Estimated at US$2.1 billion in 2018, Thailand heavily relies on foreign imports for the vast majority of their medical device needs. Compared to other countries in the region, Thailand can be seen as successfully developing their own medical device manufacturing sector by targeting primarily consumable products where they can better compete in the local and neighboring markets.
While Singapore may still have the top medical tourism industry in southeast Asia, Thailand is currently seeing a surge in this industry. Along with providing a cost effective alternative to the large populations of many nearby countries, the low language barrier and “Westernization” of their medical centers indicates Thailand should be able to sustain their recent growth. Additionally, to support the continued growth in this sector, the Thai Board of Investment (BOI) provides local startups and foreign investors with various incentives to spur ongoing investment and development.