OTC Drug Market in India 2023

OTC Drug Market in India 2023

OTC medications are used to treat minor illnesses. Patients choose their medications/brands for common mild diseases. Pharmacists can also recommend or advise patients on OTC drugs that do not fall under Schedule K of the Drugs and Cosmetics Act of 1940 or any other restrictive schedules for minor illnesses.

Market insights:

The OTC drug market in India was valued at INR 448.19 Bn in 2022. It is expected to reach INR 1,080.08 Bn by 2027, expanding at a compound annual growth rate (CAGR) of ~19.35% during the 2023 – 2027 period. The Indian OTC drugs market has expanded rapidly in recent years, owing to factors such as a growing population, an expanding patient pool, and affordability. The development of medical infrastructure, the introduction of patented drugs, and the emergence of new business models have all increased consumers' access to medicines. Vitamins and minerals held the largest share (36.84%) of the OTC drugs market in 2022. Cold and cough remedies are expected to grow rapidly as a result of recent drastic climate changes.

Market drivers:

People are more inclined to self-medicate by referring to information available on the internet as the country's use of the internet and social networks is growing. Furthermore, the use of various Vitamins and Mineral Supplements (VMS) in various formulations appeals to the health-conscious community, gaining traction in the OTC drug market.

Market challenges:

Antibiotics taken without prescription may result in resistance to antibiotics over time. Misuse or dependence on drugs such as sedatives, analgesics, antacids, and laxatives is another potential risk of a thriving but unregulated OTC market. This could be hazardous for health as it will become difficult to treat infections if these drugs become less effective and it can occur due to lack of insights among consumers.