OTC Pharmaceuticals - Bulgaria

Bulgaria

The OTC Pharmaceuticals market in Bulgaria is projected to generate a revenue of US$754.20m in 2024.
It is expected to experience an annual growth rate of 5.71% (CAGR 2024-2029).
Among the various markets, the Cold & Cough Remedies market holds the largest share with a volume of US$196.90m in 2024.
When compared globally, the in the United States stands as the top revenue generator in this market, with earnings reaching US$41,240.00m in 2024.
In terms of per capita revenue, each person in Bulgaria is estimated to contribute US$113.90 in 2024.
Furthermore, online sales are projected to account for 5.61% of the total revenue in the OTC Pharmaceuticals market by 2024.
Bulgaria's OTC Pharmaceuticals market is currently experiencing a surge in demand for natural and herbal remedies.

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.
For more information on the data displayed, use the info button next to the boxes.

Market

Region

Region comparison

Currency

Analyst Opinion

The OTC Pharmaceuticals market in Bulgaria is experiencing steady growth and development due to various factors.

Customer preferences: Customers in Bulgaria have shown a strong preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several reasons. Firstly, OTC medications are easily accessible and do not require a prescription, allowing customers to self-diagnose and treat minor ailments without visiting a doctor. Secondly, OTC products are often more affordable compared to prescription medications, making them an attractive option for cost-conscious consumers. Lastly, the convenience of purchasing OTC medications from pharmacies and supermarkets contributes to their popularity among customers.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Bulgaria is the increasing demand for natural and herbal remedies. Customers are becoming more health-conscious and are seeking alternative treatments that are perceived to be safer and have fewer side effects. This trend is driven by a growing awareness of the potential risks associated with long-term use of conventional medications. As a result, there has been a surge in the availability and sales of herbal supplements, homeopathic remedies, and other natural OTC products.Another trend in the market is the rising popularity of online pharmacies. Customers are increasingly turning to online platforms to purchase OTC medications due to the convenience and competitive pricing offered by these platforms. Online pharmacies provide a wide range of OTC products, allowing customers to compare prices and read reviews before making a purchase. This trend is expected to continue as more customers embrace e-commerce and seek convenient ways to access healthcare products.

Local special circumstances: Bulgaria has a well-established network of pharmacies, making OTC medications easily accessible to customers across the country. The presence of numerous pharmacies ensures that customers have a wide range of OTC products to choose from, further driving the demand for these products. Additionally, the Bulgarian government has implemented regulations to ensure the quality and safety of OTC medications, providing customers with confidence in the products they purchase.

Underlying macroeconomic factors: The OTC Pharmaceuticals market in Bulgaria is also influenced by macroeconomic factors. The country's stable economic growth and increasing disposable income levels have contributed to the growing demand for OTC medications. As customers have more purchasing power, they are more likely to spend on healthcare products, including OTC medications. Furthermore, the aging population in Bulgaria is driving the demand for OTC products that cater to age-related health issues, such as joint pain, digestive problems, and sleep disorders.In conclusion, the OTC Pharmaceuticals market in Bulgaria is witnessing growth and development due to customer preferences for accessible and affordable healthcare products. The increasing demand for natural remedies and the popularity of online pharmacies are key trends shaping the market. The well-established network of pharmacies and government regulations contribute to the market's growth. Additionally, macroeconomic factors such as stable economic growth and an aging population play a role in driving the demand for OTC medications in Bulgaria.

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.