Market Insights Health Pharmacies OTC Products

Pharmacy Usual Items - India

India

Revenue in the Pharmacy Usual Items market is projected to reach €20.29bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.95%, resulting in a market volume of €25.84bn by 2029.
In global comparison, most revenue will be generated in China (€44,560.00m in 2024).
In relation to total population figures, per person revenues of €14.07 are generated in 2024.

Key regions: Japan, France, China, Australia, Europe

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Analyst Opinion

The Pharmacy Usual Items market in India has been experiencing significant growth in recent years. This can be attributed to several factors including changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Pharmacy Usual Items market in India have shifted towards more convenient and accessible options. With the rise of e-commerce and online shopping, customers are increasingly opting to purchase their usual pharmacy items online. This allows them to save time and effort by avoiding trips to physical stores. Additionally, customers are also looking for a wider range of products and brands to choose from, and online platforms provide them with a greater variety of options. Trends in the market have also contributed to the growth of the Pharmacy Usual Items market in India. One notable trend is the increasing demand for natural and organic products. Customers are becoming more health-conscious and are seeking products that are free from harmful chemicals and additives. This trend is driving the growth of natural and organic pharmacy items in the market. Another trend is the growing popularity of generic drugs. With rising healthcare costs, customers are turning to generic alternatives that offer the same effectiveness at a lower price. Local special circumstances in India have also played a role in the development of the Pharmacy Usual Items market. The country has a large population and a growing middle class, which has led to an increase in disposable income. As a result, more people are able to afford pharmacy items and are willing to spend on their health and well-being. Additionally, the government has implemented various healthcare initiatives and policies to improve access to healthcare services, which has further fueled the demand for pharmacy items. Underlying macroeconomic factors have also contributed to the growth of the Pharmacy Usual Items market in India. The country's economy has been growing steadily, leading to an increase in purchasing power and consumer spending. This has created a favorable environment for the expansion of the pharmacy market. Furthermore, the healthcare sector in India has been receiving significant investments and support, which has stimulated growth in the pharmacy industry. In conclusion, the Pharmacy Usual Items market in India is experiencing significant growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As customers increasingly opt for convenient and accessible options, the online pharmacy market is expanding. The demand for natural and organic products and generic drugs is also on the rise. With a large population, growing middle class, and favorable macroeconomic conditions, the market is expected to continue its upward trajectory in the coming years.

Methodology

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.