OTC Pharmaceuticals - Thailand

  • Thailand
  • Revenue in the OTC Pharmaceuticals market amounts to €1,141.00m in 2024. The market is expected to grow annually by 6.02% (CAGR 2024-2029).
  • The market's largest segment is the segment Vitamins & Minerals with a market volume of €364.50m in 2024.
  • In global comparison, most revenue is generated in the United States (€38,250m in 2024).
  • In relation to total population figures, per person revenues of €15.87 are generated in 2024.
  • In the OTC Pharmaceuticals market, 23.8% of total revenue will be generated through online sales by 2024.

Key regions: Worldwide, India, Philippines, United States, Europe

 
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Analyst Opinion

The OTC Pharmaceuticals market in Thailand has been experiencing significant growth in recent years.

Customer preferences:
Thai consumers have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors. Firstly, the convenience and accessibility of OTC medications make them an attractive option for consumers seeking quick relief from common ailments. Additionally, the increasing awareness and education about self-care and self-medication have contributed to the rise in demand for OTC pharmaceuticals. Thai consumers are becoming more proactive in managing their health and are willing to explore OTC options for minor health issues.

Trends in the market:
One of the key trends in the OTC Pharmaceuticals market in Thailand is the growing demand for natural and herbal remedies. Thai consumers have a long-standing tradition of using traditional medicine and herbal remedies for various health conditions. This cultural preference for natural remedies has translated into a strong market for herbal OTC products. Manufacturers are capitalizing on this trend by introducing a wide range of herbal OTC pharmaceuticals, such as herbal supplements and traditional remedies. Another trend in the market is the increasing focus on preventive healthcare. Thai consumers are becoming more health-conscious and are taking proactive measures to prevent illnesses. This has led to a rising demand for OTC products that promote overall well-being and support preventive healthcare. Vitamins, dietary supplements, and immune-boosting products are gaining popularity among Thai consumers who are seeking to strengthen their immune systems and maintain good health.

Local special circumstances:
Thailand has a well-established healthcare system, with a mix of public and private healthcare providers. The availability of OTC pharmaceuticals in various retail channels, including pharmacies, convenience stores, and supermarkets, contributes to the accessibility and affordability of these products. The regulatory environment in Thailand also supports the growth of the OTC Pharmaceuticals market, with clear guidelines and regulations in place to ensure the safety and quality of OTC products.

Underlying macroeconomic factors:
Thailand's growing middle class and rising disposable incomes have played a significant role in driving the growth of the OTC Pharmaceuticals market. As consumers become more affluent, they are willing to spend more on healthcare products, including OTC pharmaceuticals. Additionally, Thailand's aging population is also contributing to the increased demand for OTC products. As the elderly population grows, there is a greater need for OTC medications to manage chronic conditions and age-related health issues. In conclusion, the OTC Pharmaceuticals market in Thailand is experiencing growth due to customer preferences for convenience, natural remedies, and preventive healthcare. The accessibility and affordability of OTC products, along with supportive regulatory policies and underlying macroeconomic factors, have contributed to the market's development.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.

Visión general

  • Revenue
  • Key Players
  • Analyst Opinion
  • Sales Channels
  • Global Comparison
  • Methodology
  • Key Market Indicators
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