Thai medical tourism expands

BANGKOK  Kasikorn Research Centre says medical tourism is a significant revenue earner that should generate THB100 billion in revenue this year.
The bank think-tank unit said international ‘medical tourists’ will play an important role in bolstering income at Thai private hospitals. There are also spin-off benefits for hotel located close by the top hospitals.
“Our major international medical tourist markets include Myanmar, Japan, the Middle East and Europe, plus Cambodia, Laos, Vietnam and China… they all have strong potential,” the bank stated.
The medical service business will thrive especially after AEC integration. Entrepreneurs from Malaysia, Singapore and Japan have expressed a keen interest to invest in the sector in Thailand.
inside no 1“Their interest has forced many Thai private hospitals to fine-tune their strategies, as competition will intensivy.”
The bank suggests there will be mergers and acquisitions in pharmaceuticals, medical equipment and even retail and travel businesses that facilitate travel for medical purposes.
To maintain Thailand’s medical service reputation, private hospitals should place more importance on medical care quality and standards.
As the sector grows there will be an acute shortage of trained staff such as nurses and doctors with foreign language capabilities. Human resources are already stretched and there are not enough Thai medical staff who are fluent in foreign languages. This will be a critical factor in the future.
The centre estimates income earned by private hospitals, listed on the Stock Exchange of Thailand in 2015, will exceed THB100 billion, up 10 to 15% year-on- year. The increase is attributable to their business expansion in Bangkok and other potential provinces to accommodate more patients, especially the international patient segment that is projected to increase over 10%.
In addition, the number of medical treatments provided to international tourists by Thai private hospitals is expected to reach 2.81 million this year, up 10.2% year-on-year.
Kasikorn Research Centre is a subsidiary company of Kasikorn Bank, which conducts tourism and business research mainly on Thailand’s economy including tourism with reliable recommendations and indicators on business prospects.

sourced:ttrweekly.com