Medical device industry in Thailand - statistics & facts
Thailand has emerged as a prominent player in the medical device manufacturing sector, with the country experiencing significant growth in both production and exports. In 2023, Thailand's medical device market reached a value of around 7.6 billion U.S. dollars, while the value of medical device manufacturing exceeded eight billion U.S. dollars. Most production goes to infusion and transfusion sets. Supported by a favorable regulatory environment and government incentives, Thailand’s medical device sector is well-positioned for further expansion in the coming years.
In 2022, Hoya Lens (Thailand) was the leading medical device manufacturer. However, Thailand’s medical devices manufacturing landscape includes both local and international players, with the government’s pro-investment policies playing a significant role. The Thailand Board of Investment’s incentives, including tax exemptions for foreign investments, have fostered the growth of the medical device industry with 22 approved projects in the same year.
Thailand is positioned to emerge as one of Asia's premier healthcare hubs with strong government support and rising demand for its medical services worldwide. The medical device sector is essential to the nation's goal of becoming a global leader in healthcare.
What drives the growth of medical device manufacturing in Thailand?
Most medical devices produced in Thailand are designed for everyday devices or appliances, which leverages the availability of raw materials available in the country, such as rubber and plastic. Thailand exports three types of medical devices: single-use, durable, and reagent and test kits. The main export destinations are the United States, Japan, and the Netherlands. As the consumer market stabilizes following the COVID-19 epidemic, items such as medical rubber gloves and masks have seen an overall drop in demand. Nevertheless, disposable products still accounted for the highest export value of medical devices, totaling approximately 10 billion Thai baht as of March 2024. Infusion sets and saline solutions saw the highest sales volume in the same year. On the other hand, Thailand relies on advanced medical devices imported from the United States, China, and Germany.In 2022, Hoya Lens (Thailand) was the leading medical device manufacturer. However, Thailand’s medical devices manufacturing landscape includes both local and international players, with the government’s pro-investment policies playing a significant role. The Thailand Board of Investment’s incentives, including tax exemptions for foreign investments, have fostered the growth of the medical device industry with 22 approved projects in the same year.
How does Thailand's healthcare system support its medical device industry?
Thailand's healthcare system supports the medical device industry through a structured regulatory environment, government incentives, and a comprehensive healthcare infrastructure. The Thailand Food and Drug Administration (TFDA) enforces standards, ensuring that medical devices meet both domestic and international safety and efficacy requirements, facilitating their acceptance in global markets. The healthcare infrastructure, supported by its Universal Coverage scheme and medical tourism sector, drives demand for medical technologies. Thus, a number of high-cost medical equipment, including dialysis machines, ultrasound devices, and MRI scanners are available at the nation's medical facilities. Additionally, the country benefits from a skilled workforce, supported by collaborations between educational institutions and the private sector.Thailand is positioned to emerge as one of Asia's premier healthcare hubs with strong government support and rising demand for its medical services worldwide. The medical device sector is essential to the nation's goal of becoming a global leader in healthcare.
