Thailand attaches importance to medical hub industries as one of the five New S-Curve industries, or industries that use new technologies and innovations as mechanisms to drive Thailand’s economy in the future.
The government intends to push Thailand to become a full-service medical hub in order to attract investment and increase employment.
The comprehensive medical industry covers telemedicine through information and communication technology (ICT) systems, medical device production, products for the elderly, pharmaceutical production, biologics, biosimilar drugs, herbal medicine production, and more.
In addition, it is necessary to accelerate the development and upgrading of the components that drive the medical hub, which must be implemented in parallel with the following four aspects:
This will increase the ability to attract more money from foreign investors. It is expected that the value of the medical tourism market in Thailand will expand to reach 760 billion baht in 2027, or an average growth of 13.2% per year.
This is due to the fact that Thailand has a large number of Joint Commission International (JCI) accredited hospitals and a large number of physicians, specialists, and personnel in this field. In addition, medical service fees are at a lower rate than other countries, with good and impressive services that have made Thailand famous and recognized internationally for years. As a result, in 2022, the number of foreign tourists to Thailand reached almost 10 million, of which 8-12% came for medical tourism, with up to 70% of foreign patients from the Middle East.
Source: Siam University
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