Wellness targeted as key to growth
The country can take advantage of medical and wellness tourism, medical manufacturing as well as elderly care solutions to drive the economy, says international trade organiser Messe Düsseldorf Asia.
These three areas are projected to drive an average annual market expansion of 5.5-7% domestically, with exports expected to grow by 6.5-7.5% a year.
"Thailand has emerged as one of Southeast Asia's key strategic locations for medical innovations, driven by strong government support, a growing local industry and increasing international collaboration," said See Lay Eng, Messe Düsseldorf Asia's portfolio director for Medicare Asia.
Asean has become a significant hub for medical and wellness tourism, with Thailand, Malaysia and Singapore serving as leading providers. These countries are able to attract medical tourists through affordable treatment options, with internationally recognised standards and holistic care approaches.
In Thailand, the medical tourism market was valued at more than US$433 million in 2024 and its compound annual growth rate is expected to stand at 15%, thereby reaching a market value of $1.3 billion by 2035, said Ms See.
The domestic medical device market is forecast to grow by 7% annually, while exports are projected to rise by 7.5%, reflecting Thailand's role as a leading exporter in Asean. Key areas of strength include consumables, diagnostic equipment and rehabilitation devices.
Ms See was speaking as her company, in collaboration with state agencies, prepares to hold the 2025 Medical Fair Thailand later this year.
The three-day event, to commence on Sept 10 at the Bangkok International Trade & Exhibition Centre, is aimed at showcasing advanced technologies in the medical fields and promote business matching through both online and offline negotiations.
The National Innovation Agency is helping local businesses, including startups, to develop medical technologies.
"Up to 70% of our financial assistance is given to startups, with the remaining 30% going to small and medium-sized enterprises," said Krithpaka Boonfueng, executive director at the National Innovation Agency.
Despite attempts to boost locally-made technologies, Thailand still depends heavily on the importation of medical devices and technologies worth over 60 billion baht a year, said Termsak Sirikirin, director of the National Metal and Materials Technology Centre.
The problem is attributed to low investment in R&D as well as inadequate support systems, he said.
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