Solidiance has just recently published a new white paper titled “Future of Thailand’s Healthcare Industry in Tier 2 Cities”, highlighting key findings like Thailand’s aging society, medical tourism and AEC, driving healthcare investment in the future.
Here are the key highlights of Solidiance findings :
- Thailand will be an aged society by 2020 (30% of total population by 2050), to be driving the demand for healthcare services with treatment & chronic diseases as primary focus.
- Thailand is aimed to be a Medical Hub, and Bangkok no longer equates to the sole Thai healthcare market.
- Tier Two cities in Thailand (e.g. Hat Yai, Udon Thani, Nakhon Ratchasima, etc) have become more urbanized (along with rise of household income) and grown more accustomed to better living standards.
- Medical tourism is expected to be one of the main drivers for private hospital investment in the future.
- AEC 2015 to further boost urbanization, and healthcare demands accordingly.
Please find the summary below for your quick reference, and download the full version through the link at the bottom of this article.
Thailand is one of the Southeast Asian countries with the most advanced economic development and healthcare infrastructure. Bangkok no longer equates to the sole Thai healthcare market. Tier Two cities in Thailand like Hat Yai, Udon Thani, Nakhon Ratchasima, Chiang Mai, Khon Kaen, are increasingly expanding with the growth of private and public sectors.
As these cities have been urbanized, their population has grown more affluent and accustomed to better living standards.
Healthcare services are among the many services that those in these cities with better income and education are now willing to pay for.
Given the rapid change of this market, it is crucial for healthcare companies to better understand healthcare business opportunities in the tier two Thailand cities.
Thailand healthcare overview
Healthcare expenditure in Thailand is still very low in comparison to Organization for Economic Cooperation and Development (OECD) countries and China; but slightly higher than its peers in AEC.
The government has been increasing their healthcare spending to strengthen the universal coverage scheme for the past 10 years.
Total government budget for the scheme increased from THB 51 billion in 2002 (USD 1.6 bn), THB 91 billion in 2007 (USD 2.9 bn) and up to THB 106 billion in 2009 (USD 3.4 bn).
While Thailand is among other AEC nations whose numbers of hospital beds stand is lower than global median, the country’s number of hospital beds is significantly higher than AEC median.
Despite having relatively advanced economies in comparison to other AEC nations, Thailand’s number of doctors per 10,000 population is below average, hampering the growth of its healthcare industry.
The complete version of this white paper further outlines the drivers and challenges in the healthcare sector in Thailand’s Tier 2 Cities along with the future opportunities within the industry.
Aging in Thailand : nation must learn to talk about death
Healthcare challenges increase as Thailand becomes an ageing society
Thailand’s health efficiency jumps to 27th among 56 countries ranked
Thailand is now ranked 27th among 56 countries ranked on the Bloomberg Health Care Efficiency Index, up from 41st place last year, the biggest annual improvement in 2018
Thai growth slips to 4-year low in Q1
Thailand’s GDP growth slowed sharply to 2.8% year-on-year in the first quarter of 2019 from 3.6% in the previous quarter
Thailand expands palm oil and rubber markets to India
India is the world’s largest consumer of vegetable oil, consuming some 12 million tons of vegetable oil, 70% of which...
How Competitive Gaming Can Become More Popular in Thailand
Compared to South Korea and other Southeast Asian countries such as the Philippines and Indonesia, Thailand lacks support for competitive...
Thai shipping company (VL) enters Market for Alternative Investment (mai)
The Thai shipping company has a market capitalization at its initial public offering (IPO) of THB 1.40 billion (approx. USD...
TTM to focus on “Making the World Better Place through Travel”
Under the theme of “Making the World a Better Place through Travel”, the TTM Talk will feature a line-up of...
- Tech1 week ago
Thailand to use Biometrics scan to identify travellers
- Tourism2 weeks ago
Thailand extends free visa-on-arrival until 31 October 2019
- Business2 weeks ago
Political uncertainty weighs on Thailand’s consumer confidence
- Property2 weeks ago
Property slowdown looms over Thai market
- Business1 week ago
Thailand cooperates with Indonesia to push creative industries
- Corporate1 week ago
Challenges and opportunities await Thai businesses to reduce plastic use
- Corporate1 week ago
Flexible workspace key role in company’s success
- Business1 week ago
Thailand to become 4th largest production base for EV batteries in Asia