India Over the Counter Drugs (OTC) Market worth US$ 10.23 Billion 2024 with a CAGR of 14.20%

Download Sample

Published Date: August 2023

The report "India Over the Counter Drugs (OTC) Market, By Product (Cough, Cold, and Flu Products, Analgesics, Dermatology Products, Gastrointestinal Products, Vitamins, Minerals, and Supplements (VMS), and Other Products), By Distribution Channel (Hospital Pharmacies, Retail Pharmacy, and Other Distribution Channels) - Trends, Analysis and Forecast till 2030.

Key Highlights:

In Jan 2018, Takeda Pharmaceuticals International signed a framework agreement with US-based OTC medicines maker firm, Unipharm.
In November 2018, Sun Pharma entered into a definitive agreement to acquire Pola Pharma Inc., a Japanese pharmaceutical company engaged in R&D, manufacture, sale, and distribution of branded and generic products in Japan. The portfolio of Pola Pharma primarily comprises dermatology products.

Analyst View:

India over the counter drugs (OTC) market is projected to grow from US$ 4.61 billion in 2018 to US$ 10.23 billion by 2024. Product innovations, shift in consumer attitude toward self-medication, and inclination of pharmaceutical companies toward OTC drugs from RX drugs are the major key factors propelling the growth of the Indian over-the-counter drugs market. In addition, expanding population, increasing healthcare expenditure, unhealthy dietary habits, and growing healthcare awareness leads to boost market in India. Further, growing awareness about the cost-effectiveness of self-medication and OTC medicines is also a crucial factor propelling the market growth. Most companies are adopting multiple strategies to grab maximum market share. Some of the firms are switching existing RX formulations to OTC and relaunching them, some have acquired heritage brands and are reviving them, while others are building brands from the ground up. For instance, Glenmark Pharmaceuticals, focused heavily on dermatology, respiratory, and, in India, cardiovascular, metabolic, and oncology products. These are the five segments in which the company is pretty dominant, particularly in India.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “India Over the Counter Drugs (OTC) Market”, By Product (Cough, Cold, and Flu Products, Analgesics, Dermatology Products, Gastrointestinal Products, Vitamins, Minerals, and Supplements (VMS), and Other Products), By Distribution Channel (Hospital Pharmacies, Retail Pharmacy, and Other Distribution Channels) - Trends, Analysis and Forecast till 2030

Key Market Insights from the report:

The India over the counter drugs (OTC) market accounted for US$ 4.61 billion in 2018 and is projected to register a moderate CAGR over the forecast period. The market report has been segmented on the basis of product and distribution channel.

By product, analgesics segment is projected to grow the largest over the forecast period. OTC analgesics are found to have several applications in the treatment of headache, fever, musculoskeletal injuries and disorders, menstrual cramps, and arthritis that have spurred the overall demand in the market.
By distribution channel, the target market is bifurcated into Hospital Pharmacies, Retail Pharmacy, and Other Distribution Channels

Competitive Landscape:

The prominent player operating in the India over the counter drugs (OTC) market includes GlaxoSmithKline PLC, Emami Limited, Abbott Laboratories, Dabur India Limited, Procter & Gamble, Sun Pharmaceuticals Limited, Reckitt Benckiser Group PLC, Cipla Inc., Takeda Pharmaceutical Company, and Johnson & Johnson.

The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.

About Prophecy Market Insights

Prophecy Market Insights is specialized market research, analytics, marketing/business strategy, and solutions that offers strategic and tactical support to clients for making well-informed business decisions and to identify and achieve high-value opportunities in the target business area. We also help our clients to address business challenges and provide the best possible solutions to overcome them and transform their business.

Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with focus on R&D strategies, corporate structure, localization strategies, production capabilities, and sales performance of various companies
Detailed analysis of this XYZ market revenue in previous & next coming years
Examining various outlooks of the XYZ market with the help of Porter’s five forces analysis.
Study on the product type that is anticipated to dominate the XYZ market.
Study on the regions that are expected to register the fastest growth over the forecast period.