Press Release

Thailand Pharmacy Retail Market to Expand at 3.2% CAGR from 2024 to 2030

The Thailand Pharmacy Retail Market is projected to grow at a CAGR of 3.2% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The retail pharmacy sector in Thailand experienced fluctuating growth due to some pharmacy closures for violating the FDA's GPP requirements. Despite this, the industry is considered to be in a growth stage, driven by increasing competition among retail pharmacies offering extensive product ranges and value-added services. The franchise model has gained popularity, enabling businesses to expand rapidly.

Collaborations between state hospitals and neighborhood chains have benefitted patients under the Universal Health Coverage (UHC) scheme and contributed to the growth of pharmacy stores. Thailand's aging population has led to a shift in the country's demographic profile, increasing the demand for pharmaceuticals, including nutritional supplements, to manage chronic illnesses like diabetes and hypertension.

Moreover, the expanding market is attributed to increased government health expenditure, a rise in non-communicable disease (NCD) cases, the proliferation of online pharmacy services, and other contributing factors. Telemedicine platforms have revolutionized healthcare delivery, providing convenient access to medical consultations and prescriptions from the comfort of one's home. This evolution aligns with consumers' changing preferences for convenience, safety, and accessibility.

Pharmacies that leverage these trends by collaborating with telemedicine providers to offer seamless home delivery services for medications and health products stand to gain significantly. By integrating digital platforms, optimizing logistics, and ensuring high-quality service, pharmacies can enhance customer experiences and expand their market share, further states the research report, “Thailand Pharmacy Retail Market Analysis, 2024.”

Thailand Pharmacy Retail Market Segmentation Analysis

Prescribed Drugs Segment to Seize Significant Market Share

Based on the product categories segment, the market is further bifurcated into, Medical Equipment, Non-Pharmaceutical Products, Prescribed Drugs, Medical Devices, Baby Care Products, Personal Care and Hygiene Products, and Others (First Aid Supplies, Orthopedic Support, etc.). Prescription drug sales are the main driver of the Thailand Pharmacy Retail Market, largely because of their higher profit margins and prices. Because of their complicated formulas, legal restrictions, and high expenses associated with research & development, prescription drugs, also known as prescription medications, are frequently more expensive than over-the-counter goods. As a result, the selling of prescription medications brings in a sizable amount of money for pharmacies.

Furthermore, since prescribed drugs usually need to be taken consistently, pharmacies benefit from repeat business and steady revenue streams. Furthermore, the segment is anticipated to continue to contribute significantly to the overall growth of the Thailand Pharmacy Retail Market for the foreseeable future as the country's healthcare infrastructure develops further, enhancing access to healthcare services and fueling demand for prescription drugs.

Central region of Thailand to Overpower Other Regions

A major factor in the size and expansion of Thailand's pharmacy retail sector is the country's central area, which includes major cities like Bangkok and the regions that surround it. With a high degree of urbanization and a dense population, the central area serves as the nation's economic and commercial center, creating a vast customer base with a variety of healthcare demands. Bangkok and other urban areas see increased foot traffic and demand for pharmaceutical goods and services, which benefits pharmacies there.

In addition, the central region is home to a large number of medical facilities, including clinics, hospitals, and specialty medical centers, all of which produce a significant amount of medical referrals and prescriptions. Overall, the strategic position, high population density, healthcare system, and business climate of the central area all play a part in the substantial market size and steady growth of the Thailand Pharmacy Retail Market.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Arin Care Co. Ltd, The Boots Company PLC, Ranbaxy Co. Ltd, 7Eleven, Tops Online, Boots Retail (Thailand) Co, Ltd., Walgreen Boots Alliance, Drug Care Co. Ltd, and Others, are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the Thailand Pharmacy Retail Market?
3. What key factors would propel and impede the industry across Thailand?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across Thailand?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?