Thailand Pharmacy Retail Market Research Report: Forecast (2024-2030)

Market Definition

The pharmacy retails are the businesses engaged in selling prescription and over-the-counter medications, health & wellness products, and related goods & services. These establishments may include standalone pharmacies, drugstores within supermarkets or retail chains, online pharmacies, and mail-order pharmacy services.

Market Insights & Analysis: Thailand Pharmacy Retail Market (2024-30):

The Thailand Pharmacy Retail Market size is expected to exhibit a growth rate (CAGR) of around 3.2% during the forecast period, i.e., 2024-2030. The Thailand pharmacy retail sector is thriving, driven by the country's increasing demand for healthcare products and services. The government has implemented regulations to enhance access to healthcare and pharmaceuticals, leading to a rise in the number of pharmacies nationwide. These pharmacies offer a wide range of products, including prescription drugs, over-the-counter medicines, dietary supplements, and personal care items.

Thailand's retail pharmacy market is primarily consumer-focused. With an aging population and rising healthcare awareness, consumers are increasingly looking for healthcare products and services. The market caters to a wide range of needs and budgets, offering everything from low-cost health and beauty products to high-end alternatives. Furthermore, the rise of e-commerce and online pharmacies has made it easier for people to access healthcare products and services from their own homes.

Also, the pharmacy retail chains in Thailand are expanding their offerings to stay competitive. These retail chains are broadening their product and service offerings, frequently expanding into other healthcare-related industries such as clinics and diagnostic services, creating a more comprehensive healthcare experience, thus aiding in enhancing the Thailand Pharmacy Retail Market size in the forthcoming years.

Thailand Pharmacy Retail Market Driver:

Rising Consumer Demand for Telemedicine Companies Offering Online Consultations – The growth of the Thailand Pharmacy Retail Market is propelled by increasing customer footfalls, coupled with a surge in telemedicine players offering online consultations. As healthcare awareness rises and access to medical services becomes more convenient, consumers increasingly seek out pharmacies for their healthcare needs. Pharmacies serve as accessible points of contact for obtaining medications, health products, and professional advice.

Additionally, the proliferation of telemedicine platforms in Thailand has expanded access to healthcare services, allowing patients to consult with healthcare professionals remotely. This trend complements traditional pharmacy services by providing convenience & accessibility, especially for individuals with mobility issues or those residing in remote areas. Pharmacies are capitalizing on this trend by partnering with telemedicine providers, offering medication delivery services, and integrating digital platforms to enhance customer experiences.

Thailand Pharmacy Retail Market Opportunity:

Rising Consumer Demand for Telemedicine Companies to Offer Home Delivery Services – The increasing consumer footfalls, combined with the surge in telemedicine players offering home delivery services, present a significant opportunity for long-term growth in the Thailand Pharmacy Retail Market. As healthcare awareness and accessibility continue to improve, more consumers are relying on pharmacies as essential healthcare providers for their medication and wellness needs. Concurrently, the rise of telemedicine platforms has revolutionized healthcare delivery by providing convenient access to medical consultations and prescriptions from the comfort of one's home. This trend aligns perfectly with the evolving needs of consumers, particularly those seeking convenience, safety, and accessibility.

Pharmacies that leverage these trends by partnering with telemedicine providers to offer seamless home delivery services for medications and health products stand to benefit greatly. By integrating digital platforms, optimizing logistics, and ensuring quality service, pharmacies can enhance customer experiences and capture a larger share of the market. This convergence of increasing foot traffic and telemedicine-driven home delivery services not only fosters industry growth but also reinforces pharmacies' role as indispensable healthcare providers in Thailand's evolving healthcare landscape.

Thailand Pharmacy Retail Market Challenge:

Uncertain Pricing Regulations & Low Levels of Intellectual Property Protection to Impede the Market – The Thailand Pharmacy Retail Market faces challenges due to uncertain pricing regulations and low levels of intellectual property protection. Pricing regulation uncertainty can arise from changes in government policies, reimbursement schemes, or the introduction of price controls, which impact profit margins and pricing strategies for pharmaceutical products. This uncertainty makes it challenging for pharmacies to forecast revenues and plan investments effectively.

Additionally, low levels of intellectual property protection create an environment conducive to counterfeit medications and the unauthorized production of generic drugs, undermining the profitability of pharmaceutical companies and discouraging innovation. Without adequate intellectual property protection, pharmaceutical companies may be reluctant to invest in research and development, limiting the availability of innovative treatments and reducing competitiveness in the market.

Thailand Pharmacy Retail Market (2024-30): Segmentation Analysis

The Thailand Pharmacy Retail Market study by MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2024–2030 at the national levels. In accordance to the analysis, the market has been further classified as:

Based on Drug Type:

• Generic Drugs
• Patented Drugs

The Thailand Pharmacy Retail Market is experiencing growth primarily due to the Generic Drugs segment, which offers affordable and accessible alternatives to branded medications. Given concerns about healthcare affordability, generic drugs provide a cost-effective option for consumers. Government initiatives such as the Universal Coverage Scheme further encourage the use of generic drugs. Moreover, pharmacies are capitalizing on the increased demand for generic drugs by expanding their offerings and negotiating favorable pricing. Thus, as consumer awareness of the quality of generic drugs improves, the segment's significance in the market is increasing, contributing to overall market share & sustainability.

Based on Product Categories:

• Medical Equipment
• Non-Pharmaceutical Products
• Prescribed Drugs
• Medical Devices
• Baby Care Products
• Personal Care and Hygiene Products
• Others (First Aid Supplies, Orthopedic Support, etc.)

The Prescribed Drugs segment is the leading contributor to the Thailand Pharmacy Retail Market, fueled by higher prices and profit margins compared to over-the-counter products. Pharmacies benefit from substantial revenue and profitability from selling prescribed drugs, supported by manufacturer incentives. With Thailand's healthcare infrastructure expanding and driving demand for prescribed medications, this segment's dominance is expected to persist, propelling market growth.

Thailand Pharmacy Retail Market (2024-30): Regional Projection

Geographically, the Thailand Pharmacy Retail Market expands across:

• Central
• North-East
• North
• South

The Central region of Thailand, including Bangkok and nearby provinces, is pivotal to the Thailand Pharmacy Retail Market due to its dense population, urbanization, and economic significance. Bangkok, as the commercial hub, attracts high foot traffic to pharmacies, while proximity to healthcare facilities generates substantial prescription demand. The region's robust transportation infrastructure ensures efficient distribution of pharmaceuticals nationwide, supporting well-stocked inventories and diverse product offerings. In summary, the central region's strategic location, population density, healthcare infrastructure, and logistical advantages drive sustained growth in the central region of the Thailand Pharmacy Retail Market.

Thailand Pharmacy Retail Industry Recent Development:

• 2022: Walgreens Boots Alliance, Inc. declared that it has started a registered public offering of 10 million shares of AmerisourceBergen Corporation (NYSE: ABC) common stock. Concurrently, AmerisourceBergen is repurchasing approximately USD 500 million worth of shares, contingent upon the offering's completion.
• 2022: 7Eleven approached public-private partnerships with Thailand’s Digital Government Development Agency to develop 68 digital services in 7-Eleven stores. This service was provided by the Thai government to allow their citizens to do anything from checking for child support subsidies to obtaining driving license information online by completing KYC verification checks on the 7Eleven website.

Gain a Competitive Edge with Our Thailand Pharmacy Retail Market Report

• Thailand Pharmacy Retail Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
• This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
• Thailand Pharmacy Retail Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.