Market Insights Health Pharmacies OTC Products

Other OTC Pharmaceuticals (Pharmacies) - Thailand

Thailand

Revenue in the Other OTC Pharmaceuticals market is projected to reach €88.59m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.04%, resulting in a market volume of €97.99m by 2029.
In global comparison, most revenue will be generated in the United States (€4,619.00m in 2024).
In relation to total population figures, per person revenues of €1.23 are generated in 2024.

Key regions: France, Australia, India, South Korea, Germany

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Other OTC Pharmaceuticals (Pharmacies) 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 increasing awareness and emphasis on self-care and preventive healthcare have led consumers to seek out OTC medications for common ailments and minor health issues. Additionally, the convenience and accessibility of OTC products in local pharmacies have made them a popular choice among consumers who prefer to avoid the hassle of visiting a doctor for minor health concerns.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in Thailand is the rising demand for natural and herbal remedies. Thai consumers have a long-standing tradition of using traditional medicine and herbal remedies, and this trend has translated into the OTC pharmaceutical market as well. Consumers are increasingly seeking out OTC products that are derived from natural ingredients and have fewer side effects. This has led to the introduction of a wide range of herbal and natural OTC products in the market. Another trend in the market is the increasing availability of OTC pharmaceutical products online. With the rise of e-commerce platforms and the convenience of online shopping, consumers are now able to purchase OTC products from the comfort of their own homes. This has not only expanded the reach of OTC products to consumers in remote areas but has also allowed for greater price transparency and competition among sellers.

Local special circumstances: Thailand has a well-established healthcare system, with a strong network of pharmacies across the country. Pharmacies in Thailand are not only places to purchase medications but also serve as healthcare advisory centers. Pharmacists play a crucial role in educating consumers about the proper use of OTC medications and providing guidance on self-care. This local special circumstance has contributed to the growth of the Other OTC Pharmaceuticals (Pharmacies) market in Thailand, as consumers trust the expertise and advice of pharmacists.

Underlying macroeconomic factors: Thailand's growing middle class and increasing disposable income have played a significant role in the development of the Other OTC Pharmaceuticals (Pharmacies) market. As more consumers have the financial means to afford OTC medications, the demand for these products has increased. Additionally, the aging population in Thailand has also contributed to the growth of the market, as older individuals often require OTC medications for chronic conditions or age-related health issues. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Thailand is experiencing growth due to customer preferences for self-care, the rising demand for natural and herbal remedies, the increasing availability of OTC products online, the trusted role of pharmacists, and underlying macroeconomic factors such as a growing middle class and aging population.

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.