1. Thailand’s medical devices market is one of the most well-known and well-established sectors in ASEAN countries which grew at a CAGR of 9.0% in 2021.
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The medical device market in Thailand has witnessed a good amount of growth during the past few years. This have been made possible because of the rising population rate, changing epidemiology, a growing medical tourism industry, healthcare infrastructure developments, and expanding health insurance. Moreover, Thailand’s increasing budget allocation for the healthcare sector and ongoing healthcare development projects has played a pivotal role in its continued growth. In addition to this, rising demand for more sophisticated and modern medical products, an increase in ageing population, and deaths in the country have created the demand for medical devices in Thailand.
2. Thailand Medical Devices Market is a highly price-sensitive and import-dependent market.
Imports accounted for the majority of the revenue share in the Thailand Medical Device Market in 2021. The imports majorly includes more sophisticated medical and surgical instruments and infrastructure. Around $2700 Mn value of medical devices imported from the United States, Ireland, Germany, China, Japan, South Korea, Malaysia, Vietnam, and other parts of the world. Combining the United States, Germany, and China, the three countries make up more than 40% of all medical devices imported into Thailand. The United States is the biggest manufacturer of medical devices and records the largest sales revenue from such product exports.
3. In the next few years, the overall market is expected to grow with a 10% CAGR, the import will still dominate the segment but the contribution of local production segment is expected to rise.
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The Thailand medical devices market is expected to expand with a double-digit CAGR during 2022-2026F. The creation of a world-class healthcare sector is a top priority for Thailand and the healthcare sector is expected to advance and expand significantly in the next few years which will support the growth of the Medical Device Market in the country. Further, the contribution of local manufacturers to the total revenue of the medical device sector will surge in the near future in Thailand. However, imports will continue to dominate the market by contributing the majority of the market revenues.
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Medical Device Industry in Thailand