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Domestic demand for medical devices has continued to grow through 2025, driven in part by intermittent outbreaks of notifiable diseases and air pollution-related diseases

Thai medical devices sector should see average annual growth of 8.0-10.0%. This outlook is supported by: (i) government policy that aims to establish Thailand as both a medical hub and a regional center for the export of medical devices by 2020; (ii) rising rates of ill-health in the Thai population (especially from heart disease, stroke, cancer and diabetes), which, together with the steady ageing of the population, is fueling increased demand for the use of modern, high-tech diagnostic equipment; (iii) the increasing trend for non-Thais (both expatriates and medical tourists) to use Thai medical services as confidence in the standard of care rises; and (iv) the plans put in place by healthcare providers to expand and/or build new hospitals.

Thai manufacturers of medical devices should enjoy solid rates of growth over the period from 2023 to 2025, with the value of goods distributed domestically and internationally forecast to expand by averages of respectively 5.5-7.0% and 6.5-7.5% annually. Markets will be lifted by a number of tailwinds, including the aging of society and the accompanying rise in rates of illness, the threat of newly emerging diseases, growth in demand for medical tourism (a market where Thailand is recognized globally for its high quality of care and low costs)

The domestic market for medical devices will expand through 2021 at a rate that will closely mirror that of a year earlier, while exports will continue to enjoy strong growth, and although the severity of Thailand’s 3rd wave of Covid-19 infections has temporarily closed the market for medical tourism and severely undercut the number of domestic patients seeking treatment for less severe conditions, demand for single-use consumables

Domestic medical device sales in 2020 are likely to grow 3.0%, slowing from 5.5% in 2019

Thailand’s medical device industry is expected to expand during 2026–2028, supported by demand-side factors including the country’s aging population, the growing prevalence of non-communicable diseases

The medical device industry has continued to grow in line with its increasing as it is an important product for health

The Thai plastics industry can look forward to ongoing growth over 2024-2026 thanks to continuing domestic and global economic expansion, which will then support stronger demand from downstream manufacturers, including players in the packaging, autos and auto parts, electronics and electrical appliances, construction, and medical devices industries. In addition, government schemes to promote investment in the ‘new S-curve’ industries will benefit plastics manufacturers embedded in these supply chains.

Over 2023 and 2024, the expectation is that the industry will continue to grow, helped further by strengthening demand from downstream industries including auto production (partly due to stronger investment in electric vehicles resulting from government incentives), the production of latex gloves and medical devices, and the construction sector, where plans for an increase in spending on infrastructure will also feed into higher demand for rubber. In addition, government policy that aims to keep prices stable will help to maintain stability across the industry. Nevertheless, the industry will remain exposed to risk arising from greater competition from growers in the CLMV nations, which may be able to rapidly steal market share, and from the tightening of non-tariff barriers (NTBs) to trade.