The Prescription Drugs (Pharmacies) market in Bhutan is experiencing steady growth due to several factors. Customer preferences for prescription drugs, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the development of this market. Customer preferences in Bhutan play a significant role in driving the growth of the Prescription Drugs (Pharmacies) market. Bhutanese consumers have a growing awareness of the importance of healthcare and are increasingly seeking medical advice and prescription drugs to address their health concerns. The demand for prescription drugs is also driven by an aging population, as older individuals tend to require more medication to manage chronic health conditions. Trends in the market further contribute to the development of the Prescription Drugs (Pharmacies) market in Bhutan. There is a growing trend towards self-medication, with consumers seeking over-the-counter drugs for common ailments. This trend is driven by convenience and cost-effectiveness, as consumers can avoid the time and expense of visiting a doctor for minor health issues. Additionally, there is an increasing demand for generic drugs, as they are often more affordable than brand-name medications. Local special circumstances in Bhutan also impact the Prescription Drugs (Pharmacies) market. Bhutan has a limited number of healthcare facilities, particularly in rural areas. As a result, pharmacies play a crucial role in providing access to prescription drugs for individuals who may not have easy access to healthcare services. The government has recognized the importance of pharmacies in the healthcare system and has implemented policies to support their growth and development. Underlying macroeconomic factors contribute to the overall development of the Prescription Drugs (Pharmacies) market in Bhutan. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and improved access to healthcare services. This economic growth has also led to an expansion of the middle class, who have the financial means to afford prescription drugs and are driving demand in the market. In conclusion, the Prescription Drugs (Pharmacies) market in Bhutan is developing due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. As Bhutanese consumers become more health-conscious and seek medical advice, the demand for prescription drugs is expected to continue to grow. The trend towards self-medication and the demand for generic drugs further contribute to the market's development. Additionally, the limited healthcare facilities in rural areas and the government's support for pharmacies play a significant role in driving the growth of the market. Overall, the Prescription Drugs (Pharmacies) market in Bhutan is poised for continued expansion in the coming years.
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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