness to prescribe OTC and the prohibition of advertising for common ailments are the major restraints hindering the growth of the over-the-counter drugs market in India.
This research report has segmented & sub-segmented the Indian OTC Drugs Market into the following categories:
India is one of the fastest-growing markets for OTC drugs, with tremendous development potential. In India, the market is expanding due to rising healthcare expenditures, poor food habits, a growing population, and more healthcare awareness. Therefore, the market is showcasing evident potential in the mentioned forecast period. Non-Prescription drugs are sold over the counter, meaning they can be sold without a doctor’s prescription. Therefore, they can also be over-the-counter (OTC) drugs. There are many therapeutic applications for OTC drugs ranging from weight control drugs to analgesic drugs.
India is the 11th largest market for OTC drugs in the world. The government and pharmaceutical companies are taking various initiatives to create awareness about other drugs and shift Rx to OTC. Urban India is catching up with OTC drugs due to technology and advertisements, high work stress levels, and increasing health awareness.
KEY MARKET PLAYERS:
A few notable companies operating in the Indian over-the-counter drugs market profiled in this report are Eu Yan Sang International Ltd, Bayer AG, Johnson & Johnson, GlaxoSmithKline plc, Merck Pte, Sunward Pharmaceutical Pte Ltd, and Beacons Pharmaceuticals (Pte) Ltd.
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