Market Insights Health Medical Technology

Medical Devices - Thailand

Thailand

Thailand's Medical Devices market market is expected to witness a significant increase in revenue, with projections indicating it will reach US$2,271.00m in 2024.
Among the various markets within the market, Cardiology_Devices is anticipated to be the largest, with a projected market volume of US$362.90m in the same year.
This growth is expected to continue steadily, with a Compound Annual Growth Rate (CAGR) of 7.09% from 2024 to 2028.
By 2028, the market volume is estimated to reach US$2,987.00m.
In terms of global comparison, the United States is expected to generate the highest revenue in the Medical Devices market market, with a projected amount of US$182.00bn in 2024.
Thailand's expanding medical tourism industry is driving the demand for innovative and advanced medical devices in the country.

Key regions: Spain, Japan, United States, Europe, United Kingdom

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Analyst Opinion

The Medical Devices market in Thailand has been experiencing significant growth in recent years.

Customer preferences: Thai consumers have shown a growing preference for advanced medical devices that offer innovative features and improved patient outcomes. They are increasingly seeking out devices that are technologically advanced, user-friendly, and cost-effective. Additionally, there is a growing demand for devices that are portable and can be used in home healthcare settings.

Trends in the market: One of the key trends in the Medical Devices market in Thailand is the increasing adoption of digital health technologies. This includes wearable devices, remote patient monitoring systems, and telemedicine solutions. These technologies allow healthcare providers to remotely monitor patients, provide timely interventions, and improve overall patient care. The COVID-19 pandemic has further accelerated the adoption of telemedicine in Thailand, as it allows patients to receive medical consultations without having to visit a healthcare facility in person. Another trend in the market is the growing focus on healthcare infrastructure development in Thailand. The government has been investing heavily in upgrading and expanding healthcare facilities across the country. This includes the construction of new hospitals and medical centers, as well as the modernization of existing ones. This increased focus on healthcare infrastructure is driving the demand for a wide range of medical devices, including imaging equipment, surgical instruments, and patient monitoring devices.

Local special circumstances: Thailand has a rapidly aging population, which is contributing to the growth of the Medical Devices market. As the elderly population increases, there is a greater need for medical devices that cater to their specific healthcare needs. This includes devices for the management of chronic diseases, mobility aids, and assistive technologies. Additionally, the government has implemented various initiatives to support the aging population, such as the provision of universal healthcare coverage and the promotion of healthy aging. These initiatives are driving the demand for medical devices that can help improve the quality of life for the elderly population.

Underlying macroeconomic factors: Thailand has a strong healthcare system and is known for its high-quality healthcare services. The government has been actively promoting the development of the healthcare industry, which includes the Medical Devices sector. This has attracted both domestic and international manufacturers to invest in the country. Additionally, Thailand has a favorable business environment, with supportive government policies, a skilled workforce, and a well-developed infrastructure. These factors have contributed to the growth of the Medical Devices market in Thailand. In conclusion, the Medical Devices market in Thailand is experiencing significant growth due to customer preferences for advanced and innovative devices, the adoption of digital health technologies, the focus on healthcare infrastructure development, the aging population, and favorable macroeconomic factors. As the market continues to evolve, it presents opportunities for both domestic and international players to capitalize on the growing demand for medical devices in Thailand.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.