Other OTC Pharmaceuticals (Pharmacies) - India

India

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$120.00m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.40%, resulting in a market volume of US$135.10m by 2029.
In global comparison, most revenue will be generated United States (US$4.98bn in 2024).
In relation to total population figures, per person revenues of US$0.08 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals (Pharmacies) market in India is experiencing significant growth and development due to various factors.

Customer preferences: Indian customers have shown a growing preference for over-the-counter (OTC) pharmaceutical products in recent years. This can be attributed to several factors, including the convenience and accessibility of OTC products compared to prescription medications. Customers appreciate the ability to purchase OTC products directly from pharmacies without the need for a doctor's prescription, saving them time and money. Additionally, the increasing awareness and knowledge about self-medication among Indian consumers have contributed to the rising demand for OTC pharmaceuticals.

Trends in the market: One noticeable trend in the Indian OTC Pharmaceuticals market is the increasing demand for herbal and natural products. Indian consumers have a long history of using traditional herbal remedies, and this trend has translated into the OTC market as well. Customers are seeking natural alternatives to conventional medications, driven by a growing interest in wellness and a preference for organic and sustainable products. As a result, pharmacies are expanding their offerings to include a wider range of herbal and natural OTC products to cater to this demand. Another trend in the market is the rise of e-commerce platforms for OTC pharmaceutical products. With the increasing penetration of smartphones and internet connectivity in India, customers are turning to online platforms to purchase their healthcare products. E-commerce platforms offer convenience, competitive pricing, and a wider range of products compared to brick-and-mortar pharmacies. This trend has prompted pharmacies to establish their online presence and partner with e-commerce platforms to tap into this growing market.

Local special circumstances: India has a large population with diverse healthcare needs, and this presents unique challenges and opportunities for the OTC Pharmaceuticals market. The country's vast rural population often lacks access to quality healthcare facilities, including pharmacies. To address this gap, pharmacies are expanding their reach by establishing franchise stores in rural areas, providing essential OTC pharmaceutical products to underserved communities. This expansion into rural areas not only addresses the healthcare needs of the population but also opens up new market opportunities for pharmacies.

Underlying macroeconomic factors: India's rapidly growing middle class and increasing disposable incomes have played a significant role in the development of the OTC Pharmaceuticals market. As more individuals have the financial means to afford healthcare products, the demand for OTC pharmaceuticals has risen. Additionally, urbanization and changing lifestyles have led to an increase in health-consciousness among Indians, further driving the demand for OTC products. Furthermore, the government's initiatives to promote healthcare and wellness have also contributed to the growth of the OTC Pharmaceuticals market. Programs such as Ayushman Bharat, which aims to provide affordable healthcare to all, have increased awareness and accessibility to healthcare products, including OTC pharmaceuticals. The government's focus on preventive healthcare and self-medication has created a conducive environment for the growth of the OTC Pharmaceuticals market in India. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in India is witnessing significant growth and development driven by customer preferences for convenience and accessibility, the increasing demand for herbal and natural products, the rise of e-commerce platforms, local special circumstances such as expanding into rural areas, and underlying macroeconomic factors such as the growing middle class and government initiatives.

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.