Market Insights Health Pharmacies OTC Products

Analgesics (Pharmacies) - Thailand

Thailand

Revenue in the Analgesics market is projected to reach US$78.07m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 8.30%, resulting in a market volume of US$107.40m by 2028.
In global comparison, most revenue will be generated in China (US$5,028.00m in 2024).
In relation to total population figures, per person revenues of US$1.09 are generated in 2024.

Key regions: Europe, United States, Canada, India, South Korea

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Analyst Opinion

The Analgesics (Pharmacies) market in Thailand has been experiencing significant growth in recent years.

Customer preferences: Customers in Thailand have shown a growing preference for analgesics purchased from pharmacies. This preference can be attributed to several factors. Firstly, customers value the convenience and accessibility of purchasing analgesics from pharmacies, as these establishments are often located in close proximity to residential areas. Additionally, customers trust the expertise of pharmacists in recommending the most suitable analgesic products for their specific needs. This trust in pharmacists' recommendations has contributed to the rising demand for analgesics from pharmacies in Thailand.

Trends in the market: One notable trend in the Analgesics (Pharmacies) market in Thailand is the increasing demand for over-the-counter (OTC) analgesics. OTC analgesics are medications that can be purchased without a prescription. This trend can be attributed to several factors. Firstly, customers appreciate the convenience of being able to purchase analgesics without having to visit a doctor for a prescription. Additionally, OTC analgesics are often more affordable compared to prescription medications, making them a preferred choice for customers seeking relief from common ailments such as headaches or muscle pain. As a result, the demand for OTC analgesics has been steadily increasing in Thailand.

Local special circumstances: Thailand has a well-established healthcare system that includes a network of pharmacies across the country. These pharmacies play a crucial role in providing accessible healthcare services to the population. In addition to dispensing prescription medications, pharmacies in Thailand also offer a wide range of over-the-counter products, including analgesics. This availability of analgesics in pharmacies has contributed to the growth of the Analgesics (Pharmacies) market in Thailand.

Underlying macroeconomic factors: Several macroeconomic factors have contributed to the development of the Analgesics (Pharmacies) market in Thailand. Firstly, the country's growing population and increasing urbanization have resulted in a larger customer base for analgesic products. As more people move to urban areas, the demand for healthcare services, including analgesics, has increased. Additionally, Thailand's strong economic growth has led to higher disposable incomes, allowing more customers to afford analgesics purchased from pharmacies. The government's efforts to improve access to healthcare services, including the availability of analgesics in pharmacies, have also played a role in the market's development. Overall, these macroeconomic factors have created a favorable environment for the growth of the Analgesics (Pharmacies) market in Thailand.

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.