Thailand Physiotherapy Market Analysis

Thailand Physiotherapy Market Analysis


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The Thailand physiotherapy market size was valued at $xx Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of xx% from 2022 to 2030 and will reach $xx Bn in 2030. Thailand's physiotherapy market is expected to grow due to the increasing prevalence of cardiovascular, neurological, and musculoskeletal diseases is likely to propel the physiotherapy market. The market is segmented by Product Type, Application Type, and End User. The major players in the Thailand physiotherapy market are W.L. Medical, DJO Global, Inc. Ormed, Medifa, Physiosupplies, Medequip, and others.

ID: IN10THHS016 CATEGORY: Healthcare Services GEOGRAPHY: Thailand AUTHOR: Chandani Patel

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Thailand Physiotherapy Market Executive Summary

The Thailand physiotherapy market size was valued at $xx Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of xx% from 2022 to 2030 and will reach $xx Bn in 2030. According to data from the World Bank, Thailand's GDP in 2020 was $433.2 Bn. In 2019, health expenditure per capita for Thailand was $296. Health expenditure per capita in Thailand increased from $62 in 2000 to $296 in 2019 growing at an average annual rate of 8.83%.

Physiotherapy is a type of treatment used to restore and improve appropriate body function. There are varieties of different therapies and methods available that can help patients to maintain or recover from medical disabilities or problems, moreover, it also helps in preventing such conditions. These treatments are usually longer in duration and are performed in outpatient clinics. On the other hand, inpatient rehabilitation treatments are often reserved for patients who are being observed following surgery.

In Thailand, in many hospitals and clinics physiotherapy services are widely available. Additionally, many hotels and resorts in tourist areas offer physiotherapy services as part of their facilities. Increasing cases of road accidents and injuries and the rising number of rehabilitation centers are expected to drive the demand for physiotherapy devices.

Market Dynamics

Market Growth Drivers

In Thailand, there were approximately 75 Mn minor injuries caused by local road accidents, followed by around 19 Mn accidents with serious injuries which may require physiotherapy to recover the patients. In that same period. Hence rising road accidents contribute to the Thailand physiotherapy market.

Moreover, Thailand is one of the fastest-aging nations in the world. The proportion of the population aged 60 and over is expected to increase from 13% in 2010 to 33% in 2040. Due to aging problems such as joint problems, balance disorders, risk of falls, strength decline and reduces high blood pressure, and obesity also increasing. Physiotherapy is proven to be beneficial for old people suffering from such conditions as stiff joints, unbendable ligaments, and overall body movement. With the increase in the geriatric population, the demand for rehabilitation and physical therapy is expected to grow rapidly in the coming years. Furthermore, the increasing prevalence of cardiovascular, neurological, and musculoskeletal diseases is likely to propel the physiotherapy market growth in Thailand.

Market Restraints

Arbitrary annual visit restrictions are placed on patients who don't meet the initial diagnostic or severity requirements, which causes fluctuations in the course of rehabilitation and its effects. Due to this, the majority of patients seek therapy beyond the scope of their insurance benefits, leaving them with no other option except to continue paying out of pocket. As a result, variations in coverage would restrict the overall growth of the market.

Moreover, due to the high cost of physiotherapy instruments, the majority of patients choose to have the treatments performed in multispecialty hospitals or specialized clinics.

Competitive Landscape

Key Players

  • Siam Meditech (THA)
  • W.L. Medical (THA)
  • K.S. Medical (THA)
  • Suphattra (THA)
  • Mettler Electronics
  • Chattanooga Group
  • EMS Physio Ltd.
  • DJO Global
  • Dynatronics Corporation

Healthcare Policies and Regulatory Landscape

Policy changes and Reimbursement scenario of Thailand Physiotherapy Market

In Thailand, physiotherapy devices are regulated by the Food and Drug Administration (FDA) under the Ministry of Public Health. These devices must be registered with the FDA and must comply with the safety and performance requirements set forth by the organization before they can be sold in the country. Additionally, only licensed healthcare professionals are allowed to purchase and use these devices.

In Thailand, physiotherapy is covered by the Universal Coverage Scheme (UCS), which is a government-funded program that provides access to healthcare services for all citizens. The UCS covers a wide range of medical treatments, including physiotherapy, and patients are only required to pay a small co-pay for each visit.

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

Physiotherapy Market Segmentation

By Product: (Revenue, USD Billion):

Based on product, the physiotherapy equipment market is divided into two major segments: equipment and accessories. The equipment segment accounted for the largest share of the physiotherapy equipment market in 2021. The equipment segment is further segmented into electrotherapy equipment, ultrasound equipment, exercise therapy equipment, heat therapy equipment, cryotherapy equipment, combination therapy equipment, continuous passive motion therapy equipment, shockwave therapy equipment, laser therapy equipment, magnetic pressure therapy equipment, traction therapy, and other physiotherapy equipment (hydrotherapy and vacuum therapy). Due to the increasing use of electrotherapy equipment in the treatment of musculoskeletal disorders and increasing concerns for patients’ safety and minimal/no side-effects during the physiotherapy treatments.

  • Equipment
  • Electrotherapy equipment
  • Ultrasound equipment
  • Exercise therapy equipment
  • Heat therapy equipment
  • Cryotherapy equipment
  • Combination therapy equipment
  • Continuous passive motion therapy equipment
  • Shockwave therapy equipment
  • Laser therapy equipment
  • Magnetic pressure therapy equipment
  • Traction therapy
  • Other physiotherapy equipment
  • Accessories
  • Manual Therapy
  • Specialized treatment
  • Joint Mobilization Techniques
  • Suspension Therapy

By Application (Revenue, USD Billion):

Based on application, the physiotherapy equipment market is segmented into musculoskeletal applications, neurological applications, cardiovascular and pulmonary applications, pediatric applications, gynecological applications, and other applications (including sports and palliative care). The musculoskeletal applications segment holds a dominating share attributed to the increasing adoption of physiotherapies to accelerate recovery of accidental injuries, rising incidence of musculoskeletal disorders, and growth in the geriatric population.

By Applications

  • Musculoskeletal applications
  • Neurological applications
  • Cardiovascular and pulmonary applications
  • Pediatric applications
  • Gynecological applications
  • Other applications

By End-user (Revenue, USD Billion):

Based on end users, the physiotherapy equipment market is segmented into physiotherapy & rehabilitation centers, hospitals, home care settings, physician offices, and other end users (community health centers and elderly care facilities). In 2021, the physiotherapy & rehabilitation centers segment accounted for the largest share of the physiotherapy equipment market due to increasing demand for advanced physiotherapy equipment and their wide usage across the care continuum across these centers.

  • Physiotherapy & Rehabilitation centers
  • Hospitals
  • Home care settings
  • Physician offices

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”.

 

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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.

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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.

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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

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

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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: 22 January 2023
Updated by: Riya Doshi

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