Market Insights Health Medical Technology Medical Devices

Other Medical Devices - Thailand

Thailand

The projected revenue for the Other Medical Devices market market in Thailand is expected to reach US$0.70bn in 2024.
This market is anticipated to show an annual growth rate (CAGR 2024-2029) of 5.39%, leading to a market volume of US$0.91bn by 2029.
When compared globally, the United States is expected to generate the highest revenue of US$58,900.00m in 2024.
Thailand's thriving medical tourism industry has led to a growing demand for innovative and cutting-edge medical devices in the country's Other Medical Devices market.

Key regions: United Kingdom, China, Netherlands, Europe, Italy

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Analyst Opinion

The Other Medical Devices market in Thailand has been experiencing significant growth in recent years.

Customer preferences: Customers in Thailand have shown a strong preference for high-quality and innovative medical devices. They are increasingly seeking out devices that offer advanced features and improved patient outcomes. This preference for quality and innovation has driven the demand for Other Medical Devices in the country.

Trends in the market: One of the key trends in the Other Medical Devices market in Thailand is the increasing adoption of digital health technologies. The integration of digital technologies into medical devices has allowed for improved monitoring, diagnosis, and treatment of various medical conditions. This trend has been driven by advancements in technology, as well as the growing awareness among healthcare professionals and patients about the benefits of digital health solutions. Another trend in the market is the rising demand for minimally invasive medical devices. Minimally invasive procedures offer several advantages over traditional surgical methods, including shorter recovery times, reduced scarring, and lower risks of complications. As a result, there is a growing demand for medical devices that enable minimally invasive procedures, such as surgical instruments, endoscopes, and catheters.

Local special circumstances: Thailand has a rapidly aging population, which has contributed to the increased demand for medical devices. As the population ages, there is a greater need for medical devices that can help manage chronic conditions and improve the quality of life for older adults. This has led to a higher demand for devices such as mobility aids, home healthcare devices, and monitoring devices.

Underlying macroeconomic factors: Thailand has been experiencing steady economic growth in recent years, which has contributed to the growth of the Other Medical Devices market. The country's strong economy has led to increased healthcare spending, as well as investments in healthcare infrastructure and technology. Additionally, the government has implemented policies to promote the development of the medical devices industry, further driving the growth of the market. In conclusion, the Other Medical Devices market in Thailand is experiencing significant growth due to customer preferences for high-quality and innovative devices, the adoption of digital health technologies, the demand for minimally invasive procedures, the aging population, and the country's strong economy. These factors are expected to continue driving the growth of the market in the coming years.

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.