Market Trends of India Over-the-counter Drugs (OTC) Industry
The Analgesics Segment is Expected to Witness Significant Growth During the Forecast Period
- The growth of over-the-counter (OTC) drugs in the analgesics segment is driven by a rise in the number of individuals affected by headaches, fever, toothache, musculoskeletal injuries, disorders, menstrual cramps, and product launches by key market players. The issues related to pain are significant reasons for the self-medication of analgesics, as these drugs are readily available and can be bought without a doctor's prescription.
- The growing trend of self-medication with OTC analgesics in the Indian population is expected to increase the market growth during the forecast period. For instance, according to a report published by the Patient Preference and Adherence Journal in June 2023, the high prevalence of self-medication (SM) with non-opioid analgesics (NOA) is driving the growth of the OTC analgesic segment in India. This trend underscores the increased demand for easily accessible and perceived safe pain management solutions, such as paracetamol, which is widely used despite potential risks, thus expanding market opportunities for OTC analgesic manufacturers. The rising trend of self-medication with OTC analgesics and the launch of new products are projected to boost the market’s growth.
- Similarly, for diseases such as headaches and fever, the patient prefers self-medication rather than going to the doctor to save the time and cost required to visit a physician/hospital. Consumers depend on OTC drugs for headaches and fevers as the first response for quick relief from symptoms. Owing to their ease in procurement and surging market demand, the sale of OTC drugs for analgesics is increasing in India. For instance, according to the data updated by the Indian government in November 2023, the units sold of OTC drugs belonging to the analgesics family increased by 23% compared to 2022.
- Moreover, key players in the market are also working on introducing novel growth strategies to cater to the rising demand for analgesics in the Indian OTC market. For instance, in March 2024, Himalaya Wellness Company started working on its digital platform to bolster its presence and drive growth in the OTC segment. Himalaya Wellness Company offers a diverse platform of OTC products like analgesics and cough and cold remedies.
- In conclusion, the increasing trend of self-medication with OTC analgesics among the population, owing to its various benefits, such as cost, time-saving, and product launches, is expected to contribute to segment growth in India during the forecast period.
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Cough, Cold, and Flu Products Segment is Expected to Hold a Significant Share in the Market During the Forecast Period
- The landscape of cough, cold, and flu diseases in India has expanded significantly owing to a surge in the prevalence of flu diseases over recent decades, which has resulted in a considerable medical and economic burden, thereby creating a substantial opportunity within the over-the-counter flu treatment market in India.
- Factors such as rising cases of flu, the surge in demand for over-the-counter cough and flu treatments, and a rising shift toward self-medication are propelling the growth of the over-the-counter flu treatments in the country’s market.
- The government is working on various initiatives to increase the availability of medications to the general population, which is expected to boost the growth of the flu products segment in the country. For instance, according to a report published by the Government of India in December 2023, the Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) sold over INR 1,000 crore (USD 119.74 million) worth of OTC and generic medicines in 2023.
- Similarly, in May 2024, the central drug regulatory authorities of the country under the Union Health Ministry are working on launching a new initiative where OTC drugs will be available in general shops. The move is aimed at making commonly occurring drugs more accessible and affordable, especially for the poor and households in remote areas. The government's initiatives to increase medication availability include expanding the reach of OTC drugs and making them available in general shops, as well as enhancing accessibility and affordability for the population. This improved access is driving the growth of the gastrointestinal products segment in India.
- Major players in the market are also working on novel growth strategies to cater to the rising demand for over-the-counter flu medicines in the country. For instance, in May 2024, Micro Labs informed that it was planning to expand its medicinal offering market brand extensions, including Dolo 500, Dolo Pain Relief Gel, Dolo Spray, Dolosils cough lozenges, and other products like skin ointments, nicotine gum, and ORS. Such initiatives by key players are expected to propel the growth of the market during the forecast period.
- In conclusion, the significant rise in flu prevalence and government initiatives to enhance medication accessibility are driving substantial growth in the Indian over-the-counter flu treatment market, bolstered by strategic expansions from major market players.
