India's OTC Market: From Underpenetrated to Unlocked Value

India's over-the-counter (OTC) drug market is set to reach Rs 98,000 crore by 2030, driven by a shift towards consumer-driven health decisions and proactive health management. Despite being underpenetrated compared to global averages, digital channels and trust-intensive sales are shaping the market's future.

A new report predicts that India's over-the-counter drug market will soar to Rs 98,000 crore by 2030. Currently valued at Rs 47,000 crore in 2024, the market is expected to grow at a compound annual growth rate (CAGR) of 13 percent.

Despite India's large population, the market remains underpenetrated, with per capita OTC spending less than a tenth of the global average. An EY study revealed that Indians are increasingly proactive in health decisions, though regulatory frameworks still require clarity.

The report captures insights from a consumer survey indicating a behavioral shift towards informed health decisions and spotlights digital platforms' rising influence, even as regulatory ambiguity continues to challenge market expansion.

(With inputs from agencies.)