Thursday, December 5, 2024
Experts forecast the healthcare sector will experience an annual growth rate of nearly 9% as beauty trends gain momentum and societies shift toward an ageing demographic, according to discussions on Wednesday.
The Global Wellness Institute (GWI) projects that the wellness economy will be valued at over US$7 trillion (230 trillion baht) in the coming year, with an annual growth rate of 8.6%. By 2027, the market is expected to reach $8.5 trillion (306 trillion baht).
This growth forecast comes as many nations transition into ageing societies. Thailand, for example, is already classified as an aged society, with 13.45 million people aged 60 or older, making up 20.70% of its 64.98 million population.
Thailand is on track to become a super-aged society by 2033, when seniors are projected to represent 30% of the population. This shift is likely to drive a significant increase in demand for healthcare products and services.
Bangkok Chain Hospital has seen a rise in customer numbers as people focus more on their health and beauty, alongside increased demand for medical treatments among the elderly. Medical tourism has also gained momentum in the past two months, driven by the influx of foreign visitors, contributing to a 10-15% annual growth in cosmetic surgery.
The healthcare sector is anticipated to maintain positive momentum through the coming year. However, growth will vary by hospital, as some establishments do not depend on foreign tourists for their clientele.
The Thai healthcare sector has seen a rise in specialized hospitals, particularly in economic hubs like Bangkok and its surrounding areas. Services catering to the elderly, such as nursing homes and patient transfers, have expanded, along with growing demand for infertility treatments, wellness, anti-aging, and beauty services.
The healthcare industry is experiencing growth driven by five key factors: government healthcare programs, population growth, climate change-induced pandemics, an aging society, and an increase in foreign arrivals.
Investors are advised to thoroughly research the healthcare market before committing, as new private hospitals may take three to five years to reach profitability.
The healthcare sector is expected to continue its steady growth over the next five to 10 years, with operators urged to enhance their services to ensure accessibility for all.
Hospital operators are increasingly adopting digital solutions to meet the rising demand for healthcare services. Artificial intelligence is expected to play a key role in the healthcare sector over the next three to four years, with applications ranging from blood tests to X-rays. In response, a hospital has invested over 100 million baht in fully integrated lab automation systems to better serve patients.
The demand for beauty services, particularly those inspired by South Korean trends, is growing as people seek to enhance their confidence. Rhinoplasty remains the most sought-after service, followed by brow lifts, facelifts, neck lifts, breast augmentations, and liposuction. The beauty market continues to expand steadily, driven by consistent customer demand over time.
