OTC Products - Bulgaria

Bulgaria

The OTC Products market in Bulgaria is expected to witness a significant growth in revenue, reaching an estimated value of US$1,080.00m in 2024.
This projection indicates a promising future for the market in the country.
Furthermore, it is anticipated that the revenue will continue to grow at an annual rate of 4.11% (CAGR 2024-2029), resulting in a market volume of approximately US$1,321.00m by 2029.
When compared globally, it is noteworthy that China is projected to generate the highest revenue in the OTC Products market, with an estimated value of US$74.91bn in 2024.
This demonstrates the immense scale of the Chinese market in this market.
In terms of per person revenues, in Bulgaria is expected to generate approximately US$163.20 in 2024.
This figure reflects the average revenue generated per individual in the country within the OTC Products market.
It provides insights into the market's potential impact on the Bulgarian population.
Bulgaria has witnessed a growing demand for OTC herbal supplements due to the country's rich history in traditional herbal medicine.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Bulgaria has been experiencing steady growth in recent years, driven by various factors such as changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the OTC Products (Pharmacies) market in Bulgaria have been shifting towards a more holistic approach to healthcare. Customers are increasingly seeking out products that promote overall well-being and preventive care, rather than just treating specific symptoms. This has led to a rise in demand for natural and herbal remedies, vitamins and supplements, and other non-prescription products that support a healthy lifestyle. Trends in the market reflect this shift in customer preferences. Pharmacies in Bulgaria are expanding their product offerings to include a wider range of OTC products, particularly those that cater to the growing demand for natural and alternative remedies. This includes products such as homeopathic medicines, essential oils, and organic skincare products. Pharmacies are also investing in staff training and education to provide customers with expert advice on these products and their benefits. Local special circumstances in Bulgaria have also contributed to the development of the OTC Products (Pharmacies) market. The country has a well-established healthcare system that provides universal access to healthcare services, including pharmacies. This accessibility has created a strong demand for OTC products, as customers can easily seek advice and purchase products from their local pharmacy. Additionally, the aging population in Bulgaria has led to an increased need for OTC products that address common age-related health concerns, such as joint pain and cardiovascular health. Underlying macroeconomic factors have also played a role in the growth of the OTC Products (Pharmacies) market in Bulgaria. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income. As a result, consumers have more purchasing power and are willing to spend on OTC products to maintain their health and well-being. Furthermore, the government has implemented policies to promote self-care and reduce the burden on the healthcare system, which has further fueled the demand for OTC products. In conclusion, the OTC Products (Pharmacies) market in Bulgaria is developing in response to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards a holistic approach to healthcare, the expansion of product offerings, the accessibility of pharmacies, the aging population, and the country's economic growth are all contributing 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.