Thailand Connected Healthcare Market Analysis

Thailand Connected Healthcare Market Analysis


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The Thailand-connected healthcare market is projected to grow from $76.63 Mn in 2022 to $600.89 Mn by 2030, registering a CAGR of 28.74% during the forecast period of 2022 - 2030. The main factors driving the growth would be the ageing population, increasing healthcare spending and government support. The market is segmented by type, function and by application. Some of the major players include Bumrungrad Hospital, Piyavate Hospital, Ramathibodi Hospital, Medtronic, Doctor Anywhere, and GE Healthcare.

ID: IN10THHS004 CATEGORY: Healthcare Services GEOGRAPHY: Thailand AUTHOR: Neha Davda

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Thailand Connected Healthcare Market Executive Summary

The Thailand-connected healthcare market is projected to grow from $76.63 Mn in 2022 to $600.89 Mn by 2030, registering a CAGR of 28.74% during the forecast period of 2022 - 2030. Thailand spent 3.79% of its GDP, or $296 per person, on government health care in 2019. Thailand is regarded as one of the most cutthroat locations in the world for finding inexpensive, top-notch healthcare. Thailand's healthcare costs are roughly one-fifth as expensive as those in the US and Europe.

The connected healthcare market describes the application of digital technology to the delivery and accessibility of healthcare services, including electronic health records, and m-health applications. In South East Asia, Thailand has the second-largest internet economy. The nation also leads the region in 5G deployment and has one of the fastest internet speeds. Rather than start-ups and user adoption, public and private hospitals are the main top-down influencers of the Thai digital health industry. Many initiatives, like the Thailand 4.0 strategy and the 2017–2026 eHealth Strategy, have been developed by the Thai government to support the sector's growth.

Thailand Connected Healthcare Market

Market Dynamics

Market Growth Drivers

The Thailand-connected healthcare market is expected to be driven by factors such as:

  1. Ageing population- The population of Thailand is ageing quickly, and an increasing number of people need healthcare services for long-term illnesses including diabetes and heart disease. By remote monitoring and individualised care, connected healthcare systems can assist in better managing chronic illnesses
  2. Increasing healthcare spending- Thailand has had a steady rise in healthcare spending, which may be attributed to a number of causes including population expansion, rising income levels, and a burgeoning middle class. The increased demand for healthcare services has given technology firms and healthcare providers the chance to develop and implement creative solutions
  3. Government support- The usage of connected healthcare solutions has been aggressively encouraged by the Thai government to enhance healthcare delivery and accessibility, particularly in rural areas. The creation of supportive rules and regulations as well as greater investment in digital healthcare initiatives and infrastructure have resulted from this

Market Restraints

The following factors are expected to limit the growth of the connected healthcare market in Thailand:

  1. Limited digital literacy- Thailand has a high rate of smartphone use, but many people still lack the digital literacy abilities needed to use digital healthcare solutions successfully. This could make it more difficult for people to embrace these solutions and reduce their appeal, especially to older people or people who live in remote areas
  2. Limited reimbursement policies- In Thailand, there are limited reimbursement regulations in place for digital healthcare solutions. This might make it less likely that patients and healthcare professionals will use these solutions, especially if they have to pay out of pocket
  3. Data privacy and security concerns- The adoption of connected healthcare technologies in Thailand can be constrained by concerns about data security and privacy. If patients and healthcare professionals are unsure that their personal and medical information will be kept private, they may be reluctant to employ these solutions

Competitive Landscape

Key Players

  • Bumrungrad Hospital (THA)- A private hospital in Bangkok that provides online consultations and telemedicine services
  • Private Hospital (THA)- Piyavate Hospital is one of the best hospitals in the nation known for its focus on holistic care that meets high international standards
  • Ramathibodi Hospital (THA)- Ramathibodi Hospital is a university hospital affiliated with Mahidol University's College of Medicine. It provides online consultations and telemedicine services
  • Medtronic- An American manufacturer of medical devices that provides connected health solutions for illness management and remote patient monitoring.
  • Doctor Anywhere- A Singapore-based telemedicine business that provides drug delivery and online consulting services
  • GE Healthcare- An international healthcare company based in the US that provides connected health solutions for clinical decision-support and remote patient monitoring

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Connected Healthcare Market Segmentation

By Type (Revenue, USD Billion):

Based on the Type the market is segmented into mHealth services, mHealth Devices, and E- Prescription

  • MHealth services
  • mHealth Devices
  • E- Prescription

By FunctionType (Revenue, USD Billion):

  • Remote patient monitoring
  • Clinical monitoring
  • Telemedicine
  • Others (Assisted Living)

By Application Type (Revenue, USD Billion):

  • Diagnosis and Treatment
  • Monitoring Application
  • Wellness and Prevention
  • Healthcare management
  • Others

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

 

 

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.

Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 17 March 2023
Updated by: Ritu Baliya

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