India's OTC Drugs Market Aims for $19.4 Billion, Anticipating 16.7% CAGR by 2028

IMARC Group's report titled "India's OTC Drugs Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". The India over the counter (OTC) drugs market size reached US$ 7.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 19.4 Billion by 2028, exhibiting a growth rate (CAGR) of 16.7% during 2023-2028.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/india-over-the-counter-drugs-market/requestsample

Factors Affecting the Growth of the India Over the Counter (OTC) Drugs Industry:

• Increasing Health Awareness and Self-Care:

The India OTC drugs market is significantly driven by the growing health awareness and the rising trend of self-care among consumers. As individuals become more proactive about their health, they increasingly turn to OTC drugs and remedies for managing common health concerns. The convenience of accessing OTC medications without the need for a prescription aligns with consumers' desire to take control of their well-being. This trend reflects a shift toward a more health-conscious society, where consumers seek accessible and self-administered solutions for minor health issues, thus fueling the demand for OTC drugs.

• Wider Availability and Accessibility:

The rapid expansion of distribution channels and the increased availability of OTC drugs are key drivers of market growth in India. OTC medications are no longer limited to pharmacies; they are also readily available in grocery stores, supermarkets, and through online retailers. This enhanced accessibility makes it more convenient for consumers to purchase OTC drugs. The diversification of sales channels ensures that OTC drugs are easily within reach, aligning with the changing preferences and lifestyles of consumers who seek convenient and accessible healthcare solutions for common ailments.

• Government Regulatory Support:

Government policies and regulations play a major role in fostering the growth of the India OTC drugs market. Regulatory authorities are simplifying the approval process for OTC drugs, making it more feasible for manufacturers to introduce new products to the market. Additionally, government-led public health campaigns and educational initiatives are raising awareness about the safe and responsible use of OTC drugs. This ensures consumer safety and instils confidence in the efficacy of OTC medications. Government support, both in terms of regulation and education, is contributing significantly to the expansion and credibility of the OTC drugs sector in India.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in India over the counter (OTC) drugs market.

Ask Analyst for Customization and Explore Full Report with TOC & List of Figure: https://www.imarcgroup.com/india-over-the-counter-drugs-market

India Over the Counter (OTC) Drugs Market Report Segmentation:

By Product Type:

Cough, Cold and Flu Products
Analgesics
Dermatology Products
Gastrointestinal Products
Vitamins, Minerals and Supplements (VMS)
Weight-loss/Dietary Products
Ophthalmic Products
Sleeping Aids
Others

Cough, cold and flu products represented the leading segment due to the high prevalence of these ailments and the escalating demand for symptom relief and self-treatment options.

By Route of Administration:

Oral
Parenteral
Topical
Others

Oral accounted for the largest market share owing to the ease of use and familiarity of oral medications, making them a preferred choice for consumers.

By Dosage Form:

Tablets and Capsules
Liquids
Ointments
Others

Tablets and capsules represented the largest segment as they offer convenient and precise dosing, aligning with consumers' preferences for ease of administration.

By Distribution Channel:

Hospital Pharmacies
Retail Pharmacies
Online Pharmacies
Others

Retail pharmacies held the majority of the market share on account of their widespread presence, accessibility, and the trust consumers place in these established outlets for OTC drug purchases.

Regional Insights:

North India
West and Central India
South India
East India

West and Central India's dominance in the India over the counter (OTC) drugs market is attributed to the region's high population density, rapid urbanization, and robust healthcare infrastructure.

India Over the Counter (OTC) Drugs Market Trends:

In India, the OTC drugs market is primarily driven by increasing health awareness and the shifting trend toward self-care have empowered consumers to seek OTC solutions for common health issues. The enhanced convenience of accessing medications without a prescription aligns with the desire for personal health management.

Apart from this, the rapid expansion of distribution channels and the widespread availability of OTC drugs are other major growth-inducing factors. OTC medications are now easily accessible in grocery stores, supermarkets, and online, catering to the evolving preferences and lifestyles of consumers. Furthermore, the rising government support through simplified regulatory processes and public health campaigns has catalyzed market growth.

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This release was published on openPR.