Market Insights Health Medical Technology

In Vitro Diagnostics - Thailand

Thailand

The In Vitro Diagnostics market market in Thailand is anticipated to witness a significant surge in revenue, projected to reach US$0.45bn in 2024.
This growth is indicative of the country's increasing focus on the development and adoption of diagnostic technologies.
Furthermore, it is estimated that the market will continue to expand at a steady pace, with an expected annual growth rate (CAGR 2024-2029) of 3.33%.
By 2029, the market volume is projected to reach an impressive US$0.53bn.
This growth trajectory underscores in Thailand's position as a key player in the In Vitro Diagnostics market sector.
In a global context, it is worth noting that the United States is expected to generate the highest revenue in the In Vitro Diagnostics market market, with a staggering US$30,100.00m in 2024.
This highlights the dominant position of the United States in the global market, with its advanced healthcare infrastructure and extensive investment in diagnostic technologies.
Nevertheless, in Thailand's steady growth and potential for further expansion demonstrate its promising prospects within the In Vitro Diagnostics market industry.
In Thailand, the In Vitro Diagnostics market is experiencing a surge in demand due to an increasing focus on preventive healthcare.

Key regions: China, France, Japan, Netherlands, Italy

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Analyst Opinion

The In Vitro Diagnostics market in Thailand is experiencing significant growth and development.

Customer preferences: Customers in Thailand are increasingly demanding advanced and accurate diagnostic tests for the early detection and monitoring of diseases. They are seeking tests that are not only reliable but also cost-effective. Additionally, there is a growing demand for point-of-care testing, which allows for faster and more convenient diagnosis.

Trends in the market: One of the major trends in the In Vitro Diagnostics market in Thailand is the increasing adoption of molecular diagnostics. This technology allows for the detection and analysis of genetic material, enabling more precise and personalized diagnosis and treatment. Another trend is the rising demand for infectious disease testing, driven by the need to control and prevent the spread of diseases such as HIV/AIDS and dengue fever. Additionally, there is a growing focus on preventive healthcare, leading to an increased demand for screening tests for conditions such as cancer and cardiovascular diseases.

Local special circumstances: Thailand has a rapidly aging population, which is contributing to the growth of the In Vitro Diagnostics market. As the population ages, the incidence of chronic diseases such as diabetes and cardiovascular diseases increases, creating a need for regular monitoring and early detection. Furthermore, Thailand has a well-established healthcare infrastructure, with a network of hospitals and clinics that provide diagnostic services. This infrastructure supports the growth of the In Vitro Diagnostics market by providing access to healthcare facilities and facilitating the adoption of new technologies.

Underlying macroeconomic factors: Thailand is experiencing economic growth and an expanding middle class, which is driving the demand for healthcare services, including diagnostic tests. The government has also been investing in the healthcare sector, with initiatives to improve access to healthcare services and promote medical tourism. These factors contribute to the growth of the In Vitro Diagnostics market by increasing the affordability and availability of diagnostic tests. In conclusion, the In Vitro Diagnostics market in Thailand is growing and developing due to customer preferences for advanced and accurate diagnostic tests, the adoption of molecular diagnostics, the demand for infectious disease testing, the focus on preventive healthcare, the aging population, the well-established healthcare infrastructure, economic growth, and government investments in the healthcare sector.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.