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DUBLIN, Sep 16, 2022 (GLOBE NEWSWIRE) — Thailand Medical Device Market Outlook 2026 has been added to ResearchAndMarkets.com’s offer.
Thailand’s medical device market is expected to grow at a double-digit CAGR from 2021 to 2026, with imports accounting for the majority of market revenue.
Establishing a world-class healthcare industry is a top priority in Thailand, which is expected to witness significant progress and expansion over the next few years, fueling the growth of the country’s medical device market.
Population aging along with an increase in the number of hospitals and clinics, an increase in overall government spending on healthcare, and an increase in medical tourism in the country will positively affect the demand for medical devices.
Thailand has recorded a population growth rate of 5.0% over the past 7 years, with the largest population concentrated in Bangkok. Most medical institutions are concentrated in Bangkok and other central regions of Thailand. The country has a comprehensive publicly funded healthcare system and a rapidly growing private healthcare sector which is one of the main pillars of the industry.
The Universal Insurance Card is the most used insurance in Thailand. Social Security (SSS) is followed by the Medical Benefits Scheme for Government Employees (CSMBS). Private insurance accounts for 7.33% of total insurance in Thailand. Most deaths in Indonesia are due to diabetes and lung cancer.
The competitive scenario in the Thai medical device market is highly concentrated in the orthopedic and diagnostic imaging market, which is moderately concentrated due to market share dilution due to the presence of a large number of international companies and local distributors.
International companies distribute their products through official distributors located throughout the country. General Electric, Siemens, Philips, Canon and Fujifilm are major players in Thailand’s medical equipment market.
Meditop, Mind medical and RX Company are just a few of the leading distributors in Thailand. Key competitive parameters include product range, price, after-sales service, warranty and technology.