Thailand’s healthcare system has become a global phenomenon, perfectly blending top-notch medical care with the allure of a vibrant tourist destination. This “medical tourism” industry has emerged as a rising star, attracting patients worldwide seeking affordable, high-quality treatment alongside a relaxing vacation. Let’s delve deeper and explore what makes Thailand such a compelling destination for medical tourists.
What Makes Thailand Medical Tourism Stand Out?
Top Destination for Medical Tourists: Thailand consistently ranks among the top five globally for both Destination Attractiveness and Medical Tourism Cost. Patients receive high-quality care in a beautiful and welcoming environment, all at a significantly lower cost compared to Western countries and Australia. Consider hip replacement surgery: while it could cost upwards of US$40,000 in the US, the same procedure can be performed in Thailand for around US$15,000.
Diverse Range of Expertise: Thailand boasts a wide range of medical specialties, catering to a variety of patients’ needs. From renowned plastic surgery and advanced cardiac procedures to top-tier dentistry, orthopedics, and more, Thailand’s healthcare providers offer a comprehensive spectrum of expertise. Additionally, the country has garnered international acclaim for its success in treating specific diseases such as organ transplants and infertility.
High-Quality Service Standards: As of October 2023, Thailand possesses a remarkable 61 medical facilities accredited by the Joint Commission International (JCI), a highly respected international healthcare accreditation organization. This exemplifies the commitment of Thailand to upholding high standards of quality and patient safety.
The Growing Medical Device Market of Thailand
Market Size and Growth Projections: The medical device market in Thailand is projected to reach a staggering US$2.23 billion in 2024. This growth is expected to continue steadily, with a Compound Annual Growth Rate (CAGR) of 6.48% predicted from 2024 to 2029. This consistent growth indicates a strong, reliable market for medical device manufacturers.
Top Device Segments: In 2024, cardiology devices are projected to hold the largest market share, reaching an estimated volume of US$349.7 million. Other top-performing segments include diagnostic imaging, orthopedic, and ophthalmic devices. This diversity creates opportunities for manufacturers across different areas of medical technology.
Thailand’s Medical Device Imports: Thailand is a major importer of medical devices, ranked 32nd globally and 2nd within the ASEAN region. In 2020 alone, the value of medical device imports reached US$5.99 billion. This focus on importing advanced devices underscores the demand for top-tier technology within the medical field. While domestic production exists, the need for sophisticated equipment necessitates a strong import infrastructure.
Thailand Medical Tourism Still Rises: A Medical Hub in the Making
Government Support: The Thai government actively promotes the industry, aiming to transform Thailand into a regional “Medical Hub” by 2026. This is achieved through initiatives facilitated by the Board of Investment, which offers attractive incentives and simplifies the process for foreign companies to invest in the healthcare sector. This government support fosters growth and stability for the medical tourism landscape.
Rising Demand from Medical Tourists: Thailand’s medical tourism industry is expected to continue flourishing. Future Market Insights forecasts a market value of US$15.38 billion for medical tourism in 2024 alone. Patients from neighboring countries in Southeast Asia, along with those from the Middle East and China, are actively seeking treatment in Thailand, driving the industry’s expansion.
Key Takeaways
- Thailand’s medical tourism industry is experiencing phenomenal growth, offering patients a unique blend of high-quality healthcare and a captivating tourist experience.
- Owning 61 JCI-accredited medical facilities, Thailand has solidified its position as a leading destination for international medical travelers.
- Thailand, with the goal of becoming a Medical Hub by 2026, has a significant demand for advanced medical devices across different specialties within its healthcare sector.
- Thailand’s import-oriented approach to medical devices creates opportunities for foreign manufacturers of cutting-edge technology.
- Strong government support and rising demand from medical tourists point towards a promising future for Thailand’s medical tourism industry.
This combination of factors makes Thailand a compelling prospect not only for those seeking medical care but also for companies aiming to enter the medical device market in a dynamic and rapidly growing region.
Ready to explore Thailand medical device market? Contact Qualtech and talk to our Thailand expert team for more!
Reference
- Industry Outlook 2021-23: Medical Devices
- Medical Devices - Thailand
- MEDICAL DEVICE INDUSTRY IN THAILAND
- Thailand _ Medical Tourism
- Trends, Growth, Opportunity Analysis of Medical Tourism in Thailand