Bangkok and the central region of Thailand have the highest concentration of mid- to upper-income consumers and so some 90% of large hospitals are located in these areas in 2021, as per a report by Ken Research
1. Business Cycle and Genesis of Thailand Medical Device Market- 99% of the Thai population is now covered by public healthcare.
Schemes of Thailand Government in Various Industry
- Governments is promoting Thailand as a center for international healthcare “Medical Hub” by 2036.
- The government healthcare expenditure has risen rapidly from below 50% in 1995 to approximately 80% today.
- Thailand continues to gain momentum both in producing and distributing medical devices.
- Modern medical devices with minimally invasive techniques helped drive revenue growth.
2. Thailand’s aging society will further drive the domestic healthcare demands in the decades ahead.
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The population over 60 years old in Thailand will increase from 11 Mn in 2018 to about 13 Mn by 2023. Moreover, healthcare costs for these people will increase to nearly USD 6 Bn which is ~2.5% of GDP in 2022. High population growth and increase in ageing population is driving the demand for better healthcare services and medical devices.
3. Demand for Healthcare Infrastructure- Thailand has a bright future in Medical Device Market
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Many private hospitals plan to construct the new building to serve the rise in demand from Thai and foreign patients. To better illustrate, Bangkok hospital plans to increase its network from 49 sites to 50 by 2023 and expand its capacity by 170 beds approximately. In sum, the construction’s overall supply has increased by atleast 2,000 beds in 2022. Majority of the population is still dependent on public hospitals, most of which are consistently oversubscribed and operating beyond capacity. All of the above facts will increase demand for medical device products and equipment.
