Digital Health - Thailand

Thailand

Thailand's Digital Health market is anticipated to witness a substantial growth in revenue, with projections indicating that it will reach €1,090.00m in 2024.
Furthermore, an annual growth rate (CAGR 2024-2029) of 7.28% is expected, resulting in a projected market volume of €1,549.00m by 2029.
The average revenue per user (ARPU) is expected to amount to €63.33.
When compared globally, it is notable that United States is projected to generate the highest revenue in the Digital Health market, with an estimated value of €43,240.00m in 2024.
Additionally, the Digital Treatment & Care market is poised to become the largest market, with a total revenue value of €673.30m in 2024.
Thailand is experiencing a surge in telemedicine adoption, with an increasing number of patients seeking remote healthcare consultations.

Key regions: United States, China, Japan, Asia, Europe

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Analyst Opinion

Amidst the vibrant landscape of Thailand's healthcare industry, the Digital Health market is experiencing significant growth and evolution.

Customer preferences: Customers in Thailand are increasingly gravitating towards digital health solutions due to the convenience and accessibility they offer. The younger demographic, in particular, is more inclined towards digital fitness and well-being apps to monitor their health and fitness goals. Online doctor consultations are gaining popularity among busy urban professionals who seek quick medical advice without the hassle of physical appointments. Moreover, the digital treatment and care segment is witnessing a surge as patients look for alternative ways to manage chronic conditions from the comfort of their homes.

Trends in the market: In Thailand, the Digital Health market is witnessing a surge in investments and collaborations between technology companies and healthcare providers. This trend is driving innovation in the sector, leading to the development of advanced digital health solutions tailored to the local market needs. The integration of artificial intelligence and machine learning in digital health platforms is enhancing the accuracy of health monitoring and diagnosis, thus improving overall healthcare outcomes in the country. Additionally, the rise of telemedicine services is revolutionizing the way healthcare is delivered in Thailand, especially in rural areas where access to medical facilities is limited.

Local special circumstances: Thailand's unique healthcare landscape, characterized by a growing middle-class population and increasing smartphone penetration rates, is propelling the growth of the Digital Health market. The government's push towards digitalization in the healthcare sector, coupled with favorable regulatory policies, is creating a conducive environment for digital health companies to thrive in the country. Moreover, the cultural acceptance of technology in daily life is fostering the adoption of digital health solutions among the Thai population, further driving market growth.

Underlying macroeconomic factors: The economic stability and rapid technological advancements in Thailand are playing a crucial role in shaping the Digital Health market. The increasing disposable income levels are enabling more individuals to invest in their health and well-being, driving the demand for digital health services. Furthermore, the government's focus on promoting digital infrastructure and innovation is creating opportunities for digital health companies to expand their presence and reach a wider audience in the country. Overall, the convergence of favorable macroeconomic factors is fueling the growth and development of the Digital Health market in Thailand.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenues and user data of relevant mobile applications and consumer electronics companies.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, population, internet penetration, smartphone penetration, consumer spending, and healthcare spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.