(MENAFN- Market Press Release) April 25, 2022 2:04 pm - The report Covers Thailand Medical Device Market Research, Medical Device Market Growth, Medical Device Market Revenue.
The report titled“Thailand Medical Device Market Outlook to 2026F –Driven by prevalence of chronic diseases in the country combined with the government's supportive policies and the BOI's incentives.” provides a comprehensive analysis on the status of the medical device market in Thailand. The report covers various aspects including the current market scenario in Thailand, procurement and pricing trends, market potential of each medical device, major growth drivers, tech disruptions and innovations, and competition benchmarking. The report concludes with market projections for future of the industry including forecasted industry size by revenue and business activity.
Thailand Medical Device Market Overview and Size:
Thailand recorded the 5.0% population growth rate over the last 7 years, with highest population concentrated in Bangkok. Majority of the healthcare facilities are concentrated in Bangkok and other central regions of the Thailand. The country has a comprehensive, government-funded health service and a rapidly developing private health sector, which is one of the major pillar of the industry. Universal Coverage Card is the most used insurance in Thailand. Social Security (SSS) is followed by Civil Servant Medical Benefit Scheme (CSMBS). Private insurance contributed 7.33% to the total insurances in Thailand. Diabetes and lung cancer causes most death in Indonesia.
Thailand Medical Device Market Segmentation:
By Type of Business Activity: Imports have accounted for majority of the revenue share in Thailand Medical Device Market in 2020. The imports are largely related to more sophisticated medical and surgical instruments and infrastructure.
By Mode of Sales: Distributor Mediated Sales have accounted for majority of the revenue in Thailand Medical Device Market in 2021. Majority of the international companies hire distributors in Thailand through which it sells the medical devices to hospitals, diagnostic laboratories and other non-residential customers.
By Type of Medical Device: Medical Consumables have accounted for the largest share of of the revenue in Thailand Medical Devices market in 2021, followed by Diagnostic Reagents and cardiac devices.
By Type of Medical Consumables: Syringes, Needles and Catheters, Surgical Gloves and Intravenous Admin Sets contributed more than 50.0% revenue in 2021. The COVID-19 outbreak and increasing hospital admissions across the country have significantly increased the demand for medical disposables.
By Type of Diagnostic Imaging Product: CT Scans contributed the highest revenue share in 2021 followed by X Ray Based Products, Ultrasound and MRI. The CT Scan segment witnessed the fastest growth since they are one of the primary diagnostic tools for COVID-19 patients.
By Type of Production (Local): In Thailand the production of medical devices are exported to other parts of the world which contributes 70% of the overall production.
Thailand's key export markets are the United States, followed by Japan, the Netherlands, and Germany. Most of the manufacturers and exporters in Thailand are foreign-owned companies that export the items back to their home countries, e.g. Japan, the United States and France.
By Type of Respiratory Product: Oxygen Concentrators contributed highest revenue share in 2020. The Thailand population has high risk of exposures to occupational and environmental factors that lead to illnesses such as asthma, chronic bronchitis and emphysema.
By Type of Hospital Furniture: Hospital Beds with Mechanical Fittings and Dentists' Chairs contributed highest revenue share in 2021. Increasing number of hospitals and lifestyle diseases along with operations on morbidly obese patients is increasing by more than 18.6K cases a year and Increasing incidences of chronic diseases and a rise in geriatric population is driving growth.
By Type of Auxiliary Product: Implants and Artificial Body parts have accounted for largest revenue share in the Thailand medical devices market in 2021. Frequent road accidents (~About 20,000 people die in road accidents each year, or about 56 deaths a day) and injuries driving the auxiliary devices market.
By Type of Dental and Orthopedic Products: Dental Appliances contributed the highest revenue and contributed 20.0% of the overall revenue in 2021. Oral implant surgery, products for sensitive teeth and gum are some of the major areas in dental care which led to demand of these equipment's.
By End Users: Hospitals along with Clinics and Diagnostic Lab Centers contribute majority of the market revenue in Thailand Medical Devices Market in 2021. Consumer and provider attitudes toward telehealth have improved since the post-COVID-19 era. Virtual healthcare and business models are evolving, moving from purely“virtual urgent care” to a range of services enabling integration of telehealth with other virtual health solutions, and hybrid virtual/in-person care models.
Competitive Landscape in the Thailand Medical Devices Market:
The competition scenario in Thailand medical devices market is highly concentrated for Orthopedic Product and Diagnostics imaging market and moderately concentrated due to the presence of large number of international companies and local distributors leading to dilution of market share. The international companies distribute their products through authorized distributors located across the country. GE, Siemens, Philips, Canon and Fujifilm are the major companies operating in the Thailand Medical Device market. Meditop, Mind medical and R.X. Company are few top distributors in Thailand. The major competitive parameters include product portfolio, price, and after sales and warranty and technology
Thailand Medical Device Market Outlook & Projections
The Thailand medical device market is expected to grow at a double digit CAGR from 2021-2026F, with imports contributing majority of the market revenues. The creation of a world-class healthcare sector is a top priority for the Thailand and the healthcare sector is expected to advance and expand significantly in the next few years which will support the growth of Medical Device Market in the country. Aging population along with increase in number of hospitals and clinics, increase in total healthcare expenditure by the government and increase in medical tourism in the country are going to impact the demand for medical devices in the positive manner.
Key Segments Covered: -
By Type of Business Activity
Import
Local Production
Distributor Mediated
Direct Sales
Medical Consumables
Diagnostic Imaging Products
Respiratory Products
Dental and Orthopedic Products
Cardiac Device
Hospital Furniture
Auxiliary Devices
Ophthalmic Devices
Dialysis Machine
Others
For More Information on the Research Report, refer to below links: -
Reports by Ken Research
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