Report Description of the Thailand Telemedicine Market Analysis
Research Scope and Assumption
- The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
- The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
- We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
- All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
- Inflation has not been accounted for in order to estimate and forecast the market
- Numbers may not add up due to rounding off
Reason to buy the report:
- Facilitate decision-making based on strong current and forecast data for Thailand Telemedicine Market Analysis
- Develop strategies based on the latest regulatory framework
- Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
- Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the Thailand Telemedicine Market Analysis
- Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- We have technically sound team which do a deep dive research and also provide strategy based consulting analysis
Thailand Telemedicine Market Analysis Executive Summary
Telemedicine is the delivery of health care services, where distance is a critical factor, by all health care professionals using information and communications technologies for the exchange of valid information for diagnosis, treatment and prevention of disease and injuries, research and evaluation, and for the continuing education of health care providers, all in the interests of advancing the health of individuals and their communities.
Market Size and Key Findings
The Thailand Telemedicine Market Analysis size stood at around USD xx billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
Market Growth Drivers Analysis
The booming digitalization of the country, along with rising demand for remote healthcare services and self-assessment platforms for people with minor ailments. The ease of doctor appointments and time efficiency are the major factors driving the growth of the telehealth market in Thailand. The stringent lockdown imposed across the country forced the people to stay at home and step out only at the time of emergency need, which further, urged them to opt for self-monitoring devices for their routine check-ups and video consultations from telehealth services for consulting doctors, leading to strong growth in market revenues during the year 2020.
Lack of access to broadband internet highlighted the reality of the digital divide. Concerns have also been raised at how telemedicine is being hampered by the current regulatory framework that dictates operations and to a large extent how medical insurance will reimburse those who opt for telemedicine consultations.
Covid-19 Market Impact Analysis
The Thai government has built a telemedicine platform to monitor COVID-19 patients with mild symptoms at home and at community isolation centres. Government agencies involved in its creation include the Digital Government Development Agency, the National Science and Technology Development Agency, the National Health Security Office, the Bangkok Health Bureau, and the state-owned National Telecommunications Company.
Some of the major industry players involved in Asia Pacific telemedicine market include Koninklijke Philip N.V., In Touch Technologies Inc., Resideo Technologies Inc. and AMD Global Telemedicine Inc. among others. Companies undertake various strategies such as new product launch geographic expansions to strengthen their market share.
Products in Pipeline
- Samitivej Hospital Group, a private hospital brand in Thailand with a network of eight hospitals and owned by Bangkok Dusit Medical Services (BDMS), launched a one-stop Virtual Hospital app, which provides services such as teleconsultation and medicine delivery. The services of the Samitivej Virtual Hospital do not require appointments to be made in advance.
Notable Recent Deals
- In Thailand, the Khon Kaen Smart Health project, which was a winner under the Public Health and Social Services category for the 2018 IDC Smart City Asia Pacific Awards (SCAPA), saw a collaboration between local hospitals, businesses and academia with support from government agencies to provide better health services, especially for elderly residents with chronic conditions.
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario
Thailand began development of its telemedicine programme at 32 hospitals located in rural areas in eight provinces, according to an article by the Bangkok post. The eight provinces are Chiang Rai, Kamphaeng Phet, Kanchanaburi, Kalasin, Phetchabun, Surin, Songkhla and Surat Thani.
The telemedicine programme is a joint effort of the Public Health Ministry and the National Broadcasting and Telecommunications Commission (NBTC). The integration and promotion of the use of appropriate digital technologies for telemedicine is also part of the Thailand 4.0 plan to increase access to healthcare with digital technologies, as stated in the e-Health Strategy by the Ministry of Public Health (2017-2026).
A budget of 180 million baht has been allocated to purchase and install digital equipment for telemedicine in the initial phase, according to NBTC secretary-general Takorn Tantasith. The budget is part of the NBTC’s five-year funding for the operation of hospitals. Mr Takorn added that telemedicine services will be offered by the initial 32 hospitals by the fourth quarter of 2019.