OTC Pharmaceuticals - Bulgaria

  • Bulgaria
  • Revenue in the OTC Pharmaceuticals market amounts to US$754.20m in 2024. The market is expected to grow annually by 5.71% (CAGR 2024-2029).
  • The market's largest segment is the segment Cold & Cough Remedies with a market volume of US$196.90m in 2024.
  • In global comparison, most revenue is generated in the United States (US$41,240m in 2024).
  • In relation to total population figures, per person revenues of US$113.90 are generated in 2024.
  • In the OTC Pharmaceuticals market, 5.6% of total revenue will be generated through online sales by 2024.

Key regions: Worldwide, India, Philippines, United States, Europe

 
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Analyst Opinion

The OTC Pharmaceuticals market in Bulgaria is experiencing steady growth, driven by customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences:
In Bulgaria, customers have shown a strong preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors. Firstly, OTC medications are easily accessible and do not require a prescription, allowing consumers to quickly address common health issues without the need for a doctor's visit. Secondly, OTC products are often more affordable compared to prescription medications, making them a cost-effective choice for many Bulgarians. Lastly, the convenience of purchasing OTC medications from local pharmacies or supermarkets appeals to customers who value convenience and immediate relief.

Trends in the market:
One notable trend in the OTC Pharmaceuticals market in Bulgaria is the increasing demand for natural and herbal remedies. Consumers are becoming more conscious of their health and are seeking products that are perceived as more natural and less reliant on synthetic chemicals. This trend is not unique to Bulgaria but is part of a global shift towards holistic wellness and self-care. As a result, manufacturers are introducing more natural and herbal OTC products to cater to this growing demand. Another trend in the market is the rising popularity of online sales channels. With the increasing penetration of the internet and smartphones, consumers are turning to online platforms to purchase OTC medications. This trend is driven by the convenience of online shopping, competitive pricing, and the ability to compare products and read reviews. Online pharmacies and e-commerce platforms are capitalizing on this trend by offering a wide range of OTC products and delivering them directly to the customers' doorstep.

Local special circumstances:
Bulgaria has a well-developed healthcare system, with a high number of pharmacies per capita. This accessibility to pharmacies contributes to the growth of the OTC Pharmaceuticals market, as customers can easily find and purchase the products they need. Additionally, the Bulgarian government has implemented regulations to ensure the safety and quality of OTC medications, further boosting consumer confidence in the market.

Underlying macroeconomic factors:
Bulgaria's stable economic growth and increasing disposable income levels have positively impacted the OTC Pharmaceuticals market. As consumers have more purchasing power, they are willing to spend on OTC medications to address their health needs. Furthermore, the aging population in Bulgaria has led to a higher demand for OTC products, as older individuals often require medications for chronic conditions or age-related ailments. In conclusion, the OTC Pharmaceuticals market in Bulgaria is experiencing growth due to customer preferences for accessible and affordable healthcare solutions, the emergence of new market trends such as natural remedies and online sales channels, the local special circumstances of a well-developed healthcare system, and underlying macroeconomic factors like stable economic growth and an aging population.

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.

Overview

  • Revenue
  • Key Players
  • Analyst Opinion
  • Sales Channels
  • Global Comparison
  • Methodology
  • Key Market Indicators
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