Key regions: Europe, Germany, United States, Brazil, Australia
The Other OTC Pharmaceuticals market in Thailand has been experiencing significant growth in recent years. This can be attributed to several factors, including changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.Customer preferences in Thailand have shifted towards self-medication and the use of over-the-counter (OTC) pharmaceuticals. This is driven by a desire for convenience and cost-effectiveness, as well as increasing awareness and knowledge about healthcare and wellness. Customers are increasingly seeking OTC products that can address common ailments and minor health issues without the need for a prescription or a visit to a healthcare professional.In line with these customer preferences, there has been a growing trend in the market towards the availability and accessibility of a wide range of OTC pharmaceutical products. Pharmacies and retail outlets in Thailand have been expanding their product offerings to cater to the increasing demand for OTC medications. This trend is also supported by the growing number of international and local pharmaceutical companies entering the market and launching new OTC products.Another trend in the market is the increasing popularity of natural and herbal remedies. Thai consumers have a long-standing tradition of using traditional medicine and herbal remedies for various health conditions. This trend is further fueled by the growing interest in alternative medicine and natural remedies worldwide. As a result, there has been a surge in the availability of herbal and natural OTC pharmaceutical products in Thailand.Local special circumstances in Thailand have also played a role in the development of the Other OTC Pharmaceuticals market. The country's aging population, coupled with the rising prevalence of chronic diseases, has increased the demand for OTC medications. Additionally, the government's efforts to promote self-care and reduce the burden on the healthcare system have contributed to the growth of the market.Underlying macroeconomic factors have also had an impact on the development of the Other OTC Pharmaceuticals market in Thailand. The country's strong economic growth and rising disposable incomes have allowed consumers to spend more on healthcare and wellness products. Furthermore, the increasing urbanization and changing lifestyles have led to a higher incidence of stress-related health issues, driving the demand for OTC pharmaceuticals.In conclusion, the Other OTC Pharmaceuticals market in Thailand is experiencing growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards self-medication, the availability of a wide range of OTC products, the popularity of natural and herbal remedies, the aging population, the government's promotion of self-care, and the country's strong economic growth are all contributing to the development of the market.
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.
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