Thailand Medical Device Market Analysis and Forecast, 2019-2028

Introduction

The Thailand medical device market has been growing steadily over the past few years, driven by the increasing demand for advanced medical equipment and rising healthcare expenditure. The market is highly dependent on imports, with a significant portion of the medical devices used in the country sourced from overseas.

The Thailand medical device market is expected to continue growing over the forecast period, driven by the increasing demand for advanced medical equipment and rising healthcare expenditure. The market is highly dependent on imports, with a significant portion of the medical devices used in the country sourced from overseas. The government’s efforts to develop the healthcare sector and increase public and private investment in healthcare are expected to further drive market growth.

Market Size

The Thailand medical device market was valued at US$ 6 billion in 2022 and is expected to grow at a CAGR of 7.5% over the forecast period. The growing demand for advanced medical devices, increased public and private investment in healthcare, and the government’s efforts to develop the healthcare sector are the major factors driving the Thailand medical device market growth.

Segment Analysis

The Thailand medical device market is segmented based on product type, end-user, and distribution channel. Based on product type, the market is divided into diagnostic equipment, surgical equipment, dental equipment, and others. The diagnostic equipment segment holds the largest market share due to the growing demand for imaging and diagnostic technologies.

Based on end-user, the market is segmented into hospitals, clinics, and others. The hospital segment holds the largest market share due to the increasing number of inpatient procedures. Based on the distribution channel, the market is divided into direct and indirect channels. The indirect channel, which includes distributors and retailers, holds the largest market share.

Regional Analysis: Thailand Medical Device Market

The Thailand medical device market is further analyzed based on regional analysis, with the market divided into Northern, Northeastern, Central, Eastern, and Southern regions. The Northeastern region holds the largest market share due to the presence of a large number of public and private hospitals and clinics.

Competitive Landscape

The Thailand medical device market is highly competitive, with a large number of local and international players operating in the market. Major players in the market include Johnson & Johnson, GE Healthcare, Philips Healthcare, Medtronic, and others. These players are focusing on expanding their product portfolios and increasing their market presence through partnerships and collaborations.

Research Methodology

RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.

RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:

• Defining the problem by understanding the type of market and data required by the client.
• Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
• Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
• Evaluating and analyzing the data by referring to data sources utilized and leveraged.
• Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.

Primary Intelligence

• RationalStat utilizes surveys, questionnaires, focus groups, and one-to-one interviews with CXOs, industry partners, trade bodies, association members, ex-employees, and industry professionals to collect insights and quantitative/qualitative data specific to client needs. RationalStat quickly gets to the ‘why’ behind the ‘what’ demonstrated by secondary data.
• RationalStat takes a unique approach to arrive at market conclusions and actionable insights for clients.
• We have the technology and strong in-house resource pool with extensive experience in the global and regional markets, across a wide variety of categories and stakeholders.
• Strong language proficiency and capability with coverage across more than 70 language areas.

Secondary Sources

• Annual reports, company filings, investor presentations, product catalogs, and company documents
• Industry and market-related documents available in the public domain
• Paid databases including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
• Whitepapers, research papers, and industry blogs.