Market Insights Technology Internet of Things

Healthcare IoT - Thailand

Thailand

In Thailand, the Healthcare IoT market is expected to witness a significant growth in revenue, reaching US$338.80m in 2024.
This projection indicates a promising future for the industry.
Furthermore, it is anticipated that the market will continue to expand at a steady pace, with an annual growth rate of 12.40% (CAGR 2024-2028).
This positive trajectory is expected to result in a market volume of US$540.80m by 2028, showcasing the potential for substantial growth in the coming years.
When comparing the global landscape, it is noteworthy that in China is projected to generate the highest revenue in the Healthcare IoT market, with an estimated amount of US$45,150.00m in 2024.
This figure underscores the dominant position of the United States in this sector and highlights its significant contribution to the overall market.
Thailand's healthcare IoT market is rapidly expanding with increasing adoption of connected medical devices and remote patient monitoring technologies.

Key regions: India, Australia, China, Germany, South Korea

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Analyst Opinion

Usage of Internet of Things (IoT) technologies has especially been beneficial during the COVID-19 pandemic when the need for telehealth as well as home care have been introduced to minimize hospital and clinic visits. The IoT devices made remote monitoring in healthcare possible, resulting in reduced length of hospital stays and decreased need of re-admission.

One of the key drivers of Healthcare IoT growth is the increasing prevalence of chronic diseases, which require ongoing monitoring and management. IoT connected medical devices and remote monitoring systems can help to improve patient outcomes by enabling continuous monitoring of vital signs and other health data. The ageing population in developed countries is adding additional pressure on the healthcare systems which drives the investment in research by both private companies and governments.

Another driver of Healthcare IoT growth is the increasing focus on patient-centered care. Patients are becoming more active in managing their own health, and IoT devices can help to facilitate this by providing patients with real-time data on their health status and enabling them to track their progress towards health goals.

Methodology

Data coverage

The data encompasses B2B, B2C and B2G revenues. The revenue only refers to the spending share of the Internet of Things components.

Modeling approach/ Market size:

The segment size is determined through a combination of top-down and bottom-up approaches. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and current and historical developments. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques but primarily exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.