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Thailand as an International Medical Hub

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.1

  • In 2015, imports of medical device increased 10.8% and exports of medical device increased 8.5%, reflecting steady growth in Thailand’s healthcare sector.2
  • The market size of medical equipment in Thailand is projected to increase by 10% from ฿48 billion THB in 2016 to ฿58 billion THB in 2018.3
  • Thailand has 12,141 public hospitals and healthcare facilities, 352 private hospitals and 10, 977 private clinics as of 2017.4
  • Thailand has over 50,573 well-trained physicians5, modern facilities and world-class yet affordable healthcare service, 50-75% lower than the US.6
  • In 2015, medical tourism generated over $3 billion USD revenue to the country.  This represented 15% growth for the economy7 with an estimated 3 million medical tourists annually.8
  • Thailand’s increasing healthcare expenditure is growing annually, 6% from ฿892 billion THB in 2016 to ฿12 trillion THB in 2020.9

References:
1 Thailand Board of Investment. Thailand’s Medical Hub. Available at: http://www.boi.go.th/upload/content/BOI-brochure%202016-medical-20160524_24249.pdf.
2 The U.S. Department of Commerce’s International Trade Administration. Thailand – Medical Devices. Available at: https://www.export.gov/article?id=Thailand-medical-devices.
3 Lertpong Larpchevasit, SCB Economic Intelligence Center. Medical equipment… a new growth engine for Thai plastics industry. Available at: https://www.scbeic.com/en/detail/product/2731.
4 Thai Health Coding Center. Number of hospitals by category. Available at: http://203.157.10.8/hcode_2014/query_02.php?p=3.
5 Thailand Board of Investment. Thailand’s Medical Hub. Available at: http://www.boi.go.th/upload/content/BOI-brochure%202016-medical-20160524_24249.pdf.
6 U.S. Commercial Service. Thailand’s Healthcare & Life Sciences; Opportunities for U.S. Exporters & Investors. Available at: https://build.export.gov/build/groups/public/@eg_us_mn/documents/webcontent/eg_us_mn_080846.pdf.
7 The U.S. Department of Commerce’s International Trade Administration. Thailand – Medical Devices. Available at: https://www.export.gov/article?id=Thailand-medical-devices.
8 U.S. Commercial Service. Thailand’s Healthcare & Life Sciences; Opportunities for U.S. Exporters & Investors. Available at: https://build.export.gov/build/groups/public/@eg_us_mn/documents/webcontent/eg_us_mn_080846.pdf.
9 Bangkok Dusit Medical Services. Bangkok Dusit Medical Services (BDMS) Investor Presentation 4Q16 & 2016 Results. Available at: http://bdms.listedcompany.com/misc/PRESN/20170314-bdms-investor-presentation-march2017.pdf.

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