Sensory Organ Drugs - Thailand

Thailand

In Thailand, the revenue in the Sensory Organ Drugs market is forecasted to reach US$41.91m in 2024.
It is anticipated that the revenue will experience an annual growth rate (CAGR 2024-2029) of -3.24%, leading to a market volume of US$35.54m by 2029.
When compared globally, United States is projected to generate the highest revenue in the market, amounting to US$13,980.00m in 2024.
Thailand's growing interest in traditional herbal medicine has led to an increased demand for sensory organ drugs derived from local plants.

Key regions: Australia, France, Brazil, Italy, India

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Analyst Opinion

The Sensory Organ Drugs market in Thailand has seen significant growth in recent years.

Customer preferences: Thai consumers are increasingly seeking out drugs to treat sensory organ disorders such as hearing loss, eye diseases, and allergies. This is due to a combination of factors including an aging population, increasing awareness about the importance of eye and ear health, and a rise in air pollution leading to more cases of allergies.

Trends in the market: The Sensory Organ Drugs market in Thailand is expected to continue growing as the government invests in healthcare infrastructure and the population continues to age. Eye drops and ear drops are the most popular products in the market, with a range of brands available at different price points. There is also a growing trend towards natural and herbal remedies for sensory organ disorders, with many consumers preferring to use traditional Thai medicines.

Local special circumstances: Thailand has a well-developed healthcare system with both public and private hospitals and clinics, which has helped to drive the growth of the Sensory Organ Drugs market. However, there are still challenges in terms of access to healthcare in rural areas and affordability for lower-income consumers.

Underlying macroeconomic factors: Thailand's economy has been growing steadily in recent years, which has led to an increase in consumer spending on healthcare. The government has also made healthcare a priority, with plans to develop the industry further and provide universal healthcare coverage to all citizens. Additionally, Thailand is a popular destination for medical tourism, which has helped to boost the Sensory Organ Drugs market as well.

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.