Over the past few decades, the production of pharmaceuticals and medical devices has seen massive expansion in its geographic reach. Thailand healthcare market is emerging due to an aging, more affluent local population and a huge medical tourism sector. The government of Thailand has taken great steps to promote healthcare in Thailand making it Southeast Asia’s second largest pharmaceutical market after Indonesia.
The government of Thailand is providing great opportunities for medical companies looking to enter the Asian markets. As Thai government and Thailand Hospitals continue to notice this extremely-potential sector, both are tailing growth in the face of alternative challenges, mainly regarding the resources needed for the invention of new products and associated concerns regarding intellectual property protection. Moreover, as the country’s population is increasing and its dependence on medical devices imports continues to grow, there is great need for Western companies to expand into the Thailand healthcare market.
Understanding the requirements of the market to better navigate the ever changing waters seems to be a main concern also of local players. In addition to this increase in the demand of Thailand healthcare sector, the diversity of pharmaceutical products is also increasing as this sector is increasingly dealing with non-communicable diseases prevailing in richer economies, including hypertension and diabetes, while communicable diseases that bother many developing markets – such as tuberculosis, malaria and AIDS – persist.
It is expected that the Thailand healthcare industry will experience massive growth in the year 2019. This is being said due to the following reasons;
Increase in ill-health in the people of Thailand: Over the past few years, the number of patients admitted in the Thailand Hospitals has increased massively particularly from heart disease, diabetes, strokes, and cancer, which show a trend to increase in frequency and a growing aging population. In most case, sickness of the ageing involves hypertension (31%), followed by heart disease, diabetes, strokes, and cancer, respectively. This naturally implies a greater demand for medicines and Medical devices generally.
Increasing trend of medical tourism in country: As Thailand Hospitals are developing their abilities and specialized centers for the treatment of severe and chronic diseases (e.g. heart diseases, bone conditions, and cancers, the kingdom of Thailand has seen massive growth in the tourism sector owing to medical reasons. Also, nursing homes for the elderly are getting more common and these too are serving to develop this sub-sector.
Increase in Imports of Medicines: As more and more people are visiting Thailand Hospitals from around the world, the increase in import of medicines from other areas of the world is also increasing. With this expansion in medical tourism, the development of specialized medical treatment centers, and increasing domestic consumer health concerns is also helping to drive increasing demand in medicines and medical devices from abroad. This growth in the import of medicines is one of biggest factors in the development of Thailand Healthcare industry.
At the same time, exports of the country is also likely to see continuing growth, helped by the growing acceptance of Thai products internationally, thanks to achievements of the GMP-PIC/S quality standard, which is also serving to decrease hurdles to the registration of medical formulas and the exporting of pharmaceutical products.