The latest report by IMARC Group, titled “India Over the Counter (OTC) Drugs Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that India over the counter (OTC) drugs market size reached US$ 7.6 Billion in 2022. Over the counter (OTC) drugs, also known as non-prescription medicines, are consumed by individuals without any prescription from a healthcare professional. These medicines treat common self-treatable health conditions and symptoms such as headaches, constipation, toothache, cold and flu, heartburn, migraines, menstrual cramps, allergies, dental caries, and nausea. They are safe for consumption, cost-effective, easily accessible, convenient, and time-saving. Over the years, there has been an escalating demand for OTC drugs in India due to the growing preference toward self-medication for minor health problems among individuals.
India Over the Counter (OTC) Drugs Market Trends:
The market is primarily driven by the rising prevalence of chronic ailments among individuals across India. In addition, the growing inclination toward self-medication on account of high consulting fees charged by medical professionals is contributing to the market growth. Moreover, the escalating demand for OTC drugs to treat analgesics, gastrointestinal infections, coughs and colds, musculoskeletal pains, and fever represents another major growth-inducing factor. Besides this, the Government of India is taking several initiatives to make these drugs economical and accessible, spread awareness, and encourage the sales of OTC drugs, which is providing a positive thrust to the market growth. Along with this, the increasing health awareness among consumers due to growing lifestyle-related diseases caused by sedentary lifestyles, poor eating habits, stress, and obesity is accelerating the product adoption rate. Apart from this, the increasing popularity of online pharmacies, the easy availability of OTC drugs, and continual product innovations are propelling market growth. Furthermore, the growing geriatric population, rising disposable incomes of consumers, and extensive research and development (R&D) activities conducted by key market players are also creating a favorable market outlook across the country. Looking forward, IMARC Group expects the market value to reach US$ 19.4 Billion by 2028, exhibiting a CAGR of 16.7% during the forecast period (2023-2028).
- Based on the product type, the market has been categorized into cough, cold, and flu products, analgesics, dermatology products, gastrointestinal products, vitamins, minerals and supplements (VMS), weight-loss/dietary products, ophthalmic products, sleeping aids, and others.
- On the basis of the route of administration, the market has been segregated into oral, parenteral, topical, and others.
- Based on the dosage form, the market has been classified into tablets and capsules, liquids, ointments, and others.
- On the basis of the distribution channel, the market has been segmented into hospital pharmacies, retail pharmacies, online pharmacies, and others.
- Region-wise, the market has been divided into North India, West and Central India, South India, and East India.
- The competitive landscape of the industry has also been examined, with detailed profiles of the key players operating in the industry.
|Base Year of the Analysis
||Product Type, Route of Administration, Dosage Form, Distribution Channel, Region
||North India, West and Central India, South India, East India
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