Other OTC Pharmaceuticals (Pharmacies) - Bangladesh

Bangladesh

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$21.51m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.38%, resulting in a market volume of US$25.39m by 2029.
In global comparison, most revenue will be generated United States (US$4.98bn in 2024).
In relation to total population figures, per person revenues of US$0.12 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals (Pharmacies) market in Bangladesh is experiencing significant growth and development due to various factors.

Customer preferences: Customers in Bangladesh have a strong preference for over-the-counter (OTC) pharmaceutical products. This is mainly driven by the convenience and accessibility of these products, as they can be purchased without a prescription from a healthcare professional. Additionally, the affordability of OTC medications compared to prescription drugs makes them a popular choice among consumers.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals market in Bangladesh is the increasing demand for self-care and self-medication. With the rising awareness about healthcare and the availability of information through the internet and other sources, consumers are becoming more proactive in managing their own health. This has led to a growing demand for OTC pharmaceutical products that can treat common ailments such as cold, cough, and pain. Another trend in the market is the expansion of the product range offered by pharmacies. Pharmacies in Bangladesh are now offering a wider variety of OTC pharmaceutical products to cater to the diverse needs of consumers. This includes products for skincare, digestive health, vitamins and supplements, and personal care. This trend is driven by the increasing consumer demand for holistic health and wellness solutions.

Local special circumstances: The Other OTC Pharmaceuticals market in Bangladesh is also influenced by local special circumstances. One such circumstance is the prevalence of traditional medicine practices in the country. Traditional medicine, including herbal remedies and alternative therapies, is widely used by a significant portion of the population. As a result, pharmacies in Bangladesh often stock and sell traditional medicine products alongside conventional OTC pharmaceuticals. This unique characteristic of the market caters to the preferences of consumers who prefer traditional remedies for their health issues.

Underlying macroeconomic factors: Several macroeconomic factors contribute to the development of the Other OTC Pharmaceuticals market in Bangladesh. The country's growing population and increasing urbanization have led to a larger consumer base for OTC products. Additionally, rising disposable incomes and an expanding middle class have increased the affordability of OTC pharmaceuticals, driving demand. The government's efforts to improve healthcare infrastructure and promote access to essential medicines have also played a role in the market's growth. In conclusion, the Other OTC Pharmaceuticals market in Bangladesh is witnessing significant growth and development due to customer preferences for convenience and affordability, the increasing demand for self-care, the expansion of product ranges in pharmacies, the prevalence of traditional medicine practices, and underlying macroeconomic factors such as population growth and rising incomes.

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.