The Thailand market is dominated by imports of medical devices which make in-house production a key advantage for any local or international player, as per a report by Ken Research
1.Key Challenges for Local Manufacturers in Thailand Medical Device Market that needs to be addressed
Other Challenges in Medical Device Industry
- Inadequate Ecosystem Support: A major challenge for players in most segments/sub-segments is that a large part of the component supply chain is imported.
- As the market has been majorly dependent upon imports, the scope for ‘local innovation’ has been limited.
- Absence of indigenous ‘quality certification’ authority.
- High cost of financing: The industry is capital intensive, thereby increasing the financial burden for players planning to set up manufacturing facilities in the Thailand.
2.Increasing Disease Burden of Chronic Diseases and Growing Medical Tourism are 2 of the strong growth drivers for the industry.
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The four main NCDs – cancer, cardiovascular diseases, diabetes and chronic obstructive pulmonary disease (COPD) – claim 400K lives annually or more than 1K lives every day, and are responsible for 74% of all deaths in the country.
The number of patients has been forecasted to rise around 1.5 times in 2030. These would increase demand for modern, hi-tech medical equipment, especially for diagnostic purposes.
Foreign tourism and was rising about 3.5% annually, serving clients largely from America, Europe and the Middle East. The increasing medical tourist flow will drive the demand for quality healthcare services, medical devices and technology.
3.Technology Trends in the Medical Device Market- Internet of Medical Things (IoMT) plays a cruicial role.
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Internet of Medical Things (IoMT) Ecosystem provides for
- Improved patient outcomes
- Improved diagnostic & treatment
- Decreased costs
- Remote monitoring of chronic diseases
- Improved disease management
- Enhanced patient experience
Robotics have been incorporated in the manufacturing of medical devices as it improves efficiency and quality of operations.
Collaboration between healthcare providers and MedTech is key to the effective deployment of the connected ecosystem.
Predictive analytics models using ‘Big Data’ can improve the quality of care and patient outcomes, as well as help physicians gain useful insights.