India OTC Drugs Market

Indian Over the Counter Drugs Market Size (2022 to 2027)

The size of the Indian Over the Counter Drugs Market was worth USD 7.62 billion in 2022 and is estimated to be growing at a CAGR of 19.4%, to reach 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. In the recent past, the number of people buying over-the-counter drugs online has been 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. The majority of Indians use self-medication, and middle-class purchasing power is growing. Antacids, cold and cough medicines, laxatives, analgesics, vitamins, and anti-allergy medications are widely 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 market growth.

However, the doctor’s willingness to prescribe OTC and the prohibition of advertising for common ailments are the major restraints hindering the market's growth.

This research report is segmented & sub-segmented the Indian OTC Drugs Market into the following categories:

• By Formulation Type                              
  • Tablets      
  • Liquids      
  • Ointments               
  • Sprays       
• By Product Type                       
  • Cough, Cold, and Flu Drugs
  • Analgesics
  • Dermatologicals    
  • Gastrointestinal Drugs
  • Antiseptics              
  • Anti-Allergy Drugs
  • Smoking Cessation Aids     
  • Ophthalmic Drugs
  • Vitamins and Minerals       
  • Sleep Aids             
  • Weight Loss/Diet Products            
  • Others (Ear Drops & Diuretics)     
• By Distribution Channel                         
  • Pharmacies/Drugstores     
  • Supermarkets/Hypermarkets         
  • Convenience stores            
  • Others (Online Drugstores)

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, which means that they can be sold without a doctor’s prescription. Therefore, they can also be referred to as Over-the-Counter (OTC) drugs. There are many therapeutic applications for OTC drugs ranging from weight control drugs to analgesic drugs and many more.

India is the 11th largest market for OTC drugs in the world. The government and different pharmaceutical companies are taking up various initiatives to create awareness about other drugs and shift Rx to OTC. Urban India is catching up with OTC drugs due to the advent of 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.