Thailand Healthcare Insurance Market Report 2022 to 2030

Thailand Healthcare Insurance Market Analysis

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The Thailand healthcare insurance market is projected to grow from $2.43 Bn in 2022 to $4.48 Bn by 2030, registering a CAGR of 7.94% during the forecast period of 2022 - 2030. The main factors driving the growth would be medical tourism, technological advancements, rising incomes and an increasing geriatric population. The market is segmented by component, the provider, coverage, by health insurance plans and end-user. Some of the major players include Thaivivat, Navakij, Dhipaya, Bupa and AXA.

ID: IN10THHS008 CATEGORY: Healthcare Services GEOGRAPHY: Thailand AUTHOR: Neha Davda

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Thailand Healthcare Insurance Market Executive Summary

The Thailand healthcare insurance market is projected to grow from $2.43 Bn in 2022 to $4.48 Bn by 2030, registering a CAGR of 7.94% during the forecast period of 2022 - 2030. In 2019, Thailand's government spent 3.79% of its GDP, or $296 per person, on healthcare. Thailand is regarded as one of the world's most competitive countries for locating affordable, superior healthcare. The expense of healthcare in Thailand is around one-fifth as high as it is in the US and Europe.

Thailand features a combination of public and private healthcare providers in its universal healthcare system. Through the Ministry of Public Health, which oversees public hospitals and healthcare facilities throughout the nation, the Thai government offers healthcare services.

Thailand has both a governmental healthcare system and a private healthcare industry that provides everything from primary medical care to specialist therapies. Hospitals, clinics, and other healthcare organisations are part of the private healthcare industry. Individuals in Thailand have access to health insurance through private insurers, and both public and private healthcare facilities are covered for medical costs. The government also supports a universal coverage program, which gives all Thai nationals and long-term residents access to fundamental medical services.

Thailand Healthcare Insurance Market

Market Dynamics

Market Growth Drivers

The Thailand healthcare Insurance market is expected to be driven by factors such as:

Medical tourism- Many foreign patients looking for high-quality and economical healthcare treatments travel to Thailand, making it a popular medical tourism destination. Due to this, there is a greater need for international patients' healthcare insurance products
Technological advancements- Thailand's healthcare sector is quickly implementing new technologies to raise efficiency and improve care quality. Due to this, there is now more demand for health insurance plans that include innovative medical procedures and treatments
Rising incomes- In Thailand, more people can now afford health insurance as the country's economy expands. The number of people buying private health insurance coverage has increased as a result of this
Increasing geriatric population- Thailand's population is ageing, and an increasing number of its senior residents are in need of medical attention. As a result, there is now more demand for health insurance products

Market Restraints

The following factors are expected to limit the growth of the healthcare insurance market in Thailand:

Lack of awareness- Some Thais may indeed be unaware of the benefits of health insurance or the various types of coverage available to them. The market for healthcare insurance may not be able to expand as much as it might otherwise
Regulatory challenges- High levels of regulation in the Thai insurance industry might make it difficult for insurance providers to enter the market or grow their business
Limited coverage- The government's program for universal coverage offers fundamental medical services, but it has restrictions. To cover more comprehensive medical services, patients may need to obtain additional private health insurance coverage

Competitive Landscape

Key Players

Thaivivat (THA)- An established Thai company, Thai Vivat, has a variety of insurance options for customers with various budgets. Free hospital choice, predictable premiums for financial planning, and a choice of variable premium rates are also provided. 24/7 worldwide coverage and lifetime renewal guarantees are provided
Navakij (THA)- Although they are now entering the health insurance market, Navakij is one of the leading insurance providers in Thailand when it comes to vehicle insurance. They also have a number of plans that are primarily targeted at Thai consumers
Dhipaya (THA)- One of the largest insurance providers in Thailand, Dhipaya, has unveiled health insurance products tailored specifically for foreigners. The price is reasonable, and the coverage is adequate. They provide four different plans, and two of them have very affordable deductibles that lower the cost of the insurance
Bupa- The business has been operational for more than 29 years. Bupa is the top provider of health insurance in Thailand, offering protection to both individual policyholders and the employees and families of more than 2,000 businesses
AXA- AXA Thailand General Insurance was founded in July 1998 with the goal of assisting consumers in achieving stability and prosperity by offering a wide array of services in the retail, health, and commercial sectors. They have 17 upcountry branch offices, including those in Nakhon Sawan, Udon Thani, Ubon, Khon Kaen, Chonburi, Pattaya, Rayong, Chanthaburi, Phuket, Nakhon Pathom, etc. Their head office is in Bangkok

Notable Deals

December 2021- Sensely established a strategic relationship with Krungthai-AXA Life Insurance, a Thailand-based carrier that provides health insurance. In accordance with the partnership, Krungthai-AXA Life has incorporated Densely's technology and healthcare solutions into its recently released Emma by AXA application. Emma by AXA is a potent all-in-one digital solution that gives policyholders quick access to a variety of practical healthcare services and policy information in a single application. Emma by AXA offers a wide range of additional service alternatives in addition to the Symptom Checker, such as telehealth, network directory location information, health content, and policy information services, such as electronic insurance cards.

Healthcare Policies and Regulatory Landscape

The Office of Insurance Commission (OIC), which manages the registration and oversight of insurance businesses in the nation, regulates the insurance industry in Thailand. The OIC makes sure insurance companies provide customers with fair and transparent policies and adhere to a set of operational and financial criteria.

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Healthcare Insurance Market Segmentation

By Provider (Revenue, USD Billion):

It mainly includes healthcare insurance that provides safety against the increasing cost of medical treatments and in case of health emergencies such as critical illnesses. Hence, it is the best way to safeguard medical expenses.

Public
Private

By Coverage Type (Revenue, USD Billion):

In terms of sales and market share, it is anticipated to rule the market over the projection period. This is explained by a number of benefits provided by life insurance, including guaranteed death payout and permanent coverage. Additionally, investing in these kinds of plans enables working professionals to save taxes

Life Insurance
Term Insurance

By Health Insurance Plans (Revenue, USD Billion):

Health Maintenance Organization (HMO)
Preferred Provider Organization (PPO)
Exclusive Provider Organization (EPO)
Point of Service (POS)
High Deductible Health Plan (HDHP)

By Demographics (Revenue, USD Billion):

Minors
Adults
Seniors

There is a high prevalence of lifestyle disease in the adult population that can increase health risks in the future. The population is more prone to cardiac and other diseases that require hospitalization. Healthcare insurance plans for seniors are more of a necessity, especially in the case of retirement. Also, it carries various advantages such as no medical screening before buying plans, includes coverage of the outpatient department, and provides the benefit of fee annual checkups along with lifetime renewability.

By End-user (Revenue, USD Billion):

Individuals
?Corporates

A large number of people buy individual health plans as they are also customizable. Also, it gives more control over deductibles, co-pays, and benefits limits and is not dependent on employment status.

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.