OTC Products - Bhutan

Bhutan

In Bhutan, the revenue in the OTC Products market is projected to reach US$9.99m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 3.53%, resulting in a market volume of US$11.88m by 2029.
When compared globally, China is set to generate the highest revenue in the OTC Products market, with US$74.91bn in 2024.
In terms of per person revenues, in Bhutan is expected to generate US$12.60 in 2024.
The Bhutanese market for OTC products is experiencing a surge in demand for traditional herbal remedies.

Key regions: Europe, Australia, United Kingdom, Germany, South Korea

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Analyst Opinion

The OTC Products (Pharmacies) market in Bhutan has witnessed significant growth in recent years.

Customer preferences: Customers in Bhutan have shown a growing preference for over-the-counter (OTC) products available in pharmacies. This can be attributed to several factors. Firstly, the convenience of purchasing OTC products without a prescription has made them popular among consumers. Additionally, the increasing awareness about self-medication and the availability of a wide range of OTC products have contributed to the growing demand.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Bhutan is the increasing demand for health and wellness products. Consumers are becoming more health-conscious and are actively seeking products that promote overall well-being. This trend is reflected in the growing sales of vitamins, supplements, and other health-related OTC products. Another trend in the market is the rising popularity of natural and herbal remedies. Bhutan has a rich tradition of using traditional medicine, and consumers are increasingly turning to herbal and natural OTC products. This trend is driven by the perception that natural remedies are safer and have fewer side effects compared to synthetic products.

Local special circumstances: Bhutan is a small country with a unique cultural heritage. The government has placed a strong emphasis on preserving traditional medicine and promoting the use of natural remedies. This has created a favorable environment for the growth of the OTC Products (Pharmacies) market, particularly in the herbal and natural product segment.

Underlying macroeconomic factors: Bhutan has experienced steady economic growth in recent years, which has contributed to increased disposable income among consumers. This has enabled them to spend more on healthcare and wellness products, including OTC products. Additionally, the government's focus on improving healthcare infrastructure and increasing access to healthcare services has also played a role in driving the growth of the OTC Products (Pharmacies) market. In conclusion, the OTC Products (Pharmacies) market in Bhutan is witnessing growth due to customer preferences for convenience, health and wellness products, and natural remedies. The local special circumstances, such as the emphasis on traditional medicine, have further fueled this growth. The underlying macroeconomic factors, including economic growth and government initiatives, have also contributed to the expansion of the market. Overall, the future looks promising for the OTC Products (Pharmacies) market in Bhutan.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.