Thailand’s Healthcare Sector Set for Significant Growth
Published: December 5, 2024
Thailand’s healthcare sector is poised for an impressive annual growth rate of nearly 9%, driven by emerging beauty trends and a demographic shift towards an aging population. This insight emerged from discussions held on Wednesday, where experts from the Global Wellness Institute (GWI) provided forecasts indicating that the wellness economy is expected to exceed US$7 trillion (approximately 230 trillion baht) in 2025, with a growth rate of 8.6%. By 2027, the market could reach $8.5 trillion (306 trillion baht).
Currently, Thailand falls under the classification of an ‘aged society,’ with 13.45 million individuals aged 60 or older, amounting to 20.70% of the country’s total population of 64.98 million. By 2033, projections suggest that this figure will rise to 30%, pushing demand for various healthcare products and services to unprecedented levels.
Medical institutions, such as Bangkok Chain Hospital, have reported an increase in clientele drawn by a growing focus on health and beauty, alongside an elevated demand for medical treatments, particularly among the elderly. Furthermore, medical tourism has surged over the past two months, largely fueled by the influx of international visitors and resulting in a significant 10-15% annual growth in the cosmetic surgery sector.
Despite the overall positive outlook for the healthcare sector, variations in growth are anticipated across different hospitals based on their reliance on international tourists. Specialized healthcare facilities have been on the rise, particularly in economic hubs, with services tailored for the elderly, including nursing homes and patient transfer services becoming more prevalent.
The healthcare sector’s growth is reinforced by several factors: government healthcare programs, expanding populations, climate change-induced pandemics, the aging demographic, and increased foreign arrivals. Investors are encouraged to conduct thorough market research prior to making commitments, as new healthcare establishments may take three to five years to achieve profitability.
The industry is expected to maintain steady growth over the next five to ten years, urging operators to enhance service accessibility. Additionally, many hospitals are increasingly integrating digital solutions to address surging healthcare demands. Innovations such as artificial intelligence are forecasted to revolutionize the sector within the next few years, with one hospital already investing over 100 million baht in advanced lab automation systems to optimize patient care.
In the realm of beauty, the demand for services—especially those influenced by South Korean trends—is on the rise, as individuals look to boost their self-esteem. Popular treatments include rhinoplasty, brow lifts, facelifts, neck lifts, breast augmentations, and liposuction, which collectively contribute to the thriving beauty market in Thailand.
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