BANGKOK — Devakam Osoth Co., Ltd., led by CEO Athichaporn Janprasit, is expanding its business, focusing on office workers and international markets. The company manufactures and distributes pain relief and healthcare products, including “Muay” medicated oil, “Neobun” pain relief patches, and “Neoplast” wound plaster. The CEO acknowledges both opportunities and challenges in the 2025 pain relief product market.
In terms of opportunities, the market for painkillers has seen double-digit growth rates since the COVID-19 pandemic, a trend that is expected to continue. This growth is being driven by the rising prevalence of health problems such as pain and office syndrome worldwide, as well as increasing consumer interest in physical activity, which in turn is increasing demand for pain relief products.
Opportunities and Challenges
According to the World Health Organization (WHO), around 843 million people worldwide will suffer from lower back pain by 2050. In Thailand, data from the state-run Thai Traditional Medicine Centers indicated that 483,850 people will seek treatment for office syndrome in 2024 alone. These figures highlight the huge business potential of painkillers both in Thailand and internationally.
However, the Thai painkiller market faces two major challenges: intense competition from domestic and international brands offering a variety of products, including patches, oils, gels, sprays and creams, and a decline in the number of foreign tourists, especially from China, which has been a major customer base. In addition, tourist spending has also declined.
Two Main Strategies in 2025
To capitalize on growth opportunities and overcome these challenges, Thewakum Osot will focus on two main strategies in 2025, which coincides with the company’s 80th anniversary. The first strategy is to build a new customer base by improving the awareness and product positioning of its pain relief brands: Muy, Neobun and Neoplast, and introducing new, modern product formats to meet growing consumer demand and offset the decline in tourist spend.
The second strategy is to accelerate international market expansion, particularly in Asia and Europe, to capitalize on long-term growth opportunities arising from existing tourism demand.
“Muay” Will Be the Spearhead
For its international push, the company will use the “Muay” brand as its main spearhead, capitalizing on the global recognition of Muay Thai as part of Thailand’s soft power and its roots in traditional Thai wisdom. The expansion will initially focus on Asian markets, followed by the US, Middle East and Europe. Insights from tourist spending patterns show that the “Muay” brand is well received by European and Chinese consumers who prefer oils and creams, while Asian customers prefer Neobun and Neoplast and Middle Eastern consumers also show a preference for Neobun.
The company is currently in the process of selecting partners who are familiar with local health regulations and are committed to building a long-term brand. It already has partners in several countries, including Myanmar, Hong Kong, Laos, Cambodia and some European countries.
“While China remains a market with great potential, the regulatory challenges related to healthcare products make it a more complex market that requires a longer preparation time compared to others,” Ms. Athichaporn said.
She expressed confidence that these strategies will help establish the “Muay” brand in global markets and achieve consistent double-digit annual sales growth, both domestically and internationally. In line with the company’s strategic goals, the share of international sales is expected to increase from the current 10% to over 20% within three years.
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