OTC Products - Bahrain

Bahrain

The OTC Products market in Bahrain is expected to witness significant growth in the coming years.
According to projections, the market's revenue is anticipated to reach US$181.90m in 2024.
Furthermore, it is estimated that the market will experience a steady annual growth rate of 4.49% between 2024 and 2028, leading to a market volume of US$216.80m by 2028.
When compared to other countries globally, China is expected to generate the highest revenue in the OTC Products market, with a staggering US$74.91bn in 2024.
However, in terms of per capita revenue, in Bahrain is set to generate US$121.40 per person in 2024.
This indicates a significant potential for growth and market penetration within the country.
Bahrain's OTC product market is thriving due to the country's strong regulatory framework and increasing consumer demand for self-medication options.

Key regions: Europe, Germany, Canada, Japan, South Korea

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Analyst Opinion

The OTC Products (Pharmacies) market in Bahrain is experiencing steady growth and development due to various factors.

Customer preferences: Customers in Bahrain have shown a growing preference for over-the-counter (OTC) products in recent years. This can be attributed to several reasons. Firstly, the convenience of purchasing OTC products from pharmacies without the need for a prescription is appealing to many consumers. This allows them to quickly obtain medications and healthcare products for minor ailments and self-care. Additionally, the wide availability of OTC products in pharmacies across the country makes it easy for customers to access these products.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Bahrain is the increasing demand for natural and herbal remedies. Consumers are becoming more conscious of their health and are seeking alternative treatments that are perceived to be safer and have fewer side effects. As a result, pharmacies are expanding their offerings to include a wider range of natural and herbal products to cater to this growing demand. Another trend in the market is the rising popularity of online pharmacies. With the increasing use of technology and the internet, more consumers are turning to online platforms to purchase their OTC products. Online pharmacies offer the convenience of doorstep delivery and a wider selection of products, making it an attractive option for many customers. This trend is likely to continue as more consumers become comfortable with online shopping and seek convenience in their healthcare purchases.

Local special circumstances: Bahrain has a well-established healthcare system that provides access to quality medical care. This, coupled with the country's high standard of living, has led to a growing demand for OTC products. Additionally, the government of Bahrain has implemented various initiatives to promote healthcare and wellness, which has further fueled the growth of the OTC Products (Pharmacies) market.

Underlying macroeconomic factors: The stable economic growth in Bahrain has contributed to the development of the OTC Products (Pharmacies) market. With a growing middle class and increasing disposable income, consumers have more purchasing power to spend on healthcare products. This has led to an increase in demand for OTC products as consumers prioritize their health and well-being. Furthermore, the government's focus on healthcare infrastructure development and investment in the pharmaceutical sector has created a favorable environment for the growth of the OTC Products (Pharmacies) market. In conclusion, the OTC Products (Pharmacies) market in Bahrain is witnessing growth and development driven by customer preferences for convenience and accessibility, as well as the increasing demand for natural and herbal remedies. The rise of online pharmacies and the government's initiatives in healthcare and wellness have also contributed to the market's expansion. The stable economic growth and investment in the pharmaceutical sector have further supported the growth of the OTC Products (Pharmacies) market in Bahrain.

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.