OTC Pharmaceuticals - Bhutan | Statista Market Forecast

Revenue in the OTC Pharmaceuticals market amounts to US$6.30m in 2024. The market is expected to grow annually by 9.89% (CAGR 2024-2029).
The market's largest segment is the segment Other OTC Pharmaceuticals with a market volume of US$1.88m in 2024.
In global comparison, most revenue is generated United States (US$41bn in 2024).
In relation to total population figures, per person revenues of US$7.95 are generated in 2024.
In the OTC Pharmaceuticals market, 3.3% of total revenue will be generated through online sales by 2024.

Definition:
The Over-the-Counter Pharmaceuticals market includes non-prescription medications, treatments, and healthcare products that are available directly to consumers without a prescription from a licensed healthcare professional. It includes both products which are exclusively sold in pharmacies and products which can be purchased elsewhere such as supermarkets, and online retailers. Sales by hospitals are not included.

Structure:
The market is subdivided into Analgesics, Cold and Cough Remedies, Digestives and Intestinal Remedies, Skin Treatment, Vitamins and Minerals, Hand Sanitizer, Eye care, Sleep aids, Wound care, and Other OTC Pharmaceuticals. The Analgesics market covers non-prescription pain-relief medications which help to relief aches, pains and fevers. Cold & Cough market covers non-prescription remedies aimed at relieving nasal congestion, coughing, sore throat, and related cold discomforts. The Digestives and Intestinal Remedies market encompasses non-prescription products designed to alleviate symptoms related to digestive discomfort and intestinal issues. The Skin Treatment market includes non-prescription medications formulated to address various dermatological concerns such as acne, eczema and dryness. The Vitamins and Minerals market comprises non-prescription dietary supplements containing essential nutrients such as vitamins and minerals. The Hand sanitizer market covers sanitizing products which are applied on hands to effectively reduce the presence of bacteria and viruses. The Eye Care market covers non-prescription products to address common eye-related discomforts such as dryness, irritation or redness. The Sleep Aids market covers non-prescription products designed to promote relaxation, alleviate insomnia, and improve sleep quality. The Wound Care market includes non-prescription products designed to facilitate wound healing and prevent infection.

Additional information:
OTC Pharmaceuticals comprises revenues, average revenue per capita. Sales channels show online and offline revenue. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
For more information on the data displayed, use the info button next to the boxes.

Natural and synthetic agents
Analgesics (e.g. Asprin, Paracetamol)
Cough & Cold remedies (e.g. Vicks VapoRub)
Vitamins and Minerals
Skin treatment products

Prescription medicines
Homeopathic remedies

The OTC Pharmaceuticals market in Bhutan is experiencing steady growth and development in recent years.

Customer preferences: Bhutanese consumers are increasingly opting for over-the-counter (OTC) pharmaceutical products due to their convenience and accessibility. OTC medicines are readily available in local pharmacies and do not require a prescription, making them a popular choice for common ailments and minor health issues. Customers in Bhutan also prefer OTC medications as they are often more affordable compared to prescription drugs.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Bhutan is the growing demand for herbal and traditional medicines. Bhutan has a rich tradition of using natural remedies derived from plants and herbs, and many consumers prefer these traditional medicines due to their perceived effectiveness and minimal side effects. As a result, there has been an increase in the availability and variety of herbal and traditional OTC medicines in the market. Another trend in the market is the rising awareness and demand for preventive healthcare products. Bhutanese consumers are becoming more proactive in managing their health and are seeking OTC pharmaceuticals that can help prevent illnesses and promote overall well-being. This has led to an increase in the sale of vitamins, dietary supplements, and other preventive healthcare products in the country.

Local special circumstances: Bhutan's unique cultural and environmental factors have also influenced the OTC Pharmaceuticals market. The country's emphasis on Gross National Happiness and holistic well-being has led to a greater focus on natural and traditional remedies. Additionally, Bhutan's mountainous terrain and remote rural areas make it challenging for some consumers to access healthcare facilities and prescription medications. OTC pharmaceuticals provide a convenient and accessible alternative for these individuals, driving the demand for such products.

Underlying macroeconomic factors: The steady growth in the OTC Pharmaceuticals market in Bhutan can be attributed to several macroeconomic factors. The country's improving healthcare infrastructure and expanding pharmaceutical industry have contributed to the availability and accessibility of OTC medications. Bhutan's growing middle class and increasing disposable income have also played a role in driving the demand for OTC pharmaceuticals. As consumers become more health-conscious and willing to spend on healthcare products, the market for OTC medications is expected to continue its upward trajectory. In conclusion, the OTC Pharmaceuticals market in Bhutan is witnessing growth and development due to customer preferences for convenience and affordability, the increasing demand for herbal and preventive healthcare products, local cultural and environmental factors, and underlying macroeconomic factors. With these trends and circumstances in place, the market is poised for further expansion in the coming years.

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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

The global pharmaceutical industry has experienced significant growth during the past two decades, with revenues totaling around 1.6 trillion U.S. dollars in 2023. With growth like that, the industry's size is now comparable to the gross domestic products (GDPs) of countries like Spain, Mexico, or Australia.