Key regions: France, Australia, India, South Korea, Germany
The Other OTC Pharmaceuticals (Pharmacies) market in Bhutan has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in Bhutan have shifted towards self-medication and the use of over-the-counter (OTC) pharmaceuticals. This can be attributed to several factors. Firstly, the increasing awareness and education about healthcare and the availability of OTC products have empowered consumers to take charge of their own health. Secondly, the convenience and accessibility of OTC pharmacies have made it easier for consumers to purchase medication without a prescription. Lastly, the cultural belief in traditional medicine has also influenced customer preferences, as many OTC products in Bhutan are based on traditional remedies. Trends in the market have also played a significant role in the development of the Other OTC Pharmaceuticals (Pharmacies) market in Bhutan. One notable trend is the increasing demand for natural and herbal products. Bhutan has a rich tradition of herbal medicine, and consumers are increasingly seeking out natural remedies for their health concerns. This trend is in line with the global shift towards natural and organic products, driven by a growing awareness of the potential side effects of synthetic medications. Another trend in the market is the growing popularity of online pharmacies. The internet has made it easier for consumers to access a wide range of OTC products, and online pharmacies offer the convenience of home delivery. This trend is particularly relevant in Bhutan, where the population is scattered across remote areas and access to physical pharmacies may be limited. Local special circumstances in Bhutan have also contributed to the development of the Other OTC Pharmaceuticals (Pharmacies) market. Bhutan is a landlocked country with a small population, which presents challenges in terms of distribution and availability of healthcare products. However, the government has made efforts to improve healthcare infrastructure and accessibility, which has created opportunities for the growth of the OTC pharmaceuticals market. Underlying macroeconomic factors have also played a role in the development of the Other OTC Pharmaceuticals (Pharmacies) market in Bhutan. The country has experienced steady economic growth, which has led to an increase in disposable income and consumer spending. This has allowed consumers to allocate a larger portion of their budget towards healthcare products, including OTC pharmaceuticals. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Bhutan is developing due to customer preferences for self-medication and OTC products, trends such as the demand for natural and herbal products and the rise of online pharmacies, local special circumstances such as limited access to physical pharmacies, and underlying macroeconomic factors such as economic growth and increased consumer spending.
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.
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