Thai healthcare and wellness industry expected to grow by 9% annually
The healthcare industry is expected to grow by close to 9 per cent annually amid beauty trends and the transition towards an ageing society, several experts said on Wednesday.
According to the Global Wellness Institute (GWI), the wellness economy is expected to be worth at least US$7 trillion (230 trillion baht) next year. The market is expected to expand by 8.6% annually and reach $8.5 trillion (306 trillion baht) in 2027.
The growth projection came as most countries have entered an ageing society. Thailand is already an aged society with 13.45 million people aged 60 years or above, accounting for 20.70% of the 64.98 million population.
Thailand is expected to become a super-aged society when the elderly account for 30% of the total population, expected in 2033, which could result in surging demand for healthcare products and services.
The CEO of Bangkok Chain Hospital, Chalerm Harnphanich, told Thansettakij that private hospitals have witnessed a surge in customers as they were paying attention to their health and beauty, as well as due to demand for medical treatment among the elderly.
Medical tourism has been buzzing over the past two months, thanks to an increase in foreign arrivals among the 28.8 million overseas visitors, he said, adding that demand among Thai people has contributed to a 10-15% annual growth in beauty surgery.
He expects the healthcare business to gain positive sentiment until next year. However, it also depends on customer groups in each hospital as some of them have not relied on foreign tourists.
Krittawit Lertutsahakul, managing director of Principle Capital Plc, said the Thai healthcare business has witnessed an increase in specialised hospitals, especially in economic zones like Bangkok and its surrounding areas.
Healthcare services for the elderly have been expanded, such as nursing homes and patient transfer to hospitals, he explained, adding that demand for infertility treatment, wellness, anti-ageing and beauty have also been expanded.
Krittawit said the healthcare business is growing on five factors: government’s healthcare schemes, population growth, pandemic triggered by climate change, ageing society and foreign arrivals.
He warned investors to study the healthcare market thoroughly before investing, saying that a new private hospital could take three to five years to break even.
Healthcare business would grow steadily in the next five to 10 years, but business operators should develop their services to ensure that all people can access treatment, he said.
The director of Maharaj Nakorn Chiang Mai Hospital, Narain Chotirosniramit, said that hospital operators have adopted digital solutions to support increasing demand for healthcare services.
Artificial intelligence would play an important role in the healthcare industry in the next three to four years, whether for blood tests or X-ray, he said, adding that the hospital has invested over 100 million baht on its complete integrated total lab automation to serve patients.
Lapasrada Lertpanurot, the CEO of Master Style Plc, an operator of Masterpiece Hospital, said people were paying attention to beauty services to boost their confidence, especially South Korean beauty services.
The most popular service is still rhinoplasty, followed by the brow lift, facelift, neck lift, breast augmentation and liposuction, she explained, adding that the beauty market is growing steadily on customer demand overtime.
