Market Insights Health OTC Pharmaceuticals

Analgesics - Thailand

Thailand

In Thailand, the revenue generated in the Analgesics market is projected to reach US$181.50m in 2024.
This market is expected to experience an annual growth rate of 8.02% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue, amounting to US$7,243.00m in 2024.
In terms of per person revenue, in Thailand generates US$2.53 in 2024.
Thailand's analgesics market is dominated by local brands offering traditional remedies deeply rooted in Thai culture.

Key regions: Canada, United States, United Kingdom, Australia, Germany

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Analyst Opinion

The Analgesics market in Thailand is experiencing steady growth due to various factors.

Customer preferences: Customers in Thailand have shown a growing preference for over-the-counter analgesics, as they provide quick relief from pain and are easily accessible without a prescription. This trend is in line with global market preferences, as analgesics are widely used worldwide for the treatment of pain and discomfort.

Trends in the market: One of the key trends in the Analgesics market in Thailand is the increasing demand for natural and herbal pain relief products. Thai consumers are becoming more conscious of the ingredients in the products they use and are seeking alternatives to traditional analgesics that may have side effects. This trend aligns with the global shift towards natural and herbal remedies, driven by the growing awareness of health and wellness.Another trend in the market is the rising popularity of online sales channels for analgesics. Thai consumers are increasingly turning to e-commerce platforms to purchase their healthcare products, including analgesics. The convenience and ease of online shopping, coupled with competitive pricing and a wide range of product options, have contributed to the growth of online sales in the Analgesics market in Thailand.

Local special circumstances: Thailand has a strong tradition of traditional medicine, which includes various herbal remedies for pain relief. This cultural preference for natural and traditional remedies has influenced the demand for herbal analgesics in the market. Local manufacturers have capitalized on this preference by producing and marketing herbal analgesics that cater to the specific needs and preferences of Thai consumers.

Underlying macroeconomic factors: Thailand's growing middle class and increasing disposable incomes have contributed to the growth of the Analgesics market. As people have more purchasing power, they are able to afford healthcare products, including analgesics, which were previously considered luxury items. Additionally, the aging population in Thailand has led to an increased demand for analgesics, as older individuals are more likely to experience chronic pain and require regular pain relief medication.In conclusion, the Analgesics market in Thailand is witnessing growth due to customer preferences for over-the-counter analgesics, the increasing demand for natural and herbal pain relief products, the popularity of online sales channels, the cultural preference for traditional medicine, and the underlying macroeconomic factors of a growing middle class and aging population.

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.