Medical Technology

Thailand's Medical Technology market market is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$2.58bn in 2024.
Among the various markets, Medical Devices dominate the market with a projected market volume of US$2.13bn in the same year.
Looking ahead, the market is anticipated to experience a steady annual growth rate of 5.94% from 2024 to 2029, resulting in a market volume of US$3.44bn by 2029.
In comparison to other countries, the United States is expected to generate the highest revenue in the Medical Technology market market, reaching US$211.10bn in 2024.
Thailand's medical technology market is experiencing rapid growth driven by increasing government investments and a growing demand for advanced healthcare solutions.

Definition:
The Medical Technology market covers devices and products used for prevention, diagnosis, and treatment of diseases. Next to pharmaceuticals, they form the most important category of medical products. The most well known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants.

Structure:
The Medical Technology market consists of two markets, In Vitro Diagnostics (IVD) and Medical Devices. The IVD market covers products used for medical laboratory testing of specimens derived from the human body. The Medical Devices market covers a broad range of products which are further marketed into medical specialties or types of application: Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmic Devices, and General & Plastic Surgery Devices. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Johnson & Johnson, Abbott Laboratories, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Products for laboratoy testing (IVD)
Active medical devices (i.e., operating with electrical energy)

Pharmaceuticals
Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Blood and transplants derived from the human body

The Medical Technology market in Thailand is experiencing significant growth and development.

Customer preferences: Customers in Thailand are increasingly seeking advanced medical technology solutions to improve healthcare outcomes. They are looking for innovative and reliable medical devices that can provide accurate diagnoses, effective treatments, and better patient care. Thai customers also value affordability and cost-effectiveness, as they seek high-quality healthcare solutions at reasonable prices.

Trends in the market: One of the key trends in the Medical Technology market in Thailand is the growing demand for digital health solutions. The adoption of telemedicine, remote patient monitoring, and health tracking devices has increased significantly in recent years. This trend is driven by the need for convenient and accessible healthcare services, especially in rural areas where there is a shortage of healthcare facilities. Additionally, the COVID-19 pandemic has accelerated the adoption of digital health solutions, as it allows for remote consultations and reduces the risk of infection. Another trend in the market is the increasing focus on medical tourism. Thailand has become a popular destination for medical tourists from around the world, due to its high-quality healthcare services and affordable prices. This has created opportunities for medical technology companies to provide cutting-edge medical devices and equipment to cater to the needs of international patients.

Local special circumstances: Thailand has a well-established healthcare system, with both public and private healthcare facilities. The government has been investing heavily in healthcare infrastructure and technology to improve healthcare access and quality. The country has also implemented policies to promote the development and adoption of medical technology, such as tax incentives for research and development activities. These factors have created a favorable environment for the growth of the Medical Technology market in Thailand.

Underlying macroeconomic factors: Thailand's growing economy and rising disposable incomes have contributed to the development of the Medical Technology market. As people have more money to spend on healthcare, the demand for advanced medical technology solutions has increased. Additionally, Thailand's aging population is driving the demand for medical devices and equipment, as the elderly population requires more healthcare services and treatments. In conclusion, the Medical Technology market in Thailand is experiencing significant growth and development due to customer preferences for advanced and affordable healthcare solutions, the adoption of digital health solutions, the focus on medical tourism, favorable local circumstances, and underlying macroeconomic factors.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.