OTC Pharmaceuticals - Bhutan

Bhutan

The revenue generated in the OTC Pharmaceuticals market in 2024 amounts to US$6.30m in Bhutan.
It is projected to experience an annual growth rate of 6.42% (CAGR 2024-2029).
The Other OTC Pharmaceuticals segment dominates the market, with a market volume of US$1.88m in 2024.
When compared globally, the in the United States generates the highest revenue, amounting to US$41,240.00m in 2024.
In terms of per capita figures, each person in Bhutan generates revenues of US$7.95 in 2024.
Furthermore, online sales are expected to contribute 3.27% of the total revenue in the OTC Pharmaceuticals market by 2024.
The demand for traditional herbal remedies in Bhutan has boosted the sales of OTC pharmaceuticals in the country.

Key regions: United States, China, Germany, Japan, Europe

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.
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Analyst Opinion

The OTC Pharmaceuticals market in Bhutan has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in Bhutan have shifted towards self-medication and the use of over-the-counter (OTC) medications for minor ailments. This is partly due to the convenience and affordability of OTC drugs compared to prescription medications. Additionally, there is a growing awareness and acceptance of OTC drugs among Bhutanese consumers, who are increasingly seeking quick and accessible solutions for their healthcare needs.Trends in the OTC Pharmaceuticals market in Bhutan reflect global and regional developments. The market has witnessed an increase in the availability and variety of OTC medications, including pain relievers, cough and cold remedies, and digestive aids. This expansion of product offerings is driven by the growing demand for self-care options and the need for easily accessible healthcare solutions. Moreover, the market has seen a rise in the popularity of natural and herbal remedies, as consumers seek alternative and holistic approaches to their health and well-being.Local special circumstances in Bhutan contribute to the development of the OTC Pharmaceuticals market. The country's healthcare system is still evolving, with limited access to healthcare facilities, especially in rural areas. As a result, OTC medications play a crucial role in providing basic healthcare services to the population. Additionally, Bhutan has a strong cultural belief in traditional medicine, which has influenced the demand for OTC herbal remedies and natural products.Underlying macroeconomic factors also influence the growth of the OTC Pharmaceuticals market in Bhutan. The country's improving economic conditions and rising disposable incomes have contributed to increased healthcare spending. As Bhutanese consumers become more affluent, they are willing to invest in their health and well-being, including purchasing OTC medications. Furthermore, the government's focus on promoting healthcare and wellness initiatives has created a favorable environment for the growth of the OTC Pharmaceuticals market.In conclusion, the OTC Pharmaceuticals market in Bhutan is developing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The market is expected to continue growing as Bhutanese consumers increasingly rely on OTC medications for their healthcare needs.

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.