Report Overview

Thailand Retail Pharmacy Market – Industry Trends & Forecast Report, 2031

Thailand Retail Pharmacy Market size was estimated at USD 6.14 billion in 2024. During the forecast period between 2025 and 2031, Thailand Retail Pharmacy Market size is projected to grow at a CAGR of 5.10% reaching a value of USD 8.70 billion by 2031. Prominent drivers of Thailand Retail Pharmacy Market include the growing urban and elderly population, rising burden of chronic diseases, deepening digital and mobile penetration, and a surging demand for accessible and quality healthcare services. The retail pharmacy market is undergoing a rapid transformation, marked by the expansion of pharmaceutical care services, wider adoption of digital health tools, and a shift toward patient-centric care. Pharmacists are increasingly taking on roles beyond medication dispensing, including disease prevention, counselling, and diagnostics. The rise of tele pharmacy, electronic health records, and adherence-support technologies is reshaping service delivery, while online pharmacies are making medicines more accessible. At the same time, challenges such as counterfeit drugs and supply chain inefficiencies are prompting investment in blockchain and traceability systems. Regulatory reforms, the growth of pharmacy chains, and data-driven innovations are further propelling the sector forward. Technology is playing a pivotal role in improving patient safety, ensuring medicine authenticity, and optimizing pharmacy operations, positioning the retail pharmacy segment as a critical pillar in Thailand’s evolving healthcare landscape.

Retail Pharmacy – Overview

Retail pharmacy refers to a healthcare facility where prescription and over the counter (OTC) medications are dispensed directly to consumers. It serves as the primary point of access for pharmaceutical products and healthcare advice in communities. Retail pharmacies are operated by licensed pharmacists who provide services such as medication counselling, health screenings, immunizations, and chronic disease management. These pharmacies may function independently, as part of a chain, or online. In addition to dispensing medications, retail pharmacies promote safe medication use, ensure drug authenticity, and contribute to public health by offering preventive care and improving access to essential healthcare services.

Thailand Retail Pharmacy Market

Growth Drivers

Increasing Prevalence of Chronic Diseases

Thailand Retail Pharmacy Market is witnessing significant growth, driven by the rising prevalence of chronic diseases among the growing elderly population. As conditions like hypertension and diabetes become more widespread, retail pharmacies have become points. Urban lifestyles and growing health awareness are contributing to a surge in self-medication, with consumers increasingly purchasing Over the Counter (OTC) medications for minor ailments. In response, pharmacies are expanding their OTC offerings and embracing e-commerce platforms to enhance accessibility. Strategic investments are also transforming retail pharmacies into hubs for affordable primary care, supported by pharmacy benefit managers (PBMs) that help reduce costs through data-driven reimbursement and pricing strategies. Nonetheless, the intersection of chronic disease burden, increased self-care awareness, technological advancements, and private sector investments is redefining the role of retail pharmacies in Thailand’s healthcare ecosystem, positioning them as critical drivers of accessible and cost-effective healthcare delivery.

Challenges

High Operational Costs

Increasing operational costs are significantly restraining the growth of small pharmacy businesses in Thailand Retail Pharmacy Market. Rising expenses related to rent, utilities, staff salaries, and supply chain disruptions have increased the financial burden on these enterprises. Many independent pharmacies struggle to compete with larger chains that benefit from economies of scale and better access to capital. Additionally, inflation and currency fluctuations further drive up the cost of imported medications and essential supplies. Without adequate government support or favorable credit facilities, small pharmacies face difficulties sustaining operations, limiting their market presence and ability to meet growing healthcare demands effectively.

Impact of Escalating Geopolitical Tensions on Thailand Retail Pharmacy Market

Escalating geopolitical tensions could significantly impact the growth of Thailand Retail Pharmacy Market. Disruptions in global supply chains caused by conflicts or trade restrictions can lead to shortages of essential medicines and increased import costs, as Thailand relies on pharmaceutical imports. Currency volatility driven by geopolitical instability further inflates operational expenses for pharmacy businesses. These tensions may also affect investors’ confidence, limit foreign direct investments, and slow down market expansion. Small pharmacies are particularly vulnerable, struggling to maintain inventory and manage rising costs. As a result, access to affordable medications becomes challenging, ultimately hindering the overall growth and stability of Thailand Retail Pharmacy Market.

Thailand Retail Pharmacy Market

Segmental Coverage

Thailand Retail Pharmacy Market – By Product Type

Thailand Retail Pharmacy Market by product type is divided into Over the Counter (OTC) Drugs, Prescription Drugs, Dietary Supplements & Vitamins, Herbal & Traditional Medicines, and Personal Care & Wellness Products segments. The prescription drugs segment accounts for the largest share of Thailand Retail Pharmacy Market by product type. The segment is driven by the rising burden of chronic illnesses and the increasing need for continuous medication. In regions with limited access to hospitals, pharmacies play a crucial role in providing essential treatments for conditions like hypertension, diabetes, and infections. This growing dependency has led to a surge in demand for prescription medications. Moreover, recent policy reforms empowering pharmacists to deliver broader primary healthcare services have further boosted the distribution of prescription drugs, solidifying this segment as the leading contributor to the market’s overall growth.

Thailand Retail Pharmacy Market – By Distribution Channel

Based on distribution channel, Thailand Retail Pharmacy Market is divided into Independent Retail Pharmacies, Chain Pharmacies, Online/E-Pharmacies, and Hospital-attached Pharmacies segments. The chain pharmacies segment holds the highest share in Thailand Retail Pharmacy Market by distribution channel, owing to their widespread presence, consistent service delivery, and structured operations. These pharmacies offer a standardized customer experience, improved access to medicines, and enhanced supply chain management, which makes them more efficient and reliable compared to informal vendors and independent pharmacies. Their growth has also been supported by government efforts to improve healthcare access, increased pharmaceutical manufacturing within Thailand, and rising demand for professional healthcare services post-COVID-19. As a result, chain pharmacies continue to dominate the market, especially in urban and semi-urban areas.

Thailand Retail Pharmacy Market – By Therapy Area

On the basis of therapy area, Thailand Retail Pharmacy Market is divided into Oncology, Diabetes, Neurology, and other therapy areas segments.

Competitive Landscape

Major players operating in Thailand Retail Pharmacy Market include Central Retail Corporation, Watsons Thailand, Boots Thailand, Save drug Centre, Fascino, Pure Pharmacy, P&F Pharmacy, Better Pharma, Pharmacy Plus, Bangkok Drug Store, and Lab Pharmacy. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Product Type

• Over the Counter (OTC) Drugs

• Prescription Drugs

• Dietary Supplements & Vitamins

• Herbal & Traditional Medicines

• Personal Care & Wellness Products

By Distribution Channel

• Independent Retail Pharmacies

• Chain Pharmacies

• Online/E-Pharmacies

• Hospital-attached Pharmacies

By Therapy Area

• Oncology

• Diabetes

• Neurology

• Others

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Thailand Retail Pharmacy Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rising Demand for Over the Counter (OTC) & Prescription Drugs
         2. Increasing Prevalence of Chronic Diseases & Self-Medication Practices
         3. Growing Adoption of Health Insurance & Public Healthcare Reforms
      2. Restraints
         1. Soaring Operational Costs for Small Pharmacy Businesses
         2. Growing Concerns over Counterfeit Drugs
      3. Opportunities
         1. Rising Penetration of Digital & E-pharmacy Platforms
         2. Increasing Integration of Pharmacy Benefit Managers
      4. Challenges
         1. Growing Delays in Reimbursement from Health Maintenance Organizations & Insurers
         2. Rising Dependency on Imports for Essential Medicines & Equipment
   3. Regulatory Framework
   4. Porter’s Five Forces Analysis
   5. Bargaining Power of Suppliers
   6. Bargaining Power of Buyers
   7. Threat of New Entrants
   8. Threat of Substitutes
   9. Intensity of Rivalry
4. Thailand Retail Pharmacy Market: Marketing Strategies
5. Thailand Retail Pharmacy Market: Pricing Analysis
6. Thailand Retail Pharmacy Market Overview
   1. Market Size & Forecast, 2019–2031
   2. By Value (USD Million)
   3. Market Share & Forecast
      1. By Product Type
         1. Over the Counter (OTC) Drugs
         2. Prescription Drugs
         3. Dietary Supplements and Vitamins
         4. Herbal and Traditional Medicines
         5. Personal Care and Wellness Products
      2. By Distribution Channel
         1. Independent Retail Pharmacies
         2. Chain Pharmacies
         3. Online/E-Pharmacies
         4. Hospital-Attached Pharmacies
      3. By Therapy Area
         1. Oncology
         2. Diabetes
         3. Neurology
         4. Others
7. Competitive Landscape
   1. List of Key Players and Their End Users
   2. Thailand Retail Pharmacy Company Market Share Analysis, 2024
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
8. Impact of Escalating Geopolitical Tensions on Thailand Retail Pharmacy Market
9. Company Profiles (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. Central Retail Corporation
   2. Watsons Thailand
   3. Boots Thailand
   4. Save Drug Centre
   5. Fascino
   6. Pure Pharmacy
   7. P&F Pharmacy
   8. Better Pharma
   9. Pharmacy Plus
   10. Bangkok Drug Store
   11. Lab Pharmacy
   12. Other Prominent Players
10. Key Strategic Recommendations
11. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
       1. Secondary Research
       2. Primary Research
    4. Breakdown of Primary Research Respondents
    5. Assumption & Limitation

*Financial information of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List of Figures

Figure 1   Thailand Retail Pharmacy Market Segmentation

Figure 2   Thailand Retail Pharmacy Market Value Chain Analysis

Figure 3   Company Market Share Analysis, 2024

Figure 4   Thailand Retail Pharmacy Market Size, By Value (USD Million), 2019–2031

Figure 5   Thailand Retail Pharmacy Market Share, By Product Type, By Value (USD Million) 2019–2031

Figure 6   Thailand Retail Pharmacy Market Share, By Distribution Channel, By Value (USD Million) 2019–2031

Figure 7   Thailand Retail Pharmacy Market Share, By Therapy Area, By Value (USD Million) 2019–2031

List of Tables

Table 1      Thailand Retail Pharmacy Market Share, By Product Type, By Value (USD Million) 2019–2031

Table 2      Thailand Retail Pharmacy Market Share, By Distribution Channel, By Value (USD Million) 2019–2031

Table 3      Thailand Retail Pharmacy Market Share, By Therapy Area, By Value (USD Million) 2019–2031

Table 4      Central Retail Corporation Company Overview

Table 5      Central Retail Corporation Financial Overview

Table 6      Watsons Thailand Company Overview

Table 7      Watsons Thailand Financial Overview

Table 8      Boots Thailand Company Overview

Table 9      Boots Thailand Financial Overview

Table 10    Save Drug Centre Company Overview

Table 11    Save Drug Centre Financial Overview

Table 12    Fascino Company Overview

Table 13    Fascino Financial Overview

Table 14    Pure Pharmacy Company Overview

Table 15    Pure Pharmacy Ltd Financial Overview

Table 16    P&F Pharmacy Company Overview

Table 17    P&F Pharmacy & Stores Financial Overview

Table 18    Better Pharma Company Overview

Table 19    Better Pharma Financial Overview

Table 20    Pharmacy Plus Company Overview

Table 21    Pharmacy Plus Financial Overview

Table 22    Bangkok Drug Store Company Overview

Table 23    Bangkok Drug Store Financial Overview

Table 24    Lab Pharmacy Company Overview

Table 25    Lab Pharmacy Financial Overview