Market Insights Health Pharmacies OTC Products

Cold & Cough Remedies (Pharmacies) - Bhutan

Bhutan

Revenue in the Cold & Cough Remedies market is projected to reach US$336.40k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.02%, resulting in a market volume of US$494.70k by 2029.
In global comparison, most revenue will be generated in China (US$7,826.00m in 2024).
In relation to total population figures, per person revenues of US$0.42 are generated in 2024.

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

Market

Region

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Currency

Analyst Opinion

The Cold & Cough Remedies (Pharmacies) market in Bhutan has been experiencing significant growth in recent years.

Customer preferences: In Bhutan, there is a growing demand for cold and cough remedies in pharmacies. This can be attributed to several factors. Firstly, Bhutan is located in the Himalayas, where the climate is cold and the air is thin. As a result, respiratory illnesses such as colds and coughs are common among the population. Secondly, the healthcare system in Bhutan is still developing, and many people rely on over-the-counter medications for self-treatment. This has led to an increased demand for cold and cough remedies in pharmacies.

Trends in the market: One of the key trends in the Cold & Cough Remedies (Pharmacies) market in Bhutan is the shift towards natural and herbal remedies. Bhutan is known for its rich biodiversity and traditional medicine practices. Many Bhutanese people prefer to use herbal remedies for treating colds and coughs, as they are seen as more natural and gentle on the body. As a result, there has been a growing demand for herbal cold and cough remedies in pharmacies. Another trend in the market is the increasing availability of branded cold and cough remedies. In the past, the market was dominated by generic and unbranded products. However, with the growing awareness and demand for quality healthcare products, both local and international pharmaceutical companies have started to introduce branded cold and cough remedies in Bhutan. These branded products are often perceived as more effective and reliable, and therefore, have gained popularity among consumers.

Local special circumstances: Bhutan is a small and landlocked country with a unique cultural heritage. The government of Bhutan places a strong emphasis on the preservation of traditional medicine practices. As a result, there is a growing interest in traditional remedies for colds and coughs among the population. This has created a niche market for traditional cold and cough remedies in pharmacies.

Underlying macroeconomic factors: The growing Cold & Cough Remedies (Pharmacies) market in Bhutan can also be attributed to underlying macroeconomic factors. Bhutan has been experiencing steady economic growth in recent years, which has led to an increase in disposable income among the population. As a result, people are more willing to spend on healthcare products, including cold and cough remedies. Additionally, the government of Bhutan has been investing in the healthcare sector, which has improved access to healthcare services and increased awareness about the importance of self-care and preventive measures for respiratory illnesses. This has further fueled the demand for cold and cough remedies in pharmacies. In conclusion, the Cold & Cough Remedies (Pharmacies) market in Bhutan is developing due to customer preferences for natural and herbal remedies, the availability of branded products, local special circumstances related to traditional medicine practices, and underlying macroeconomic factors such as economic growth and government investment in healthcare.

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.