Pharmacies - Thailand

Thailand

In Thailand, the Pharmacies market is expected to experience significant growth in the coming years.
According to projections, the market's revenue is estimated to reach US$6.02bn in 2024.
This growth is expected to continue with an annual growth rate of 2.01% between 2024 and 2029, resulting in a market volume of US$6.65bn by 2029.
When compared globally, it is worth noting that United States is set to generate the highest revenue in the Pharmacies market, with an estimated revenue of US$387.30bn in 2024.
This highlights the dominance of the United States in this industry.
Considering the population figures, per person revenues in Thailand's Pharmacies market are expected to amount to US$83.74 in 2024.
This indicates the average revenue generated by each individual in relation to the total population.
These figures paint a promising picture for the future of the Pharmacies market in Thailand, with substantial revenue growth anticipated in the coming years.
The pharmacy market in Thailand is witnessing a surge in demand for traditional herbal remedies and alternative medicine.

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

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Analyst Opinion

The Pharmacies market in Thailand has experienced significant growth in recent years, driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Pharmacies market in Thailand have shifted towards a greater emphasis on health and wellness. Customers are increasingly seeking out pharmacies for a wide range of products and services, including over-the-counter medications, vitamins and supplements, and health consultations. This trend is driven by a growing awareness of the importance of preventive healthcare and a desire for convenient access to healthcare products and services. Trends in the market include the expansion of pharmacy chains and the increasing availability of online pharmacy services. Pharmacy chains are rapidly expanding their presence in Thailand, opening new stores in both urban and rural areas. This expansion is driven by the increasing demand for healthcare products and services, as well as the convenience and affordability offered by pharmacy chains. Online pharmacy services are also gaining popularity, allowing customers to order medications and healthcare products from the comfort of their own homes. Local special circumstances in Thailand, such as an aging population and the prevalence of chronic diseases, are also driving the growth of the Pharmacies market. The aging population in Thailand is increasing the demand for healthcare products and services, including medications and medical devices. Additionally, the high prevalence of chronic diseases, such as diabetes and cardiovascular diseases, is increasing the need for medications and healthcare management. Underlying macroeconomic factors, such as economic growth and government healthcare policies, are also contributing to the development of the Pharmacies market in Thailand. The country's strong economic growth has led to an increase in disposable income, allowing more people to afford healthcare products and services. Furthermore, the government's focus on improving healthcare access and affordability has led to the expansion of the Pharmacies market, as pharmacies play a crucial role in providing accessible and affordable healthcare to the population. In conclusion, the Pharmacies market in Thailand is experiencing significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The emphasis on health and wellness, the expansion of pharmacy chains and online pharmacy services, the aging population and prevalence of chronic diseases, and the country's strong economic growth and government healthcare policies are all contributing to the development of 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.