OTC Products - Brunei Darussalam

Brunei Darussalam

In Brunei Darussalam, the revenue in the OTC Products market is forecasted to reach US$48.63m in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 5.02%, resulting in a market volume of US$62.12m by 2029.
When compared globally, China is projected to generate the highest revenue in the OTC Products market, amounting to US$74.91bn in 2024.
Considering the total population figures, per person revenues of US$106.70 are estimated to be generated in Brunei Darussalam in 2024.
Brunei Darussalam's OTC products market is witnessing a surge in demand for traditional herbal remedies among its population.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Brunei Darussalam is experiencing steady growth due to several factors.

Customer preferences: Customers in Brunei Darussalam have a strong preference for over-the-counter (OTC) products, as they provide convenience and accessibility. OTC products are readily available in pharmacies and do not require a prescription, allowing customers to easily purchase medications and healthcare products. Additionally, customers in Brunei Darussalam value the expertise and advice provided by pharmacists, who can recommend suitable OTC products based on their knowledge and experience.

Trends in the market: One of the key trends in the OTC Products market in Brunei Darussalam is the increasing demand for preventive healthcare products. Customers are becoming more proactive in managing their health and are seeking OTC products that can help prevent illnesses and promote overall well-being. This trend is driven by a growing awareness of the importance of preventive healthcare and a desire to lead a healthier lifestyle. Another trend in the market is the rising popularity of natural and herbal OTC products. Customers in Brunei Darussalam are increasingly turning to traditional remedies and natural ingredients for their health and wellness needs. This trend is fueled by a preference for natural and organic products, as well as a growing interest in alternative medicine.

Local special circumstances: Brunei Darussalam has a small population, which creates a unique market environment for the OTC Products market. The limited market size means that there is a smaller customer base compared to larger countries, which can impact the range of products available in pharmacies. However, this also presents opportunities for niche and specialized OTC products that cater to specific health needs or preferences.

Underlying macroeconomic factors: The OTC Products market in Brunei Darussalam is influenced by several macroeconomic factors. The country has a stable and growing economy, which has led to an increase in disposable income and higher spending power among consumers. This has contributed to the growth of the OTC Products market, as customers have more purchasing power to buy healthcare products. Furthermore, Brunei Darussalam has a well-developed healthcare system, with a strong emphasis on preventive healthcare and wellness. The government invests in healthcare infrastructure and promotes health education, which has created a favorable environment for the OTC Products market to thrive. In conclusion, the OTC Products market in Brunei Darussalam is developing due to customer preferences for convenience and accessibility, as well as the growing demand for preventive healthcare and natural products. The local market circumstances and underlying macroeconomic factors further contribute to the growth of the market.

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.