Healthcare has emerged as one of the up-and-coming megatrends that will mark a turning point in all people's lives. As global populations have become more health-conscious in tandem with technological advancements, the medical innovation industry has expanded rapidly. In Thailand, the medical industry is listed as one of the New S Curve industries or a target industry that the government promotes in conjunction with the establishment of a medical hub.
According to Krungsri Research, the value of medical device sales in Thailand is expected to expand by an average of 6.5% between 2021 and 2022, while exports will grow by an average of 5% every year. This is driven by a variety of factors, including changes in lifestyle, the emergence of diseases that have resulted in more healthcare, and foreigners' increased need for medical treatment in Thailand. Such shifts are explained as follows:
Illnesses and Medical Trends
The different lifestyle of the younger generation has led to a steady increase in non-communicable diseases (NCDs), particularly hypertension, diabetes, lung diseases, and heart and cardiovascular diseases. In addition, a looming aging society has resulted in a rise in the incidence of illness and hospitalization. The Office of the National Economic and Social Development Council (NESDC) estimates that by 2023, the population of those aged 60 and above will increase to 13.5 million. In 2022, healthcare expenditures are projected to reach 2.3 billion baht, up from 6.3 billion baht in 2010. This is the main factor for the growing need for medical devices. Along with technological advancements, some medical devices are designed to be compatible with cutting-edge technology or with an emphasis on functional efficiency that supports healthcare professionals' work.
Furthermore, the COVID-19 pandemic has prompted some Thais to pay greater attention to hygiene and health consciousness, creating opportunities for Thai entrepreneurs to make personal care products to fulfill their needs.
Establishing Thailand as a Medical Hub
Thailand is a health powerhouse trusted by many countries regarding service quality, treatment standards, and medical technology. We are well-equipped with specialized treatment and holistic healthcare, including nursing homes for the elderly, rehabilitation medicine centers, clinics for treating specific diseases, and clinics for anti-aging regenerative medicine. As a result, Thailand is at the top of the world's list of destinations for treatment and healthcare services. Most foreigners are from East Asia, Europe, and the Middle East, respectively. These foreigners prefer the services of health check-ups, cosmetic surgery, orthopedics, dentistry, and heart surgery. For these reasons, the government is pushing Thailand to become a medical hub by providing tax benefits to business operators involved in medical innovation to encourage research and development of medical innovations while also lowering import costs and becoming more competitive on the global stage.
As a consequence of the factors that promote medical demands, several hospital chains in the country plan to increase their investment, including the construction of new hospitals to cover a variety of key areas and the purchase of medical equipment to address the demands of Thai and foreign patients. In addition, several healthcare providers compete in providing services with innovations created for hospital usage to improve patient comfort and healthcare personnel's safe and effective performance.
Medical plastic
SCG Chemicals Public Company Limited, or SCGC, is the Chemicals Business for Sustainability and has created innovations that meet the needs of healthcare megatrends by inventing medical-grade plastic resins that are internationally certified, contaminant-free, safe, moldable with versatile applications, such as saline bottles, blood bags, and syringes. This is intended to improve people's quality of life and treatment access more comprehensively and conveniently. The distinction between medical plastic and other forms of plastic is that the entire manufacturing process must be clean and sterile while also being easy to transport with no damage during transportation and supporting remote areas. In addition, SCGC utilizes its expertise in material sciences and design to create medical innovation with leading hospital chains, resulting in a variety of medical products for hospitals, such as the Smart Transfer Wheelchair with an improved design for enhanced functionality, the Sharps Disposal Bin, and the Smart Medication Cart. All of these aspects boost the efficiency of patient care for healthcare professionals.
SCGC is dedicated to developing products that meet all of the needs of the future world. This commitment extends beyond just the development of medical products and other aspects of megatrend growth. This is because the SCGC's products are centered on quality, are beneficial for everyone's life, and continue to advance for Innovation That's Real.
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