OTC Pharmaceuticals - Thailand

Thailand

The OTC Pharmaceuticals market in Thailand is projected to generate a revenue of US$1,230.00m in 2024.
It is expected to experience an annual growth rate of 5.81% (CAGR 2024-2029).
Among the various markets within the market, the largest one is Vitamins & Minerals, which is estimated to have a market volume of US$393.00m in 2024.
In comparison to other countries, the in the United States leads in terms of revenue generation, with a total of US$41,240.00m in 2024.
When considering the population, per person revenues of US$17.11 are expected in 2024.
Moreover, online sales are anticipated to contribute 23.75% of the total revenue in the OTC Pharmaceuticals market by 2024.
Thailand's OTC Pharmaceuticals market is experiencing a surge in demand for traditional herbal remedies.

Key regions: United States, China, Germany, Japan, Europe

Definition:
The Over-the-Counter Pharmaceuticals market includes non-prescription medications, treatments, and healthcare products that are available directly to consumers without a prescription from a licensed healthcare professional. It includes both products which are exclusively sold in pharmacies and products which can be purchased elsewhere such as supermarkets, and online retailers. Sales by hospitals are not included.

Structure:
The market is subdivided into Analgesics, Cold and Cough Remedies, Digestives and Intestinal Remedies, Skin Treatment, Vitamins and Minerals, Hand Sanitizer, Eye care, Sleep aids, Wound care, and Other OTC Pharmaceuticals. The Analgesics market covers non-prescription pain-relief medications which help to relief aches, pains and fevers. Cold & Cough market covers non-prescription remedies aimed at relieving nasal congestion, coughing, sore throat, and related cold discomforts. The Digestives and Intestinal Remedies market encompasses non-prescription products designed to alleviate symptoms related to digestive discomfort and intestinal issues. The Skin Treatment market includes non-prescription medications formulated to address various dermatological concerns such as acne, eczema and dryness. The Vitamins and Minerals market comprises non-prescription dietary supplements containing essential nutrients such as vitamins and minerals. The Hand sanitizer market covers sanitizing products which are applied on hands to effectively reduce the presence of bacteria and viruses. The Eye Care market covers non-prescription products to address common eye-related discomforts such as dryness, irritation or redness. The Sleep Aids market covers non-prescription products designed to promote relaxation, alleviate insomnia, and improve sleep quality. The Wound Care market includes non-prescription products designed to facilitate wound healing and prevent infection.

Additional information:
OTC Pharmaceuticals comprises revenues, average revenue per capita. Sales channels show online and offline revenue. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
For more information on the data displayed, use the info button next to the boxes.

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Analyst Opinion

The OTC Pharmaceuticals market in Thailand has been experiencing steady 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, OTC medications are easily accessible and do not require a prescription, allowing consumers to quickly and conveniently address common health issues. Additionally, OTC drugs are often more affordable compared to prescription medications, making them a more attractive option for cost-conscious consumers. Furthermore, with increasing awareness and education about self-care and preventive healthcare, consumers are taking a more proactive approach to managing their health, leading to a higher demand for OTC pharmaceuticals.

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 ailments. This preference for natural products has translated into a strong demand for OTC pharmaceuticals that are derived from natural ingredients. Manufacturers have responded to this trend by introducing a wide range of natural and herbal OTC products, catering to the specific needs and preferences of Thai consumers.Another trend in the market is the increasing popularity of online and e-commerce channels for purchasing OTC pharmaceuticals. Thai consumers are increasingly turning to online platforms to purchase their healthcare products, including OTC medications. The convenience and accessibility offered by online shopping, coupled with the availability of a wide range of products and competitive prices, have contributed to the growth of the e-commerce segment in the OTC Pharmaceuticals market in Thailand.

Local special circumstances: Thailand has a well-established healthcare system, with a network of pharmacies and drugstores spread across the country. This extensive distribution network has played a crucial role in driving the growth of the OTC Pharmaceuticals market. Pharmacies and drugstores serve as key touchpoints for consumers to access OTC medications and receive professional advice from pharmacists. The presence of these physical retail outlets ensures that OTC pharmaceuticals are readily available to consumers, even in remote areas.

Underlying macroeconomic factors: Thailand's growing economy and rising disposable incomes have also contributed to the development of the OTC Pharmaceuticals market. As consumers have more purchasing power, they are more willing to spend on healthcare products, including OTC medications. Furthermore, the government's focus on promoting healthcare and wellness has created a favorable environment for the growth of the OTC Pharmaceuticals market in Thailand. Initiatives such as health campaigns and increased healthcare spending have raised awareness about the importance of self-care and preventive healthcare, further driving the demand for OTC pharmaceuticals.In conclusion, the OTC Pharmaceuticals market in Thailand is experiencing growth due to customer preferences for convenience, affordability, and natural remedies. The market is also influenced by trends such as the increasing popularity of online channels and the demand for herbal products. The well-established healthcare system and favorable macroeconomic factors in Thailand have further supported the growth of the OTC Pharmaceuticals market in the country.

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.