The Indian OTC market is expected to attain a good CAGR over the forecast period, 2020-2025.
The key factors propelling the growth of the Indian over-the-counter drugs market are the shift in consumer attitude toward self-medication, product innovations, and inclination of pharmaceutical companies toward OTC drugs from prescription (RX) drugs.
India is one of the emerging markets for OTC drugs and offers significant growth potential for the industry. The market is growing in India due to the increasing healthcare expenditure, unhealthy dietary habits, expanding population, and growing healthcare awareness.
The increasing disposable income of people, along with a shift in the consumer attitude toward self-medication and increasing geriatric population are the two major factors driving the overall market in the region. Thus, increasing awareness about the cost-effectiveness of self-medication and OTC medicines is a crucial factor that is fueling the market growth.
There is also the rapidly growing population, coupled with the fact that the middle class in this country is expanding on a large scale, which may add critical mass to the population available to access OTC medication. Thus, the increasing investments of market giants in the emerging market are expected to drive the growth of the overall market.
Key Market Trends
The Analgesics Segment is Expected to Register the Largest Growth over the Forecast Period
Analgesics accounted for a significant value share of the over-the-counter (OTC) drugs market. OTC analgesics have several applications in the treatment of fever, headache, musculoskeletal injuries and disorders, arthritis, and menstrual cramps that have spurred the overall demand in the market. Other factors, such as obesity, stress, and lifestyle disorders lead to chronic pain and different kinds of aches. The population is widespread in the developed markets, as well as in high economic growth countries, such as India and China. Therefore, in these countries, the population contributes to the increasing demand for and growth of analgesics in the market.
The industry players are focusing on new product developments and acquisition strategies to gain market shares. The developing countries have also opened new growth avenues for pharmaceutical companies. Thus, the market has different challenges and requires innovative products facilitating new innovative OTC drugs.
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