Market Insights Health Pharmacies OTC Products

Pharmacy Usual Items - Thailand

Thailand

Revenue in the Pharmacy Usual Items market is projected to reach €2.54bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.55%, resulting in a market volume of €2.61bn by 2029.
In global comparison, most revenue will be generated in China (€44,560.00m in 2024).
In relation to total population figures, per person revenues of €35.39 are generated in 2024.

Key regions: Japan, France, China, Australia, Europe

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Analyst Opinion

The Pharmacy Usual Items market in Thailand is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trend. Customer preferences in Thailand are shifting towards a more health-conscious lifestyle. Consumers are increasingly focused on preventive healthcare and are willing to invest in products that promote well-being. This has led to a growing demand for Pharmacy Usual Items, such as vitamins, supplements, and over-the-counter medications. Additionally, with the aging population in Thailand, there is an increased need for products that cater to the specific health needs of older individuals. Trends in the market also contribute to the growth of the Pharmacy Usual Items market in Thailand. The rise of e-commerce platforms has made it easier for consumers to access a wide range of healthcare products. Online pharmacies and health-focused e-commerce websites offer convenience and competitive pricing, attracting a growing number of consumers. Moreover, the COVID-19 pandemic has further accelerated the adoption of e-commerce in the healthcare sector, as consumers prioritize safety and contactless shopping experiences. Local special circumstances in Thailand have also played a role in the development of the Pharmacy Usual Items market. The Thai government has implemented various initiatives to promote healthcare and wellness among its citizens. These initiatives include campaigns to raise awareness about the importance of preventive healthcare and the availability of Pharmacy Usual Items. Additionally, the government has also implemented policies to regulate and ensure the quality of healthcare products, boosting consumer confidence in the market. Underlying macroeconomic factors have also contributed to the growth of the Pharmacy Usual Items market in Thailand. The country's stable economic growth and rising disposable incomes have increased consumers' purchasing power. As a result, consumers are more willing to spend on healthcare products and prioritize their well-being. Furthermore, the government's investment in healthcare infrastructure and the expansion of the healthcare sector have created a favorable environment for the development of the Pharmacy Usual Items market. In conclusion, the Pharmacy Usual Items market in Thailand is experiencing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards a health-conscious lifestyle, the rise of e-commerce, government initiatives, and favorable macroeconomic conditions all contribute to the positive trend in the market.

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.