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Thailand’s Medical Device Industry: Trends, Growth, and Future Pathways

Updated: Sep 20

Thailand has positioned itself as one of Asia’s most dynamic medical device hubs. With strong government support, robust trade performance, and a fast-evolving domestic ecosystem, the industry is positioned for both sustained expansion and technological advancement. For Medexport Asia, these trends highlight why Thailand is increasingly viewed as a gateway for healthcare innovation and regional supply chains.


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Global and Regional Context


The global trade in medical devices has been expanding steadily, reaching US$830 billion in 2020, according to Global Trade Atlas. Exports outweighed imports (US$530 B vs. US$300 B), with durable medical devices making up 75% of global exports, followed by single-use consumables (20%) and test kits (5%). Thailand, with its competitive industrial base and strategic trade agreements, has been able to integrate itself into these flows.


Thailand’s Export and Import Performance


  • Export Value (2020): ~US$5 billion

  • Import Value (2020): ~US$2.6 billion

  • Export CAGR (2016–2020): ~13%

  • Import CAGR (2016–2020): ~6%


Thailand ranks 20th globally, 6th in Asia, and 3rd in ASEAN for medical device exports, trailing only Singapore and Malaysia. Gloves dominated exports (52% of value), followed by optical lenses, syringes, catheters, and cannulas. Key markets include the United States, Japan, Germany, and the Netherlands.


On the import side, Thailand holds the 28th global rank. Single-use devices (43%) and durable devices (40%)—including x-ray machines, ultrasound equipment, ECGs, and EEGs—form the majority of imports. Main suppliers are the United States, China, Germany, and Japan.


Domestic Industry Landscape


By the end of 2020, the Ministry of Industry’s Medical Devices Intelligence Unit reported:


Production Profile of Thai Medical Device Industry
Production Profile of Thai Medical Device Industry

SMEs dominate the ecosystem, accounting for 80–96% of enterprises. Around 70% of output is exported, with the remainder sold domestically. According to Krungsri Research, domestic sales of locally produced devices grew by 7% (2015–2018), while exports rose by 6%. Forecasts for 2021–2022 pointed to continued growth of 7% domestically and 5% for exports


Policy and Investment Support


Government initiatives remain a cornerstone of industry growth:


  • In 2020, the Thailand Board of Investment (BOI) approved 77 projects worth approximately US$500 million, spanning single-use devices, electronic control components, healthcare facilities, and non-woven medical products.

  • Programs under Thailand 4.0 emphasize R&D, prototyping, and commercialization of AI- and IoT-enabled devices, such as telemedicine platforms, ventilator testers, pulmonary AI systems, and advanced PPE.

  • Pandemic-driven policies accelerated local production: gloves (+17%), syringes (+2%), and other items (+8%) saw gains in 2020.


Medical Tourism and Demand Drivers


Thailand’s position as a top global medical tourism hub—with 2 million international patients in 2017 compared to 1.4 million in 2015—creates steady demand for high-quality medical devices. Combined with universal healthcare coverage and an aging domestic population (10+ million aged 60+ in 2025), this ensures long-term consumption of both imported high-tech devices and locally manufactured consumables.


Innovation and Biopharmaceutical Synergies


The pandemic highlighted Thailand’s growing capacity in biopharmaceuticals:


  • Siam Bioscience produced AstraZeneca’s viral vector vaccine, part of a 200 million dose supply agreement for ASEAN.

  • Chulalongkorn University’s Vaccine Research Center advanced an mRNA vaccine candidate (“ChulaCOV19”), with clinical trials progressing.

  • BioNet-Asia pursued DNA-based vaccines, while Baiya Phytopharm explored plant-based vaccine platforms.

  • The government backed these initiatives with a US$90 million grant through the National Vaccine Institute to enhance R&D and production capacity.


Future Outlook


  • Thailand’s medical device market is forecast to grow to US$2.5 billion by 2028, with a CAGR of ~6.9% in local currency.

  • Exports will remain strong, though concentrated in consumables unless local R&D and innovation help diversify.

  • Growing emphasis on AI, robotics, wearables, and telemedicine reflects the transition from volume-driven to value-driven growth.

  • SMEs will need to scale capabilities in quality systems, regulatory compliance, and international partnerships to capture higher-value market share.


Thailand’s medical device industry is no longer defined solely by consumables and exports of gloves—it is evolving into a multifaceted, innovation-driven ecosystem. With strong government support, a thriving industrial base, and its unique positioning as a healthcare hub, Thailand is set to remain an attractive investment and partnership destination in the years ahead.


For Medexport Asia, the strategic opportunity lies in leveraging Thailand’s strengths while enabling international partners to tap into this rapidly developing landscape.


Sources: BOI, Krungsri Bank.


Produced by MedExport Asia Co,.Ltd, a consortium of pharmaceutical professionals supporting market access in ASEAN.

 
 
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