Thai Medical Device Industry: Market Conditions and Industrial Trends in 2020 -2021
8 July 2020
The Thai medical device industry is expected to grow at an average rate of 6.71 percent annually between 2020 and 2021, faster than the global medical device market, which is expected to expand by 4.1-5.1 percent annually in the same period.
An important driver of the country’s growth is Thailand’s aging society in which the population also lives longer and an increase in the number of patients—especially patients with non-communicable chronic diseases such as heart disease, diabetes, cancer, and stroke. These have generated a greater demand for medical equipment. Moreover, the growth has been driven by the government’s policy to promote Thailand as a medical hub offering integrated medical services. This promotion has encouraged multinational companies to invest in the Thai medical services sector and has increased the number of foreigners who travel to Thailand for both leisurely and medical purposes, thus prompting Thai private hospitals to invest in their service capacity expansion. In addition, the demand for medical devices in Thailand is expected to rise due to advances in technology, such as the use of artificial intelligence (AI) and big data in medical diagnoses, which allow for collection of patients’ health data based on wearable health-related personal devices
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