India Over-the-counter Drugs (OTC) Market Size (2024 - 2029)

India Over-the-counter Drugs (OTC) Market Analysis

The India Over-the-counter Drugs Market size is estimated at USD 6.73 billion in 2024, and is expected to reach USD 8.76 billion by 2029, growing at a CAGR of 5.39% during the forecast period (2024-2029).

The major factors driving the growth of the OTC drug sector include a shift toward self medication by consumers, product innovation, and the inclination of pharmaceutical companies toward OTC drugs compared to prescription drugs in the country.

Self medication is taking medicines designed and labeled for treating common health problems without a physician's prescription. Easy access, convenience, and time-saving are the most common reasons for self medication. Moreover, self-medication with over the counter drugs (non-prescription drugs) has increased in the past years owing to its advantages, such as improving accessibility. An increase in self-medication among the population in India is expected to boost the growth of the OTC drugs market during the forecast period. For instance, according to the report published by the Cureus Journal in January 2023, self-medication is rising at a significant rate in the country. The high prevalence of self-medication in the country, with 60% of individuals engaging in this practice, is significantly driving the growth of the OTC market in India. The predominant use of analgesics (66.25%) and antipyretics (59.16%) for common ailments like fever, body aches, and common colds indicates a robust demand for these products. Additionally, the inclination of individuals with education above the high school level towards self-medication underscores an expanding consumer base that perceives over the counter drugs as a convenient and time-saving solution for minor health issues.

Additionally, according to a report published by the Sage Open Medical Journal in March 2024, the high prevalence of self-medication, particularly in urban areas, is driving the growth of the India OTC market, with convenience and lack of time being key motivators. The predominant use of allopathic medicines and reliance on pharmacist recommendations highlight a consumer preference for easily accessible healthcare solutions. This trend is further supported by demographic factors such as higher self-medication rates among females and skilled workers, indicating a robust market potential for the OTC pharmaceuticals market. Hence, with the high percentage of people undergoing self-medication in India, the over the counter drugs market is expected to grow rapidly during the forecast period.

However, price cuts for various active pharmaceutical ingredients, restrictions for advertising, and lack of stringent regulations for over the counter drugs in India are expected to hinder the market's growth during the study period.

India Over-the-counter Drugs (OTC) Industry Segmentation

As per the scope of the report, over-the-counter drugs are referred to as non-prescription drugs. These medicines can be bought by individuals without a doctor's prescription and are safe for consumption without the doctor's consent. The Indian over-the-counter (OTC) drug market is segmented by product and distribution channel. The product segment is further divided into cough, cold, and flu products, analgesics, dermatology products, gastrointestinal products, vitamins, minerals, and supplements (VMS), and other products. By distribution channel, the market is further segmented into hospital pharmacies, retail pharmacies, and other distribution channels. The report offers the value (USD) for the above segments.