Dermatological Drugs - Bhutan

Bhutan

The revenue of the Dermatological Drugs market in Bhutan is projected to reach US$120.10k in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 5.46%, resulting in a market volume of US$156.70k by 2029.
In global comparison, United States is anticipated to generate the highest revenue (US$11,670.00m in 2024) in the Dermatological Drugs market.
The demand for dermatological drugs in Bhutan is increasing due to the rising awareness about skincare and the prevalence of skin conditions in the country.

Key regions: United Kingdom, Canada, Japan, Europe, China

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Analyst Opinion

The demand for dermatological drugs in Bhutan has been steadily increasing over the past few years.

Customer preferences: Bhutanese customers tend to prefer natural and herbal remedies for skin-related issues. However, with increasing awareness and accessibility to modern medicine, there has been a shift towards using dermatological drugs. Customers are also willing to spend more on high-quality and effective products.

Trends in the market: The market for dermatological drugs in Bhutan is experiencing growth due to factors such as increasing pollution levels, changing lifestyles, and rising incidences of skin diseases. The demand for anti-aging products is also on the rise, driven by the aging population and growing awareness about the benefits of skincare. Topical products such as creams and ointments are the most popular form of dermatological drugs in Bhutan.

Local special circumstances: Bhutan's unique geography and climate can also impact the demand for dermatological drugs. The country's high altitude and cold weather can lead to dry skin and other skin issues, which may drive the demand for moisturizing and hydrating products. Additionally, the traditional Bhutanese diet, which is high in spicy and oily foods, can contribute to skin problems such as acne.

Underlying macroeconomic factors: Bhutan's growing economy and increasing disposable income levels are also contributing to the growth of the dermatological drugs market. The government's focus on healthcare and education has led to greater awareness about the importance of skincare and the availability of dermatological drugs. However, the market is still relatively small and fragmented, with a limited number of players in the market. The high cost of importing products into Bhutan can also be a barrier to entry for some companies.

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.