Market Insights Health OTC Pharmaceuticals

Analgesics - India

India

In 2024, the revenue in the Analgesics market in India amounts to INR US$1.12bn.
It is projected that the market will experience an annual growth rate of 9.21% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue in this market, amounting to INR US$7,243.00m in 2024.
In terms of per person revenues, in India generates INR US$0.78 per capita in 2024.
India's growing middle class and rising healthcare awareness are driving the demand for analgesics in the OTC Pharmaceuticals market.

Key regions: Canada, United States, United Kingdom, Australia, Germany

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Analyst Opinion

The Analgesics market in India is experiencing significant growth and development due to various factors.

Customer preferences: In India, there is a high demand for analgesics due to the prevalence of various health issues such as headaches, body aches, and joint pains. Customers are increasingly seeking effective pain relief solutions to improve their quality of life. Additionally, the rising awareness about self-medication and the convenience of over-the-counter analgesics are also driving customer preferences in the market.

Trends in the market: One major trend in the Indian Analgesics market is the increasing popularity of herbal and Ayurvedic products. Customers are becoming more conscious about the potential side effects of chemical-based analgesics and are opting for natural alternatives. This has led to the introduction of a wide range of herbal analgesics in the market, catering to the growing demand for natural pain relief solutions.Another trend is the growing e-commerce industry in India, which has made analgesics more accessible to customers. Online platforms provide a convenient and hassle-free way for customers to purchase analgesics, and this trend is expected to continue as more people embrace online shopping.

Local special circumstances: One of the unique aspects of the Indian market is the strong cultural belief in traditional medicine systems such as Ayurveda. This has influenced customer preferences and led to the development of herbal analgesics that combine traditional ingredients with modern formulations. The presence of a large number of Ayurvedic pharmacies and practitioners also contributes to the popularity of herbal analgesics in India.

Underlying macroeconomic factors: The growing middle-class population in India is a key driver of the Analgesics market. As incomes rise and living standards improve, more people are able to afford healthcare products, including analgesics. Additionally, the increasing urbanization and changing lifestyles, characterized by sedentary jobs and high-stress levels, have contributed to the rising demand for pain relief solutions.Furthermore, the government's initiatives to improve healthcare infrastructure and increase access to affordable healthcare have also played a role in the development of the Analgesics market. These efforts have resulted in better healthcare facilities, increased awareness about health issues, and improved affordability of healthcare products, including analgesics.In conclusion, the Analgesics market in India is experiencing growth and development due to customer preferences for effective pain relief solutions, the popularity of herbal and Ayurvedic products, the growth of the e-commerce industry, the strong cultural belief in traditional medicine, and the underlying macroeconomic factors such as the growing middle-class population and government initiatives to improve healthcare.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.