Thailand’s medical device market to grow at CAGR 6.9% to 2028

Thanks to a double-digit growth in imports.

Thailand’s medical device market is projected to value $2.5b (THB97.6b) in 2028, reflecting a compound annual growth rate (CAGR) of 6.9% in local currency terms.

According to BMI, the market’s positive outlook is due to strong import growth from the past year.

“Our upward revision follows strong double-digit growth in Thailand’s medical device imports in 2023,” it said.

Moreover, the market’s growth is attributed to the country’s continued efforts to promote medical tourism and integrate digital health technologies in line with the Thailand 4.0 policy.

Furthermore, the market will benefit from an anticipated acceleration in economic growth over the next few years due to stronger demand for exports from major trading partners.

“We expect Thailand's health expenditure as a share of GDP to rise to 5.2% by 2028, up from 4.7% in 2023, supporting investment in healthcare sector enhancements and the progress of healthcare initiatives,” BMI added.