India Over the Counter (OTC) Drugs Market to grow at a Significant rate During the Forecast Period
Increase in health
consciousness is expected to drive the growth of India over the counter (OTC)
drugs market during the forecast period.
According
to TechSci Research report, “India Over the Counter (OTC) Drugs Market By Product (Cough, Cold
and Flu, Analgesics, Dermatology Products, Vitamins, Mineral and Supplements
(VMS), Other), By Dosage Form (Tablets, Capsules, Powders, Ointments, Liquids),
By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online
Pharmacy, Others), By Company, By Region, Forecast & Opportunities, FY2026”, the India over the counter (OTC) drugs market is expected
to grow at a significant pace during the forecast period. Buying OTC drugs is
cost effective as they need no prescription which is expected to fuel the
market growth through FY2026. In addition to this, rising trend among
individuals to choose OTC drugs for minor diseases is further anticipated to
bode well for the growth of market over the coming years. Also, general health
concerns among the people is making headway for the market growth. However, stringent regulations by the FDA regarding safety and
efficacy of OTC drugs can restrict the market growth over the next few years.
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The India over the counter (OTC) drugs market is segmented based on product,
dosage form, distribution channel, company, and region. Based on distribution
channel, the market can be fragmented into hospital pharmacies, retail
pharmacies, online pharmacy, others. Out of which, retail pharmacies segment was
the leading segment in the market until FY2020 and is further projected to
maintain its position over the coming years as well which can be accredited to
its easily accessibility. Furthermore, retail pharmacies have availability of a
variety of drugs which is further contributing to its growing trend. Based on product, the market can be categorized
into cough, cold and flu, analgesics, dermatology products, vitamins, mineral
and supplements (VMS) and other. Out of these, the cough, cold, and flu products
segment dominated the market in terms of largest market share until FY2020.
This can be ascribed to surging count of infections in the country which is
leading to the rise in the number of infectious diseases. The market is further
driven by the increasing efforts to licencing of OTC drugs for the treatment of
cough, cold and flu. Besides, vitamins, mineral, and supplements (VMS) segment
is witnessed to grow at a high pace in the next 5 years owing to increasing
popularity of VMS products in India because of the increasing diseased
population.
GlaxoSmithKline Pharmaceuticals
Ltd, Emami Limited, Abbott India Limited, Dabur India Limited, Procter &
Gamble Health Limited, Reckitt Benckiser India Limited, Sun Pharmaceuticals
Limited, Cipla Ltd.,
Takeda Pharmaceuticals Company Limited, Johnson & Johnson Private Limited. and
others are some of the leading players operating in India over the counter (OTC)
drugs market. Companies operating in the market are using Go-To-Market strategies
such as product launches, mergers and acquisitions and research collaborations
to boost their share and increase their geographic reach.
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“India over the counter (OTC) drugs market
is expected to witness growth during the forecast period on account of rapidly
expanding pharmaceuticals industries in the country. Also, growing trend of
self-medication in India is further expected to create lucrative opportunities
for the market growth of India over the counter (OTC) drugs market over the
next five years. In addition to this, switching from Rx to OTC drugs by pharmaceutical
companies is further projected to aid market growth in the years to come.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based India
management consulting firm.
“India Over the Counter (OTC) Drugs Market By Product
(Cough, Cold and Flu, Analgesics, Dermatology Products, Vitamins, Mineral and
Supplements (VMS), Other), By Dosage Form (Tablets, Capsules, Powders,
Ointments, Liquids), By Distribution Channel (Hospital Pharmacies, Retail
Pharmacies, Online Pharmacy, Others), By Company, By Region, Forecast &
Opportunities, FY2026”, has
evaluated the future growth potential of India over the counter (OTC) drugs
market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in India over the counter (OTC) drugs market.
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