Bulgaria Over The Counter (OTC) Pharmaceuticals Market Analysis

Bulgaria Over The Counter (OTC) Pharmaceuticals Market Analysis

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Bulgaria's over-the-counter (OTC) pharmaceuticals market size was valued at $137.5 Mn in 2022 and is estimated to expand at a CAGR of 6.52% from 2022 to 2030 and will reach $227.9 Mn in 2030. OTC are non-prescription medications and are a vital component of the healthcare system, offering consumers accessible solutions for a wide range of common health issues. The market is segmented by product type and distribution channel. The key market players are Johnson and Johnson Services Inc (USA), Bayer AG (Germany), Novartis AG (Switzerland) and others.

ID: IN10BGON004 CATEGORY: OTC & Nutraceuticals GEOGRAPHY: Bulgaria

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Bulgaria OTC Pharmaceutical Market Executive Summary

Bulgaria's over-the-counter (OTC) pharmaceuticals market size was valued at $137.5 Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 6.52% from 2022-30 and will reach $227.9 Mn in 2030. OTC refers to over-the-counter (OTC) tablets, which are non-prescription drugs that can be acquired without a prescription. These medications are safe when taken as prescribed by a healthcare professional. The market for these medications is expanding as a result of rising public awareness of general health issues as well as technological advancements in the pharmaceutical and healthcare sectors.

Additionally, a rising trend among people to use OTC medications for minor illnesses aids in the expansion of the medication market during the projection period.

Bulgaria Over The Counter (OTC) Pharmaceuticals Market Analysis

Market Dynamics

Market Growth Drivers Analysis

The number of elderly or senior citizens is significantly increasing. The World Health Organization (WHO) predicts that by 2050, there will be an additional 1.5 billion people who are 65 years of age or older. It is anticipated that the number will increase in developing nations including China, Japan, India, and South Korea. Health issues affecting the elderly population include cancer, diabetes, high blood pressure, and blood sugar levels. They must take better care of their health. As a result, patients need medications at specific intervals. Elderly folks occasionally purchase medications without a prescription. As a result, the forecasted rise of the OTC medicine market is being driven by the rising geriatric population.

The coronavirus outbreak has altered consumption patterns. The market for these medications has seen new growth potential as a result. People were unaware of the causes of the common cold and cough until around ten years ago. But following the pandemic, individuals have realized how important good health is. Many customers are aware of the medications that can be used to treat particular medical conditions. As a result, the market for OTC pharmaceuticals is expected to rise throughout the forecast period due to growing awareness of general health issues.

Market Restraints

The over-the-counter (OTC) medications are over-the-counter (OTC) drugs. People who are uninformed about drugs and medications frequently take medications without first contacting a doctor or other healthcare provider. Consumer health may suffer as a result of this. The effects of this action may potentially put pharmacies and drug stores in danger. People have been known to pass away after taking the incorrect pills or medications on numerous occasions. These medications ought to be outlawed in order to prevent similar occurrences. As a result, during the projection period, the threat to human life will operate as a restraint on the expansion of the OTC medicine industry.

In some places, the sale of OTC medications is prohibited. To do this, a set of regulations and laws must be obeyed. These medications are not allowed to be sold due to regulations that the Food and Drug Administration (FDA) has put in place. The sale of these medicines is prohibited in a large number of developed nations. As a result, during the projection period, the OTC medicine market would face significant obstacles from the government's strict restrictions.

Competitive Landscape

Key Players

  • Johnson and Johnson Services Inc (USA)
  • Bayer AG (Germany)
  • Novartis AG (Switzerland)
  • Sanofi (France)
  • Pfizer (USA)
  • GlaxoSmithKline Plc (UK)
  • Boehringer Ingelheim International GmbH (Germany)
  • Reckitt Benckiser Group Plc (UK)
  • Takeda Pharmaceuticals (Tokyo)

Key Pricing Trends

  1. Inflation: Inflation is a general increase in prices and a decrease in the purchasing power of money. This can lead to higher prices for OTC medicines.
  2. Exchange Rates: The exchange rate between the US dollar and the local currency can also affect the prices of OTC medicines. When the US dollar is strong, it makes OTC medicines more expensive in the Middle East
  3. Government Regulations: Governments in the Middle East often regulate the prices of OTC medicines. This can help to control the cost of these medicines for consumers
  4. Brand name vs. Generic: Brand name OTC medicines are typically more expensive than generic medicines. However, generic medicines are often just as effective as brand name medicines
  5. Online vs. Offline: OTC medicines can be purchased online or offline. Online prices are often lower than offline prices

1. Executive Summary
1.1 Product Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Government Regulation in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel and Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company Overview Product Applications and Services Recent Developments Partnerships Ecosystem Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation

6. Methodology and Scope

Bulgaria OTC Pharmaceutical Market Segmentation

By Product Type

  • Pain Relievers
  • Anti-allergic
  • Gastrointestinal Drugs
  • Vitamins and Minerals
  • Cough and Cold Remedies
  • Others

By Distribution Channel

  • Retail Pharmacies
  • Online Pharmacies
  • Drug Stores

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

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The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

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Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
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The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 04 December 2023
Updated by: Anish Swaminathan

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