THAILAND’S health technology (healthtech) industry is poised for growth as the government doubles down on digitalisation of the healthcare sector, industry analysts believe.
Hospital systems, pharmaceuticals and information technologies such as electronic health records and clinical decision support have been identified as segments that could do with disruption, according to a recent report from consultancy GlobalData.
The firm named an ageing population, higher digital penetration, “and supportive government policies such as incentivising manufacturers of high-risk or high-technology medical devices” as some of the key growth drivers for Thai healthtech.
The value of Thailand’s overall medical device market is pegged to hit US$1.45 billion this year, representing compound annual growth of 4.9 per cent since 2017.
That’s even though GlobalData warned that foreign investments are hampered by a preference for local products, as well as complex tax rules and a dearth of intellectual property rights.