Pharmaceuticals - Bhutan

Bhutan

The Pharmaceuticals market in Bhutan is expected to witness a significant growth in the coming years.
It is projected that the revenue in this market will reach US$11.27m by 2024.
Among the various markets, Oncology Drugs is anticipated to be the largest, with a projected market volume of US$1.12m in 2024.
This indicates the country's increasing focus on the development and usage of drugs for the treatment of cancer.
Furthermore, the revenue in the Pharmaceuticals market is expected to exhibit a steady annual growth rate of -0.68% between 2024 and 2029.
This growth rate will result in a market volume of US$10.89m by 2029.
This signifies the country's potential to attract investments and advancements in the pharmaceutical sector.
When compared globally, it is noteworthy that United States is projected to generate the highest revenue in the Pharmaceuticals market.
In 2024 alone, United States is expected to generate a staggering revenue of US$630.30bn.
This reinforces the country's position as a major player in the global pharmaceutical industry.
Overall, the Pharmaceuticals market in Bhutan is poised for growth and presents promising opportunities for both domestic and international stakeholders.
The projected revenue figures highlight the country's potential to contribute significantly to the global pharmaceutical market.
Bhutan's pharmaceutical market is experiencing a surge in demand for traditional herbal medicines due to the country's strong cultural emphasis on holistic healing practices.

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

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Next generation therapies are also part of the Pharmaceuticals market and include gene therapy, cell therapy, and nucleic acid therapy. Cell therapies involve the use of living cells to replace or repair damaged tissues within the patient's body, or to modify cells to perform specific functions. Gene therapies focus on altering a patient’s genetic material to regulate the production of certain proteins. Nucleic acid therapies use short strands of DNA or RNA to inhibit the production of harmful proteins associated with diseases and promote the generation of therapeutic proteins. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

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Currency

Analyst Opinion

The Pharmaceuticals market in Bhutan has been experiencing a steady growth in recent years, reflecting the country's increasing demand for healthcare services and products.

Customer preferences: Bhutan's population is becoming more aware of the benefits of modern medicine, leading to an increasing demand for pharmaceutical products. Customers in Bhutan are looking for high-quality products that are affordable and easily accessible.

Trends in the market: The pharmaceutical industry in Bhutan is primarily dominated by imports, with a few local manufacturers producing generic drugs. The market is expected to grow due to the government's efforts to expand healthcare infrastructure and provide universal health coverage. The increasing prevalence of chronic diseases and the aging population are also contributing to the growth of the pharmaceutical industry.

Local special circumstances: Bhutan's unique geography and limited infrastructure pose challenges for the distribution of pharmaceutical products. However, the government has been investing in improving healthcare infrastructure and expanding access to healthcare services in remote areas. The country's commitment to Gross National Happiness (GNH) has also led to a focus on holistic healthcare, including traditional medicine.

Underlying macroeconomic factors: Bhutan's economy is heavily reliant on hydropower exports, which account for a significant portion of the country's GDP. The government has been investing in diversifying the economy and promoting private sector growth, which could lead to increased investment in the pharmaceutical industry. The country's small population and limited market size also pose challenges for the industry, but the government's commitment to expanding healthcare services could help to mitigate these challenges.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. 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. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

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. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.