Thailand Cardiovascular Drugs Market Analysis

Thailand Cardiovascular Drugs Market Analysis

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Thailand Cardiovascular Drug Market is at around $0.2 Bn in 2022 and is projected to reach $0.23 Bn in 2030, exhibiting a CAGR of 4.14% during the forecast period. Aging population, rise in cardiovascular diseases, and adoption of unhealthy lifestyle is propelling the market growth. The market is dominated by key players Silom Medical, Paradigm Pharma (THA), OLIC (THA), Interthai Pharmaceutical (THA), Pfizer Inc., Novartis, Sanofi, Astra Zeneca, Merck & Co., Zydus, and Lupin.

ID: IN10THPH007 CATEGORY: Pharmaceuticals GEOGRAPHY: Thailand AUTHOR: Aneri Parekh

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Thailand Cardiovascular Drug Market Executive Summary

Thailand Cardiovascular Drug Market is at around $0.2 Bn in 2022 and is projected to reach $0.23 Bn in 2030, exhibiting a CAGR of 4.14% during the forecast period.

Thailand Cardiovascular Drug Market Analysis looks at the country's pharmaceutical industry for heart-related products. It explores market trends, important players, regulatory aspects, and the nation's overall economic influence on the cardiovascular medication industry. The purpose of this analysis is to shed light on Thailand's cardiovascular medication market's present situation as well as its potential going forward.

The cardiovascular drugs market is expanding steadily due to the aging population and rising incidence of cardiovascular illnesses. To take advantage of the increasing demand, major firms are concentrating on cutting-edge therapies. The government's attempts to expand healthcare infrastructure also add to the market's optimistic outlook.

The pharmaceutical industry is in charge of research, manufacturing, distribution, and drug discovery. Pharmaceutical revenue increased significantly over the past two decades, reaching $138.33 Bn globally in 2022. The aging population, growing knowledge of cardiovascular illnesses, and rising income levels are all expected to fuel growth in the cardiovascular medicine market in the country. By collaborating with international businesses and providing reasonably priced generics, local players are stepping up their competition. The dynamics of the market are being influenced by government initiatives like price controls and universal healthcare coverage.

Top companies in the market are Silom Medical, Paradigm Pharma (THA), OLIC (THA), Interthai Pharmaceutical (THA), Pfizer Inc., and Novartis. With a projected 12.4% market share in 2022, Silom Medical is among the top Thai pharmaceutical businesses in the cardiovascular medicine industry.

Thailand cardiovascular drug market

Market Dynamics

Market Growth Drivers:

Rising Cardiovascular Diseases: The need for cardiovascular medications is driven by the rising incidence of cardiovascular diseases in Thailand. In 2021, there were approximately 1,000 heart disease patients for every 0.1 Mn population in the country.

Aging Population: The market is boosted by the aging population's increased contribution to the incidence of cardiovascular diseases. Thailand is one of the nations that ages the fastest in the world. 12 Mn Thais, out of the country's 67 Mn residents, are elderly.

Unhealthy Lifestyle: Choosing unhealthy habits that increase risk factors drives up demand for heart-related drugs.

Market Restraints:

Regulatory Hurdles: New cardiovascular medicine approvals are hampered by regulatory barriers, which extend development times.

Stringent Safety Requirements: Cardiovascular drug research and development expenses are high due to strict safety and efficacy regulations.

Patent Expirations: Established cardiovascular treatments' market share and profitability are impacted by patent expirations and competition from generic drugs.

Healthcare Policies and Regulatory Landscape

Food and Drug Administration (TFDA) of Thailand is responsible for supervising the production, importation, and distribution of regulated goods, ensuring that they meet stringent safety and quality requirements. For new drug registrations, the Thai FDA needs rigorous documentation, ethics approval, and clinical studies. Thai translation is frequently needed for documentation and communication, which adds complexity and increases the chance of mistakes.

Competitive Landscape             

Key Players:

  • Silom Medical
  • Paradigm Pharma (THA)
  • OLIC (THA)
  • Interthai Pharmaceutical (THA)
  • Pfizer Inc.
  • Novartis
  • Sanofi
  • Astra Zeneca
  • Merck & Co.
  • Zydus
  • Lupin

1. Executive Summary
1.1 Disease Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Patient Journey
1.6 Health Insurance Coverage in Country
1.7 Active Pharmaceutical Ingredient (API)
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel & Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company Overview Product Applications and Services Recent Developments Partnerships Ecosystem Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Thailand Cardiovascular Drug Market Segmentation

By Drug Type

  • Cephalosporins
  • Antihypertensive
  • Antihyperlipidemic
  • Anticoagulants
  • Antiplatelet Drug
  • Others

By Disease Indication

  • Hypertension
  • Hyperlipidemia
  • Coronary Artery Disease
  • Arrhythmia
  • Others

By Distribution Channel

  • Hospital Pharmacies
  • Retail Pharmacies
  • Online Pharmacies
  • Others

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.


Stage I: Market Data Collection

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Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

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We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.



Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

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Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

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The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 14 February 2024
Updated by: Dhruv Joshi

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