The Asia-Pacific region has seven of the world’s ten most populous countries, and is home to over 4.5 billion people. With the population of Asia accounting for 60% of the global population, the demand for healthcare services is increasing in line with the unprecedented growth of the middle class, presenting huge opportunities for healthcare companies looking to enter the market.
Thailand has had “a long and successful history of health development, ” according to the World Health Organization and now Thailand is well-positioned to be the medical hub of Asia. With outstanding medical foundation that includes premium medical services, qualified healthcare specialists and various internationally accredited medical facilities, Thai medical services are renowned worldwide, resulting in a rapid growth in supporting industries such as pharmaceuticals, laboratory tests and clinical R&D.
Healthcare Expenditures in Thailand
The government has progressive policies in place to help the country attain the position of “Thailand, a Hub of Wellness and Medical Services”, within a ten year time frame. The strategic ten-year plan, which will be executed from 2016-2025, proposes to turn Thailand into a medical hub in four major areas: wellness, medical services, academics and products. With more than 1,000 public and 400 private hospitals nationwide, 10,977private clinics and over 60,000 well-trained physicians, Thailand offers a diverse range of treatments.
Thailand’s medical device market has continued to thrive due to several key factors. The growing influx of medical tourists along with the rise in the standard of living of Thai citizens and the government’s continued efforts to develop Thailand into a leading medical hub, have led to constant innovation in this area. A substantial number of high-grade and sophisticated medical devices are being imported to meet the rising demand.There are tremendous opportunities for new investment in the kingdom with respect to manufacturing high-end medical devices.
Thailand’s medical device market was estimated at $1.650 billion in 2018. In 2018, imports of medical devices were approximately $1,2 billion, and U.S. medical devices led the imported market(28% of the imported products), followed by China, Japan, and Germany respectively.
The market growth in the next few years will be driven by the expansion of hospitals and new players into the market. Existing hospitals are expanding their networks and facilities to meet the growing demand of medical devices and medical treatments. Thailand’s hospitals and clinics are like the five-star hotels of the medical industry. JCI accreditation is considered the goldstandard in global health care. There are 65 JCI internationally accredited hospitals in the country, boasting a wide range of doctors and specialists trained and certified abroad.
LIST of JCI accredited Hospitals per country:
THAILAND 65– VIETNAM 4- PHILIPPINES 5- MALAYSIA 13- INDONESIA 28- SINGAPORE 22-SOUTH KOREA 26- INDIA 38-ITALY 23- JAPAN 26- SPAIN 29- GERMANY 2- AUSTRIA 5-BELGIUM 20- RUSSIAN FEDERATION 4.
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