The Prescription Drugs (Pharmacies) market in Thailand has been experiencing significant growth in recent years.
Customer preferences: Customers in Thailand have shown a growing preference for prescription drugs from pharmacies. This can be attributed to several factors, including convenience, accessibility, and trust in the quality of medications available at pharmacies. Additionally, many customers prefer the personalized service and advice provided by pharmacists, who can offer guidance on the appropriate use of prescription drugs.
Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Thailand is the increasing demand for over-the-counter (OTC) drugs. This trend can be attributed to the rising awareness among consumers about self-medication and the availability of a wide range of OTC drugs at pharmacies. Customers are increasingly seeking non-prescription medications for common ailments, such as cold and flu, allergies, and pain relief. Another trend in the market is the growing popularity of online pharmacies. With the increasing penetration of internet and smartphones in Thailand, customers are turning to online platforms to purchase prescription drugs. Online pharmacies offer convenience, competitive pricing, and a wider range of products compared to traditional brick-and-mortar pharmacies. This trend is expected to continue as more customers become comfortable with online shopping and seek the convenience of home delivery.
Local special circumstances: Thailand has a well-developed healthcare system, with a large number of hospitals and clinics. However, access to healthcare services in rural areas can be limited. As a result, pharmacies play a crucial role in providing essential medications to the population in these areas. In addition, the government has implemented policies to promote the availability and affordability of prescription drugs, including price controls and subsidies for certain medications.
Underlying macroeconomic factors: Thailand has experienced steady economic growth in recent years, which has contributed to the increasing demand for prescription drugs. As the middle class expands and disposable incomes rise, more people are able to afford healthcare services and medications. Additionally, the aging population in Thailand is driving the demand for prescription drugs, as older individuals tend to have higher healthcare needs. In conclusion, the Prescription Drugs (Pharmacies) market in Thailand is growing due to customer preferences for convenience and accessibility, as well as the increasing demand for OTC drugs and the popularity of online pharmacies. The role of pharmacies in providing essential medications, particularly in rural areas, and government policies to promote the availability and affordability of prescription drugs are also contributing factors. The underlying macroeconomic factors, including economic growth and an aging population, are further driving the growth of the market.
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.
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