Other Pharmaceuticals - Thailand

Thailand

The projected revenue for the Other Pharmaceuticals market in Thailand is expected to reach US$0.78bn in 2024.
It is anticipated that the market will experience an annual growth rate of 4.02% from 2024 to 2029, resulting in a market volume of US$0.95bn by 2029.
When compared globally, United States is expected to generate the highest revenue of US$260.50bn in 2024.
Thailand's Other Pharmaceuticals market is experiencing a surge in demand for traditional herbal medicines and remedies.

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

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Analyst Opinion

The Other Pharmaceuticals market in Thailand has experienced significant growth in recent years.

Customer preferences: Thai consumers have shown a growing interest in alternative medicine and natural remedies, leading to an increase in demand for Other Pharmaceuticals. Additionally, the aging population in Thailand has created a greater need for pharmaceuticals to treat age-related health conditions.

Trends in the market: One trend in the Other Pharmaceuticals market in Thailand is the rise of traditional Thai medicine. Thai consumers are increasingly turning to traditional medicine for its perceived effectiveness and lower cost compared to Western medicine. This has led to an increase in demand for Other Pharmaceuticals that are derived from natural sources.Another trend in the market is the growing popularity of dietary supplements. Thai consumers are becoming more health-conscious and are looking for ways to supplement their diets with vitamins and minerals. This has led to an increase in demand for Other Pharmaceuticals that are marketed as dietary supplements.

Local special circumstances: One local circumstance that has influenced the Other Pharmaceuticals market in Thailand is the country's regulatory environment. Thailand has strict regulations governing the import and sale of pharmaceuticals, which has led to a more limited selection of products available to consumers.

Underlying macroeconomic factors: Thailand's growing economy has contributed to the growth of the Other Pharmaceuticals market. As incomes rise, consumers have more disposable income to spend on healthcare products, including Other Pharmaceuticals. Additionally, Thailand's aging population has created a larger market for pharmaceuticals to treat age-related health conditions.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. 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. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

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. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.